Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CARVER BANCORP INC | c05613e8vk.htm |
| EX-3.1 - EXHIBIT 3.1 - CARVER BANCORP INC | c05613exv3w1.htm |
| EX-10.1 - EXHIBIT 10.1 - CARVER BANCORP INC | c05613exv10w1.htm |
Exhibit 99.1
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FOR IMMEDIATE RELEASE |
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Contact:
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David Lilly | Mark Ricca | ||
| Kekst and Company | Carver Bancorp, Inc. | |||
| (212) 521-4800 | (212) 360-8820 | |||
CARVER BANCORP, INC. ANNOUNCES EXCHANGE OF PREFERRED STOCK WITH
THE U.S. TREASURY
REDUCING EXPENSE $569,000 ANNUALLY
THE U.S. TREASURY
REDUCING EXPENSE $569,000 ANNUALLY
New York, New York, August 30, 2010 — Carver Bancorp, Inc. (“Carver”)(NASDAQ: CARV), the holding
company for Carver Federal Savings Bank(the “Bank”), today announced that on Friday August 27, 2010
it exchanged $18.98 million of its preferred stock previously issued to the United States
Department of the Treasury (the “U.S. Treasury”), in connection with Carver’s participation in the
Troubled Asset Relief Program Capital Purchase Program (“TARP CPP”), for an equivalent amount under
the Community Development Capital Initiative (“CDCI”). The transaction will reduce the dividend
rate that Carver pays to the U.S. Treasury from 5% to 2%, saving $569,000 annually, and extend the
total period in which this lower cost capital can be utilized from five to eight years.
The U.S. Treasury established the CDCI to invest lower cost capital in Community Development
Financial Institutions (“CDFI”), supporting their efforts to provide credit to small businesses and
other qualified customers during this very challenging economic period. Carver, a CDFI, conducts
most of its depository and lending activities in disadvantaged communities.
“We appreciate the U.S. Treasury’s leadership in recognizing the unique role of CDFI’s and dearth
of capital in urban communities,” said Deborah C. Wright, Carver’s Chairman and CEO. “This
transaction will enhance our ability to utilize capital consistent with our long history of
commitment to New York City’s underserved communities.”
Carver has exchanged with the U.S. Treasury all 18,980 shares of Fixed Rate Cumulative Perpetual
Preferred Stock, Series B, with a liquidation preference of $1,000 per share. The preferred stock
investment represents $18.98 million dollars, or approximately 3 percent of Carver’s risk weighted
assets as of June 30, 2010. No warrants were issued in either transaction.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates nine full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company’s website at www.carverbank.com.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates nine full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company’s website at www.carverbank.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.