Carver Bancorp
Encyclopedia
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
.
, 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.
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
.
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
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
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
History
Formed on January 5, 1949, and named for agricultural researcher and scientist, George Washington CarverGeorge Washington Carver
George Washington Carver , was an American scientist, botanist, educator, and inventor. The exact day and year of his birth are unknown; he is believed to have been born into slavery in Missouri in January 1864....
, 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
Roosevelt, New York
Roosevelt is a hamlet in Nassau County, New York, United States. The population was 16,258 at the 2010 census.Roosevelt is in the town of Hempstead.-Geography:Roosevelt is located at ....
. In 1986, Carver Federal became a federal savings bank
Federal savings associations
Federal savings associations , in the United States, are institutions chartered by the Office of Thrift Supervision pursuant to the provisions of the Home Owners' Loan Act, a U.S. federal statute...
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
Lenox Avenue (Manhattan)
Lenox Avenue / Malcolm X Boulevard is the primary north-south route through Harlem in the upper portion of the New York City borough of Manhattan. This two-way street runs from Farmers' Gate at Central Park North to 147th Street. It is also considered the heartbeat of Harlem by Langston Hughes in...
, Harlem
Harlem
Harlem is a neighborhood in the New York City borough of Manhattan, which since the 1920s has been a major African-American residential, cultural and business center. Originally a Dutch village, formally organized in 1658, it is named after the city of Haarlem in the Netherlands...
, New York.
Business and branch network
The bankBank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
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
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
centers in and around the predominantly "black" areas of New York. The company is headquartered in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
.