NEW YORK, Nov. 18, 2016 /PRNewswire/ -- Carver Bancorp, Inc. (the "Company") (NASDAQ: CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), today announced that the Company's CEO Michael T. Pugh recently appeared on Here and Now, a weekly one-hour program, hosted by Sandra Bookman, that is dedicated to covering the issues and interests of the African-American Community in the New York tristate region. Here and Now airs on WABC-TV Channel 7 in New York at 12 noon on Sundays.
"Nearly 70-years since its founding, Carver has stayed true to its mission, helping people of color excluded from other financial services," noted Sandra Bookman.
During the interview, Mr. Pugh spoke with Sandra Bookman about a number of topics relevant to Carver and the African- and Caribbean-American communities: (1) how Carver strives to marry mission and margin to best serve the community and its investor base; (2) why a bank's CRA (Community Reinvestment Act) rating is vitally important; (3) how Carver partners with Minority and Women Business Entrepreneurs (MWBEs); and (4) the importance of expanding financial literacy to help people of color become more creditworthy and economically independent.
Carver's Community Focus
"The ability to make sure we are serving the African-American community, the overall greater NYC low- to moderate income market, as well as Minority and Women Business Entrepreneurs remains mission critical for us and forms the three cornerstones of our business," said Mr. Pugh. "We focus on balancing a decent margin, in terms of a return for our overall investors, while making sure we remain true to the organization's overall mission."
"The CRA rating allows any financial institution to be identified in terms of how much they are investing in the communities they serve," said Mr. Pugh. "Carver, for the past three consecutive years, has had an Outstanding CRA rating and has a long history of an exceptional rating for the CRA because of our focus on low- to moderate-income communities and MWBEs."
Partnering with MWBEs
"We've been around for over 67-years, being founded by a group of civic community leaders and small business owners who decided in 1948 that neighborhoods like Harlem need to have financial solutions available to them," said Mr. Pugh. "We have continued to carry this mission forward, capturing the experience of real people, their vision and how they turn it into the reality of starting a business. And for us here at Carver, our job is to make sure these entrepreneurs have access to capital to grow."
Financial Literacy and Economic Independence
"For many of the loans we do, we spend a significant amount of time with the small business owners to help them build their business plan," said Mr. Pugh. "In fact, we recently launched our second annual small business workshop that focused on helping these entrepreneurs to make sure their businesses had sustainability and a sound business plan."
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.