Profile: Carver Bancorp Inc (CARV.OQ)
17 Jul 2019
Carver Bancorp, Inc., incorporated on May 9, 1996, is the holding company for Carver Federal Savings Bank (Carver Federal). The Company conducts business as a unitary savings and loan holding company, and the principal business of the Company consists of the operation of its subsidiary, Carver Federal. Carver Federal engages in a range of consumer and commercial banking services. Carver Federal 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, Carver Federal offers various other consumer and commercial banking products and services, including debit cards, online banking, online bill pay and telephone banking. Carver Federal 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. Carver Federal offers loan products covering various asset classes, including commercial and multifamily mortgages, construction loans and business loans. The Bank finances mortgage and loan products through deposits or borrowings.
Carver Federal's loan portfolio consists primarily of mortgage loans originated by the Bank's lending teams and secured by commercial real estate, including multifamily property and construction loans. As of March 31, 2016, the Bank's net loans were $587.79 million.
The Bank has invested in mortgage-backed securities to help achieve its asset/liability management goals and collateral needs. In addition to mortgage-backed securities, the Bank also invests in high quality assets, such as government and agency obligations, corporate bonds and mutual funds. As of March 31, 2016, the Bank's investment securities were $71.49 million.
Sources of Funds
Deposits are the primary source of Carver Federal's funds for lending and other investment purposes. In addition to deposits, Carver Federal derives funds from loan principal repayments, loan and investment interest payments, maturing investments and fee income. As of March 31, 2016, the Bank's total deposits were $606.74 million.
Carver Bancorp Inc
75 W 125Th St
NEW YORK NY 10027-4512