Carver Bancorp - CARV STOCK NEWS

The SFE&PD Student Ambassador Program, in partnership with Carver Federal Savings Bank, is enhancing financial literacy at Howard University, UDC, and Medgar Evers College. The program has taught over 1,000 students essential financial skills and is now offering internships for Student Ambassadors at Deloitte to bolster career prospects. This initiative aims to bridge the financial knowledge gap in communities of color, which often lack access to vital financial tools. Carver’s commitment to this program reflects its dedication to supporting the next generation of leaders in business.

Carver Bancorp (Nasdaq: CARV) and Bank of America (NYSE: BAC) have closed a Senior Secured Social Impact Revolving Credit Facility with BlackRock's Alternative Solutions Group. This facility marks Carver's inaugural participation in a subscription line facility and represents a pioneering collaboration as an MDI co-lender. The partnership aims to enhance access to financing for underserved communities affected by COVID-19. Carver, a certified Minority Depository Institution, emphasizes its commitment to economic empowerment and financial inclusion for communities of color.

Carver Federal Savings Bank and the New Rochelle-White Plains Alumni Chapter of Kappa Alpha Psi Fraternity have announced a partnership aimed at enhancing economic empowerment and social justice in communities of color in the Greater New York City area. The collaboration will focus on promoting financial education, workplace inclusion, and community engagement, especially in the wake of challenges posed by the COVID-19 pandemic. Additionally, they will explore scholarship and internship opportunities for local minority youth, emphasizing the importance of collective efforts in bridging the wealth gap.

Carver Federal Savings Bank has partnered with Wells Fargo, allowing its customers to make surcharge-free withdrawals at Wells Fargo's nationwide ATM network, effective immediately. This initiative enhances customer access to their funds nationwide, coinciding with economic recovery efforts. With this partnership, along with access to the Allpoint ATM network, Carver customers can utilize over 80,000 ATMs globally without fees. Wells Fargo's support includes an equity capital investment aimed at fostering economic growth in African-American communities.

Carver Bancorp (NASDAQ: CARV) announced a $6 million equity investment from JPMorgan Chase (NYSE: JPM), representing approximately 3.4% of its common stock. The funds will primarily enhance lending to Minority and Women Business Entrepreneurs and expand financial education in low-to-moderate income communities. This investment aligns with JPMorgan's commitment to advancing racial equity, part of a broader $30 billion initiative. Carver, serving diverse communities since 1948, aims to leverage this investment for economic empowerment.

JPMorgan Chase has unveiled initiatives to bolster Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs) as part of its $30 billion racial equity commitment. Key actions include the launch of the Empowering Change program, which offers a new money market share class for MDIs and CDFIs, and a $40 million equity investment targeting Black and Latinx-led MDIs. Additionally, the firm announced a Racial Equity Program providing New Markets Tax Credit financing for significant community projects. These measures aim to enhance access to capital and improve economic opportunities within underserved communities.

On February 8, 2021, Carver Federal Savings Bank partnered with The Society for Financial Education and Professional Development (SFE&PD) to enhance financial literacy among students at three historically Black colleges and universities (HBCUs). This initiative aims to address the financial knowledge gap, particularly among African American households, with only 6.5% owning investment assets. The program will train HBCU students to educate their peers on vital financial skills, promoting long-term economic empowerment and bridging the wealth gap within communities of color.

Carver Federal Savings Bank and John Hope Bryant announced a significant long-term deposit from Operation HOPE, Inc. and The Promise Homes Company aimed at promoting economic empowerment in communities of color. Carver, founded in 1948 and recognized as the largest Black-managed bank in the U.S., emphasizes reinvesting $0.80 of every deposit into local communities through loans. Bryant expressed the importance of this investment for uplifting Black entrepreneurs, while Carver's CEO noted its relevance during Black History Month for supporting Minority and Women Business Entrepreneurs (MWBEs).

Carver Federal Savings Bank has expanded its online services to include consumer checking and savings accounts across nine states, from Rhode Island to Virginia, including Washington, D.C. Since launching these accounts, the bank has received approximately $5 million in new deposits and opened around 1,000 new accounts. Carver's commitment to community reinvestment is evident, as it reinvests $0.80 of every deposit dollar back into low- to moderate-income communities. The bank is rated 'Outstanding' by the U.S. Office of the Comptroller of the Currency for its efforts in community reinvestment.