Carver Bancorp

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Carver Bancorp, Inc
Type	Public (NASDAQ: CNY)
Founded	1949
Headquarters	New York, United States
Key people	Deborah C. Wright (President and CEO) Frank J. Deaton (Senior VP of Operations)
Industry	Financial
Products	Savings, Loans
Revenue	US$24.1m (2006)
Employees	126 (2006)
Website	http://www.carverbank.com//

Carver Bancorp, Inc. is the holding company of Carver Federal Savings Bank. It is a public company, and notable for being the first and 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].

1 History
2 Business and branch network
3 References
4 External links

[edit] History

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

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 first and 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.

[edit] 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.^{[citation needed]}