Carver Bank and New Rochelle-White Plains Alumni Chapter of Kappa Alpha Psi Fraternity, Inc. Announce Partnership to Support Economic Empowerment in Communities of Color

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May 20, 2021, 11:00 ET

(PRNewsfoto/Carver Federal Savings Bank)

Kappa Alpha Psi Fraternity Inc. Logo

NEW YORK, May 20, 2021 /PRNewswire/ -- Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), and the New Rochelle-White Plains Alumni Chapter of the Kappa Alpha Psi Fraternity Inc. ("NRWP Kappas") have entered a partnership to advocate for greater economic empowerment and social justice in communities of color across the Greater New York City and Westchester Metro areas.

The partnership aims to promote financial education, workplace inclusion, and community engagement to improve economic opportunities for minority communities that have been hit hard during the COVID-19 pandemic. Carver and NRWP Kappas will also explore academic scholarship and internship opportunities for local minority youth and look to engage the larger business community in supporting job training, business networking, and more significant philanthropy in communities of color.

"Carver pays its mission forward through facilitating financial education, community engagement, and by reinvesting approximately $0.80 each deposit into the diverse neighborhoods it operates in," said Michael T. Pugh, President, and CEO of Carver. "This union will provide us with a unique opportunity to partner with a leading African-American fraternity that shares our values. The Carver team and I are excited to collaborate with the New Rochelle-White Plains Alumni Chapter and believe that our combined efforts will further demonstrate that economic empowerment must include the support of the public and private sector to close the wealth gap in communities of color."

Mr. Pierre Oscar, the President of the New Rochelle-White Plains Alumni Chapter of Kappa Alpha Psi, said: "We are thrilled to partner with Carver – a historic African-American bank founded in 1948! Our fraternity believes that by working together to serve as role models in our communities, we can create an enlightened future. It will also offer our members the opportunity to leverage their skillsets to make a tangible difference in their neighborhoods. NRWP Kappas aspires to become the model of a modern fraternity by prioritizing leadership, diversity and inclusion, and public service. We thank Michael T. Pugh and Carver for their friendship and look forward to achieving tangible results in the community."

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.

About the New Rochelle-White Plains Alumni Chapter of Kappa Alpha Psi Fraternity, Inc.
Kappa Alpha Psi Fraternity is a predominantly African-American Fraternity founded in 1911 at Indiana University in Bloomington, Indiana. The New Rochelle-White Plains Alumni Chapter of Kappa Alpha Psi was chartered on December 9, 1972. The institution is dedicated to serving the Westchester/Rockland County communities in New York through the theme of "Training for Leadership." The Chapter's focus remains one of assuming education, community, and social action initiatives in the communities where brothers work and live. Several of their initiatives include serving as mentors for male youth, providing scholarship opportunities to college-bound students, aiding in voter registration drives, and serving on the Pan-Hellenic council of Westchester-Rockland Counties. It is part of the Northeastern Province covering chapters in CT, DE, MA, NH, NJ, NY, RI, UK, and Germany. Please visit the chapter's local website www.nrwpkappas.com and the national fraternity website at www.kappaalphapsi1911.com. Be sure to connect with the organization on Instagram, YouTube, LinkedIn, Facebook, and Twitter.