NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Carver
Bancorp, Inc. (the "Company") (Nasdaq: CARV), the holding company
for Carver Federal Savings Bank ("Carver"), a certified Minority
Depository Institution ("MDI"), announced today that JPMorgan Chase
(NYSE: JPM) has made a long-term equity investment of approximately
$6 million in common and preferred
shares of the Company. JPMorgan Chase's equity investment
represents approximately 3.4 percent of the Company's issued and
outstanding common stock at purchase. In addition, the investment
includes 5,000 shares of the Company's Series F preferred
stock.
Carver expects to utilize the majority of the proceeds from
JPMorgan Chase's investment to ramp up its lending activities to
Minority and Women Business Entrepreneurs ("MWBEs") and expand its
financial education programs in the diverse low-to-moderate income
communities it serves. Carver will also explore new initiatives
that create economic empowerment in communities of color.
"It is a terrific day for the diverse communities that Carver
serves when the largest U.S. bank by total assets invests nearly
$6 million in one of the largest
publicly traded African- and Caribbean-American managed banks in
the U.S. to help us accelerate our mission," remarked Michael T. Pugh, President and CEO of Carver
Bancorp, Inc. "I believe we are at an inflection point in corporate
America where public and private firms are recognizing the
importance of investing in communities of color and institutions
that support economic empowerment. On behalf of our board of
directors, our employees, and our customers, I want to thank
JPMorgan Chase for recognizing the need to invest in our
institution so that we may be a conduit for good in the communities
we serve."
JPMorgan Chase recently announced a series of new initiatives to
further its support of MDIs and diverse-led Community Development
Financial Institutions (CDFIs). The long-term equity investment in
Carver Bancorp, Inc. is an integral part of JPMorgan Chase's
recently announced initiatives supporting their $30 billion commitment to advancing racial
equity.
"MDIs and CDFIs play a very important role in driving positive
change in our communities," said Doug
Petno, CEO of Commercial Banking. "As they continue to
strengthen their foundations and scale, these vital institutions
will provide additional capital, resources and services to help
more people and businesses in the communities that need it
most."
"Since its founding in 1948, Carver has served a vital role in
New York helping individuals and
small businesses access the capital, products and education needed
to make the most of their money and become financially savvy," said
Nichol King, vice president, Harlem
Community Manager, Chase. "JPMorgan Chase is investing in Carver as
both companies share the goal of advancing racial equality and
economic empowerment in communities of color and reducing the
racial wealth divide."
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 JPMorgan Chase
JPMorgan Chase & Co. (NYSE:
JPM) is a leading global financial services firm with assets of
$3.4 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of customers in the
United States and many of the world's most prominent
corporate, institutional and government clients under its J.P.
Morgan and Chase brands. Information about JPMorgan Chase & Co.
is available at www.jpmorganchase.com.
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:
Michael Herley
for Carver
203.308.1409
mediainquiries@carverbank.com
Briana Curran for JPMorgan
Chase
617.470.1845
Briana.Curran@jpmchase.com
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SOURCE Carver Bancorp, Inc.