Carver Federal Savings Bank Branches and Services

Carver Federal Savings Bank has a strong presence with multiple branches across the country.

The bank offers a variety of services, including online banking, mobile banking, and telephone banking.

Carver Federal Savings Bank's online banking platform allows customers to manage their accounts, pay bills, and transfer funds from the comfort of their own homes.

With over 50 branches, Carver Federal Savings Bank has a wide reach, making it easily accessible to its customers.

Carver Federal Savings Bank was founded in 1948 after the state denied it a charter, and it opened in a simple storefront. The bank was not the first to be named after George Washington Carver, as an unrelated bank, Carver Savings and Loan Association, had opened in Omaha, Nebraska four years earlier.

Carver Federal Savings Bank was the largest and oldest continually Black-operated U.S. bank, and it served multiple purposes. It aimed to meet the financial services needs of African- and Caribbean-Americans in New York City, help black homeowners obtain first mortgages, and train Blacks for careers in the banking professions in New York for the first time.

M. Moran Weston, the founder of Carver, had earlier experience as the 1945-founder of a credit union. He had a supporting team of 14, and together they hired future leaders, such as Richard T. Greene Sr., who was president and a director for 30 years.

Carver Federal Savings Bank was founded in 1948 after the state denied it a charter, and it opened in a simple storefront. The bank's founders had a clear vision for its purpose.

One of the bank's main goals was to meet the financial services needs of African- and Caribbean-Americans in New York City. This was a crucial service, as many in these communities lacked access to reliable banking options.

M. Moran Weston, one of the bank's co-founders, had earlier experience founding a credit union in 1945. He brought this expertise to Carver Federal Savings Bank, helping to establish it as a reputable financial institution.

The bank served multiple purposes, including helping black homeowners obtain first mortgages. This was a significant achievement, as it helped to address a major barrier to homeownership in the black community.

Here are some key facts about Carver Federal Savings Bank's founding:

The bank's founders also had a commitment to training and hiring black professionals in the banking industry. This was a groundbreaking effort, as it helped to break down barriers to career advancement in the financial sector.

Carver Federal Savings and Loan Association started its operations at 53 West 125th Street in Harlem, New York in 1948.

The bank received a federal bank charter on November 5, 1948, allowing it to officially begin operations.

Its first branch opened on January 5, 1949, at the same location.

Carver's expansion led to the opening of a second branch in the Bedford-Stuyvesant neighborhood of Brooklyn in February 1961.

By 1975, Carver had opened a third branch in the Crown Heights section of Brooklyn in June of that year.

Carver's branch count grew steadily over the years, reaching seven by 2001.

By 2007, the bank had ten branches.

Carver Federal Savings Bank is a Black-led bank focused on creating wealth in low-income communities. It's a certified Community Development Financial Institution (CDFI), meaning it directs the majority of its financing into low- and moderate-income communities and/or communities of color.

The bank puts a larger percentage of its money into small business loans, housing loans, and community financing compared to the bank industry average. This suggests a strong commitment to supporting local businesses and homeowners.

Carver Federal Savings Bank's loan portfolio is dominated by Commercial Real Estate, 1-4 Family Residential Loans, and Multifamily Mortgages. This indicates a focus on financing properties and real estate development.

Here's a breakdown of the bank's loan types:

Note that the bank has a significantly higher percentage of Commercial Real Estate loans compared to other banks in New York.

At Carver Federal Savings Bank, convenience is a top priority. You can open an account online, and access your finances through online and mobile banking. Mobile deposits make it easy to deposit checks remotely, and bill pay ensures you never miss a payment.

One of the best features is the network of surcharge-free ATMs, courtesy of the Allpoint Network. This means you can withdraw cash without incurring extra fees.

Here are some of the convenient services Carver Federal Savings Bank offers:

And if you need help with your finances, Carver Federal Savings Bank offers financial education and free tax prep.

Carver Federal Savings Bank's financial performance is a mixed bag. The bank's Texas Ratio of 30.67% indicates that it has a decent coverage of problem loans.

However, its Return on Equity (ROE) of -4.32% suggests that the bank is not efficiently making money from its capital. This is a red flag, as consistently low ROE can be a sign of poor management.

Here are some key financial metrics for Carver Federal Savings Bank:

The bank's capitalization of 8.07% is also lower than the average U.S. bank, indicating that it may not have as much equity to underpin its loans and assets.

Carver Federal Savings Bank's financial performance is worth taking a closer look at. The bank's Texas Ratio is a key indicator of how well it's covering potential loan losses, and as of September 30, 2024, it stood at 30.67%, significantly higher than the U.S. Bank Average of 4.62%.

The bank's non-performing assets, including non-performing loans and real estate owned, totaled $20,467,000 and $52,000, respectively. This is a substantial amount, and it's essential to understand how the bank is managing these assets.

The bank's Return on Equity (ROE) is a measure of how efficiently it's making money from its capital. Unfortunately, Carver Federal Savings Bank's ROE is -4.32%, which is lower than the BestCashCow average of 10.02%. This suggests that the bank may not be as well-run as some of its peers.

Carver Federal Savings Bank's Capitalization is another important metric, and as of September 30, 2024, it stood at 8.07%. This is lower than the BestCashCow average of 11.29%, indicating that the bank may not have as much equity capital to underpin its loans and other assets.

