Carver Federal Savings Bank
Carver Federal Savings Bank has served African-American communities traditionally denied access to debt capital for more than 60 years. From its headquarters in Harlem, the bank lends to consumers, businesses, non-profits, and faith-based institutions throughout New York City. Receiving accolades from the community, and regulatory agencies, Carver is a national leader among community development banks and minority owned institutions.
Watch this short video which takes us through some of the crucial impact work Carver Federal Savings Bank does for its community. Carver reinvests more than 80 percent of deposits back into its community through loans that support local job creation, development, and revitalization. In this video you will learn about the work Carver does with four customers making tremendous cultural and economic contributions to their community. These customers include the influential Dance Theatre of Harlem, the historic Schomburg Center for Research in Black Culture, the entrepreneurial Classico Building Maintenance company, and the inspiring Brooklyn Free School.
Carver Federal Savings Bank continues to demonstrate its commitment to the community by allocating $195,000 in non-profit donations through BEA program funding. The selected organizations specialize in economic development, addict rehabilitation, work force development, education, entrepreneurship, health, and housing.
New York-based Carver Federal Savings Bank, the last remaining black-owned bank in the City, the turns 70 this year. To commemorate the anniversary, President and CEO Michael Pugh was recently interviewed live on Nasdaq Spotlight to highlight the achievements of the institution. "We know it's important to be able to support low-to-moderate income communities. One example of how we do it at Carver is... financial education. We have a laser focus on this particular pillar as a critical part of our business model," said Pugh. "Over the past nine years, we have educated more than 15,000 people through financial education programs." Pugh also talked about the bank's recent sale of its Harlem headquarters and impending relocation to the top floor of a nearby building on East 125th Street.