As seen in
Features
Convenience
- FDIC-Insured
- Multimillion Dollar Deposit Insurance
- Online account opening
- Online and mobile banking
- Mobile deposits
- Bill pay
- Surcharge-free ATMs (Allpoint Network)
- Financial education and free tax prep
- Transfer money with Zelle
Products
- Checking and savings accounts
- Certificates of Deposit (CDs)
- Money Market accounts
- Retirement accounts
- Mortgage loans
- Small business loans
- Other financing
Carver’s impact
Founded in 1948 and named for agricultural researcher and scientist George Washington Carver, Carver Federal Savings Bank formally began operations on January 5, 1949, on 125th Street in Harlem, providing local residents a place to save and obtain mortgages to buy homes in their own communities.
In February 1961, Carver opened its first branch in the Bedford-Stuyvesant section of Brooklyn and expanded into Manhattan, Brooklyn, and Queens in the 1990s. In 1994, Carver Bancorp, Inc. became a publicly-traded company and in 2007, was listed on the NASDAQ stock exchange (CARV).
Today, Carver is the largest African- and Caribbean-American operated bank in the US and reinvests the majority of deposits with the bank into Black and Brown communities in the NY area.
Carver is a Black-led bank focused on creating wealth in low-income communities
Black American-owned/led: Bank is certified to have at least 51% of voting stock controlled by Black Americans, or 51% of the governing board are Black Americans and the bank predominantly serves Black American communities.
Above avg. in small business lending: Bank puts a larger percentage of money into small business loans than the bank industry average.
Above avg. in housing lending: Bank puts a larger percentage of money into housing loans than the bank industry average.
Above avg. in financing communities, overall: Bank puts a larger percentage of money into community financing (loans for business, farms, housing, construction, and households, and public works financing) than the bank industry average.
Investing in low-income communities (CDFI): Bank is a certified Community Development Financial Institution (CDFI), meaning it is focused on directing the majority of its financing into low- and moderate-income communities and/or communities of color.
100% of money with the bank is based in the NY metro area
Deposits come from across the East Coast
This is an estimation of where the bank concentrates its community financing. It is approximated by where the bank has branches, and the relative amount of deposits the bank manages from each branch. Bank regulation encourages banks to meet the credit needs of communities in which they do business. Carver Federal Savings Bank accepts deposits from several East Coast states in order to power its lending in New York’s areas of need.
Carver has a history of investing 69% - 78% of total dollars in the bank into communities, which is greater than the bank industry average
The other 22% of total dollars in the bank is used for something other than community financing (like investments in bank branches and other financing).
Data last updated: see footer. Read more about this data in our FAQ.Fast facts about Carver*
Carver is committed to reinvesting approximately 80 cents of every dollar deposited back into our communities
100% of our loans are deployed in the Metro NY area
74% of our loans are made in low- to moderate-income (LMI) communities
We’ve preserved more than 3,500 jobs and provided $35 million in access to capital for small businesses through the Paycheck Protection Program (PPP)
We’ve provided free financial literacy training to more than 16,000 individuals, mostly low-income consumers and aspiring entrepreneurs
We’re consistently awarded an “Outstanding” rating for community reinvestment by the U.S. Office of the Comptroller of the Currency
See your money with Carver
*This is an estimate, modeled according to the most recent data on Mighty. Learn more how this is calculated in our FAQ.
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