Here's a summary of the bank's financial details:

The bank's financial performance is a crucial aspect of its overall health, and these metrics provide valuable insights into its strengths and weaknesses.

The Summary Balance Sheet is a snapshot of a company's financial situation at a particular point in time. It's a crucial tool for understanding the company's assets, liabilities, and equity.

One of the most striking things about this company is the size of its assets. With a total of $691.24 million in assets, it's clear that this company is a significant player in its industry.

Breaking down the assets, we see that the company has $54.54 million in cash and balances due from depository institutions, $52.59 million in interest-bearing balances, and $612.97 million in net loans and leases. These are all major components of the company's assets.

The company's liabilities are also substantial, with total deposits of $657.83 million and total liabilities of $691.24 million. This means that the company's liabilities are very close to its assets, indicating that it's using a significant amount of debt to finance its operations.

Here's a breakdown of the company's assets and liabilities:

The company's equity is also worth noting, with shareholders' equity of $60.66 million. This is a relatively small portion of the company's total assets and liabilities, indicating that it may be relying heavily on debt to finance its operations.

Carver Federal Savings Bank has had a few notable leaders over the years. Joseph E. Davis was the bank's first President and CEO from 1948 to 1968.

Richard Greene took over as president and CEO in 1970 and led the bank for 25 years. He was succeeded by Thomas Clark Jr. in 1995. Clark was appointed director, President, and succeeded Greene.

Deborah C. Wright was appointed as the second female president and CEO in April 1999. She was a significant milestone for the bank, marking a change in leadership. Wright retired on December 31, 2014. Michael T. Pugh, the president and chief operating officer, succeeded Wright as CEO on January 1, 2015.

Carver Federal Savings Bank has a strong focus on lending to small businesses, with a significantly higher percentage of small business loans compared to other banks in New York.

This focus on small business lending is a key part of the bank's mission to create wealth in low-income communities. By providing more loans to small businesses, Carver Federal Savings Bank is helping to stimulate economic growth and job creation in these communities.

The bank's loan portfolio is dominated by Commercial Real Estate loans, which account for nearly half of all loans. This suggests that the bank has a strong expertise in this area and is well-positioned to serve the needs of commercial property owners and developers.

Here are some key statistics on Carver Federal Savings Bank's loan portfolio:

By focusing on these areas, Carver Federal Savings Bank is well-positioned to help small businesses and individuals in low-income communities achieve their financial goals and build wealth over time.

Carver Bank has had a few significant changes in leadership over the years. Joseph E. Davis was the bank's first President and CEO from 1948 to 1968.

Richard Greene took over as president and CEO in 1970 and led the bank for 25 years. This is a long time, and it's not uncommon for leaders to stay in their roles for a decade or more.

Thomas Clark Jr. was appointed director, President, succeeding Greene in 1995. This transition shows that Carver Bank has a clear process for selecting new leaders.

Deborah C. Wright made history in 1999 as the second female president and CEO of Carver Bank. She was appointed in April 1999 and led the bank until her retirement on December 31, 2014.

Here's a brief look at the leaders of Carver Bank:

Carver Federal Savings Bank has been making a significant impact in the communities it serves since its founding in 1948. It was named after George Washington Carver, a renowned agricultural researcher and scientist.

Carver opened its first branch in Brooklyn's Bedford-Stuyvesant section in 1961, and later expanded into Manhattan, Brooklyn, and Queens in the 1990s. Today, it's the largest African- and Caribbean-American operated bank in the US.

Carver reinvests the majority of deposits back into Black and Brown communities in the NY area, with approximately 80 cents of every dollar deposited being reinvested. This commitment to community reinvestment has earned Carver an "Outstanding" rating from the U.S. Office of the Comptroller of the Currency.

Here are some key facts about Carver's impact:

Carver Federal Savings Bank was founded in 1948 and formally began operations on January 5, 1949, on 125th Street in Harlem.

Carver's mission was to provide local residents a place to save and obtain mortgages to buy homes in their own communities. This was a game-changer for the neighborhood.

Carver opened its first branch in the Bedford-Stuyvesant section of Brooklyn in February 1961, expanding its reach beyond Harlem.

By the 1990s, Carver had expanded into Manhattan, Brooklyn, and Queens, making it a major player in the New York area banking scene.

Carver Bancorp, Inc. became a publicly-traded company in 1994, marking a significant milestone in its growth.

In 2007, Carver was listed on the NASDAQ stock exchange under the ticker symbol CARV.

Today, Carver is the largest African- and Caribbean-American operated bank in the US, a testament to its enduring impact.

Carver is committed to giving back to its communities, with a goal of reinvesting approximately 80 cents of every dollar deposited back into its neighborhoods.

The organization's focus on community reinvestment is evident in its loan deployment, with 100% of its loans going to the Metro NY area.

A significant portion of these loans, 74%, are made in low- to moderate-income (LMI) communities.

Carver has made a notable impact through the Paycheck Protection Program (PPP), preserving more than 3,500 jobs and providing $35 million in access to capital for small businesses.

The organization has also provided free financial literacy training to over 16,000 individuals, mostly low-income consumers and aspiring entrepreneurs.

Carver's commitment to community reinvestment has been recognized by the U.S. Office of the Comptroller of the Currency, which has consistently awarded the organization an "Outstanding" rating.