NEW YORK, Sept. 15, 2016 (GLOBE NEWSWIRE) — Carver Bancorp, Inc. (the “Company”) (NASDAQ:CARV), the holding company for Carver Federal Savings Bank (“Carver”), today announced that the Company’s CEO Michael T. Pugh was recently interviewed on The Karen Hunter Show, which airs on SiriusXM Urban View, Channel 126.
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During the interview, Mr. Pugh spoke with Karen Hunter about the challenges and opportunities that Black-managed banks face and how important a bank’s Community Reinvestment Act (“CRA”) Rating is to determining whether that bank is providing loan capital to the communities it operates in.
“When it comes to choosing a community bank, what’s most important to me is whether that institution is lending in our communities,” said Ms. Hunter.
Carver, which operates nine full-service branches across the diverse communities of Brooklyn, Manhattan and Queens, is proud to have an “Outstanding” CRA Rating.
Challenges and Opportunities
“I think the biggest challenge for Carver today is making sure we get the word out that we are available and that we are reinvesting in the communities we serve,” said Mr. Pugh. “So many people don’t know that a bank like Carver, which has been around for over 65 years, has a laser focus on reinvesting directly in our communities. As an example, 83 cents of every dollar we have on deposit gets reinvested to small business owners and consumers’ residences that live in our areas, and the purpose there is to really focus on economic development, new jobs, small businesses, entrepreneurship, and home ownership.”
Please click here to listen to more of this segment with Michael T. Pugh and Karen Hunter.
Importance of a Bank’s CRA Rating
“I would encourage anyone who is interested in reinvesting in their community to first take a look at a community bank—especially a bank like Carver,” added Mr. Pugh. “For a number of years we have had an outstanding CRA rating, which demonstrates our ability to reinvest in the communities we serve and to make sure that access to capital is being provided to minorities.”
Please click here to listen to more of this segment with Michael T. Pugh and Karen Hunter
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a Community Development Financial Institution. Carver is the largest African- and Caribbean-American managed bank in the United States, with nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. For further information, please visit the Company’s website at www.carverbank.com.
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Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties. More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.
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