NEW YORK, Feb. 23, 2018 /PRNewswire/ -- Carver Bancorp,
Inc. (the "Company") (Nasdaq: CARV), the holding company for Carver
Federal Savings Bank ("Carver" or the "Bank"), announced today that
the Bank has entered into a sale and leaseback property arrangement
that will allow the Bank to maintain its branch presence at its 75
W. 125th Street location, while relocating its
back-office operations to a more modern facility on Harlem's
125th Street where it can more efficiently serve
its growing customer base.
The Bank closed yesterday on the sale of the 75 W.
125th Street property to CHOMPOL, LLC, a subsidiary of
Gatsby Enterprises Inc., a New
York real estate company. The total purchase price was
$19.45 million, which is one of the
highest reported prices per square footage for a real estate
transaction with office and retail space in Harlem. Madison
Square Realty LLC and Colliers International acted on behalf of the
Bank in the transaction.
"We are pleased to have entered into a transaction that further
strengthens our capital position and solidifies our commitment to
serving Harlem and the Greater New York
City area," said Michael T.
Pugh, the Company's President and Chief Executive
Officer. "We are maintaining our current branch location at
75 W. 125th Street and moving our administrative
operations to a more modern facility nearby, which will allow us to
make a number of IT infrastructure improvements to more efficiently
serve our customers. This transaction and the move of our
administrative offices will have no impact on our retail and
business customers at any of our nine branches across Manhattan, Queens, and Brooklyn. It's business as usual at all of our
branches."
Mr. Pugh added: "Carver continually strives to identify new and
innovative ways to improve our branch locations and operations,
increase our product and service offerings, and expand access
points for our customers. As a community bank
that strives to achieve a balance between fulfilling its
core mission and generating a fair profit, we believe this sale and
leaseback arrangement will mutually benefit Carver and the
communities it serves. The proceeds from the sale will be utilized
to continue supporting small business development, including
Minority and Women Business Entrepreneurs—the economic engines of
growth that provide local jobs in Greater
New York City."
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.
Please be sure to connect with us on social media:
Facebook: https://www.facebook.com/CarverBankNYC
Instagram: https://www.instagram.com/carverbanknyc/
LinkedIn: http://bit.ly/1M9Ld17
Twitter: https://twitter.com/carverbanknyc?lang=en
YouTube: http://bit.ly/1XwbgjI
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.
Media Contacts:
Michael Herley
Kekst
(212) 521-4897
michael.herley@kekst.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/carver-bancorp-inc-strengthens-its-harlem-125th-street-presence-with-sale-and-leaseback-transaction-300603427.html
SOURCE Carver Bancorp, Inc.