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Carver Bancorp, Inc. is the holding company of Carver Federal Savings Bank. It is a public company, and notable for being the only black-managed bank on NASDAQ and one of only 11 black-managed publicly traded companies, making it the largest black-owned financial institution in the United States^[1].

History

Formed on January 5, 1949, and named for agricultural researcher and scientist, George Washington Carver, Carver Federal Savings and Loan Association formally began operations at 53 West 125th Street with one employee.

In February 1961, Carver Federal opened its first branch office in the Bedford-Stuyvesant section of Brooklyn, New York. Up until the 1990s, it added 7 offices, expanding its operations to Queens and Roosevelt, Long Island. In 1986, Carver Federal became a federal savings bank and changed its name to Carver Federal Savings Bank.

In 1994, following an IPO, Carver became the only black bank on NASDAQ and one of only 11 black publicly traded companies. in 1995, Richard Greene, an octogenarian who led Carver for 25 years, was replaced as director, president and CEO by 52-year-old Thomas Clark, Jr.

In August 2001, Carver opened a branch on Malcolm X Boulevard, Harlem, New York.

Business and branch network

The bank takes deposits, which it principally lends in the form of mortgage loans for purchase or refinance of residential, and commercial properties, and for construction or renovation of commercial property and residential housing developments.

As of March 3, 2005, the bank operates eight branch offices and four stand-alone ATM centers in and around the predominantly "black" areas of New York. The company is headquartered in New York City, New York.

References

A Shaky Pillar in Harlem: Black-Owned Carver Bank Is Resistant to Profitability and Change. From the New York Times, Sunday, July 11, 1999. Page C-1. Story by Leslie Eaton. Synopsis by Creative Investment Research.

1. ^ Fairley, Juliette (June 1996). "A new lease on banking - Carver Federal Savings Bank" (in English). Black Enterprise. http://www.findarticles.com/p/articles/mi_m1365/is_n11_v26/ai_18319780. Retrieved 2006-08-18.  

External links

• Official website