Carver Bancorp, Inc. operates as the holding company for Carver Federal Savings Bank that provides a range of consumer and commercial banking services. The company serves the African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The company remains headquartered in Harlem, and primarily all of its 10 branches and 4 stand-alone 24/7 ATM centers are located in low- to moderate-income neighborhoods. The company provides deposit products, including demand, savings, and time deposits for consumers, businesses, and governmental and quasi-governmental agencies in its local market area within New York City. In addition to deposit products, the company offers various other consumer and commercial banking products and services, including debit cards, online banking, online bill pay, and telephone banking. The company also offers a suite of products and services for unbanked and underbanked consumers, branded as Carver Community Cash. This includes check cashing, wire transfers, bill payment, reloadable prepaid cards, and money orders. The company offers loan products covering various asset classes, including commercial, multi-family, and residential mortgages; construction loans; and business loans. The company finances mortgage and loan products through deposits or borrowings. The company’s primary market area for deposits consists of the areas served by its 10 branches in the Brooklyn, Manhattan, and Queens boroughs of New York City. The company’s primary lending market includes Kings, New York, Bronx, and Queens counties in New York City; and lower Westchester County, New York. Lending Activities The company’s loan portfolio consists primarily of mortgage loans originated by its lending teams and secured by commercial real estate, multifamily and one-to-four family residential property, and construction loans. One-to-four Family Residential Lending: The company offers one-year, three-year, five/one-year, and five/three-year adjustable-rate one-to-four family residential mortgage loans. These loans are retained in the company’s portfolio although they might be sold in the secondary market. Multifamily Real Estate Lending: The company originates and purchases multifamily loans. Multifamily property lending entails additional risks compared to one-to-four family residential lending. Commercial Real Estate Lending: Commercial real estate lending consists primarily of originating loans for the purpose of purchasing or refinancing office, mixed-use (properties used for both commercial and residential purposes and primarily commercial), retail and church buildings in the company’s market area. The company offers adjustable rate mortgage loans with interest rate adjustment periods of 1 to 5 years and for terms of approximately 15 years and amortization schedules up to 30 years. Construction Lending: The company’s construction loans have adjustable interest rates and are underwritten in accordance with the same standards as the company’s mortgage loans on existing properties. Business Loans: The company provides revolving credit and term loan facilities to small businesses. Business loans are personally guaranteed by the owners and might also be secured by additional collateral, including real estate, equipment, and inventory. Consumer and other Loans: The company’s consumer loans are unsecured loans, including consumer loans, other than loans secured by savings deposits. Investment Portfolio As of December 31, 2013, the company’s investment securities included mortgage-backed securities, such as Government National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, and other loans; U.S. government agency securities; and CRA (Community Reinvestment Act) investment fund. Regulation and Supervision The company, as a unitary savings and loan holding company, is subject to regulation, examination, and supervision by the Board of Governors of the Federal Reserve System (FRB) and is required to file certain reports with, and otherwise comply with, the rules and regulations of the FRB and of the Securities and Exchange Commission under the federal securities laws. The company is subject to the periodic reporting, proxy solicitation, tender offer, insider trading restrictions, and other requirements under the Securities Exchange Act of 1934, as amended. The bank is subject to regulation, examination, and supervision by its primary regulator, the Office of the Comptroller of the Currency. The bank's deposit accounts are insured up to applicable limits by the Federal Deposit Insurance Corporation under the Deposit Insurance Fund. The bank derives its lending and investment powers from the Home Owners' Loan Act, as amended, and federal regulations. The bank's authority to engage in transactions with its ‘affiliates’ is limited by federal regulations and by Sections 23A, 23B of the Federal Reserve Act. The bank's authority to extend credit to its directors, executive officers, and 10% shareholders, as well as to entities controlled by such persons, is governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal Reserve Board. The bank is subject to federal regulations implementing the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. The bank is a member of the Federal Home Loan Bank of New York. Under the Gramm-Leach-Bliley Act, as amended, which among other things, repealed historical restrictions and eliminated various federal and state law barriers to affiliations among banks and securities firms, insurance companies and other financial service providers, membership in the Federal Home Loan Bank system is voluntary for all federally chartered savings banks, such as the bank. History Carver Bancorp, Inc. was founded in 1948.
carver bancorp inc (CARV:NASDAQ CM)
75 West 125th Street
New York, NY 10027
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