The implementation of Carver’s broader strategic plan and business development efforts, which have expanded our product
offerings and execution capabilities, continue to bear tangible fruit. As a result of deepening ties with existing Bank clients and the cultivation of new customer relationships, Carver’s asset base grew by 4.4% to $775.3 million in the
quarter. This represents strong performance against a backdrop of relatively flat bank industry asset growth. Highlights of Carver’s December 2023 lending activities include:
Carver has significantly advanced its relationships with mission-aligned partners. Since early 2023 we have welcomed over
$30 million of institutional deposits from new partners, including Key Bank, Micron Technology, and TIAA. Our participation in the J.P. Morgan Asset Management Empowering Change
TM program, an initiative that supports Minority
Depository Institutions (
https://vimeo.com/884838265/092138d24d?share=copy), bolstered Carver’s non-interest income and lending capacity.
Carver is a growing lender to the sustainability and non-profit segments and continues to explore strategic partnerships to
extend its impact lending capacity. As our current fiscal year draws to a close in the March 2024 quarter, we hope to achieve continued organic growth and diversification, while maintaining Carver’s safety, soundness, and well-capitalized
status.
ABOUT CARVER FEDERAL SAVINGS BANK
Carver was founded by a consortium of faith and business leaders in Harlem in 1948 to address the banking needs of the
predominantly African American and Caribbean communities whose residents, businesses, and institutions had limited access to mainstream financial services and business capital. Carver remains headquartered in Harlem today, with a branch
and 24/7 ATM network that serves the traditionally low-to-moderate-income neighborhoods of the five boroughs of New York City and surrounding areas. As the neighborhoods that we serve have evolved, so has Carver, which today proudly serves
as a vehicle of wealth accumulation, finance, and commerce for communities with increasingly diverse income, ethnicity, and socio-economic profiles.
