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Carver Federal Savings Bank history
Carver Federal Savings Bank company history timeline
Carver was created in 1949 as a savings and loan bank serving African Americans living in Harlem and the rest of New York City.
The firm established its first automated teller machine (ATM) in 1989.
Although Carver's headquarters burned down in 1992, the firm chose to rebuild in Harlem, which remains one of the more poverty-stricken neighborhoods in New York City.
A buyout offer from investment banker Joseph Curry was turned down by Carver's board in 1996.
When Carver posted a $5.7 million quarterly loss in December of 1998, the board decided to replace him.
According to Crain's New York Business, Carver's "stock plunged in 1998 as an expansion into consumer lending, including auto loans and credit cards, increased costs and produced a high percentage of defaults.
The bad loans resulted in a $7.8 million charge in fiscal 1999, ended March 31, and the resignation of its CEO." Negative press continued when one Carver executive was arrested and charged with defrauding the bank.
In 2001, more than 40% of the storefronts in Harlem were vacant.
Online banking services and a debit card are scheduled for launch in mid-2002.
carver bancorp inc. home page, 2002. available at http://www.carverbank.com.
© 2020 CBS Broadcasting Inc.
"Carver Bancorp Inc. ." Company Profiles for Students. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/economics/economics-magazines/carver-bancorp-inc
©2022 CBS Broadcasting Inc.
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Carver Federal Savings Bank competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| OneUnited Bank | 1968 | $27.5M | 113 | 2 |
| MBIA | 1973 | $189.0M | 89 | - |
| Federal Deposit Insurance | 1933 | $5.5B | 5,977 | - |
| Elmira Savings Bank | 1869 | $22.0M | 103 | - |
| Independence Federal Savings Bank | 1968 | $14.0M | 50 | - |
| Cfsb - Community Federal Savings Bank | - | $7.5M | 59 | - |
| Sauk Valley Bank | 1999 | $4.0M | 79 | 3 |
| High Point Bank | 1905 | - | 176 | - |
| First Keystone Community Bank | 1864 | $45.6M | 100 | 5 |
| Howard Bank | 2004 | $50.8M | 54 | - |
Carver Federal Savings Bank history FAQs
Zippia gives an in-depth look into the details of Carver Federal Savings Bank, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Carver Federal Savings Bank. The employee data is based on information from people who have self-reported their past or current employments at Carver Federal Savings Bank. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Carver Federal Savings Bank. The data presented on this page does not represent the view of Carver Federal Savings Bank and its employees or that of Zippia.
Carver Federal Savings Bank may also be known as or be related to CARVER BANCORP INC, Carver Bancorp Inc, Carver Bancorp, Inc. and Carver Federal Savings Bank.