NEW
YORK, Aug. 3, 2023 /PRNewswire/ --
Carver Bancorp, Inc. (Nasdaq: CARV) (the "Carver"), the
holding company for Carver Federal Savings Bank (the "Bank"), a
certified Community Development Financial Institution ("CDFI") and
designated Minority Depository Institution ("MDI"), announced today
that it recently entered into a private placement with National
Community Investment Fund ("NCIF"), the largest private-sector
investor in the U.S. mission-oriented banking industry. Under the
terms of the agreement, NCIF acquired 378,788 shares of Carver
Bancorp, Inc's common stock for approximately $1.0 million in gross proceeds.
The Bank intends to use the net proceeds of the private
placement for general corporate purposes.
"Carver is one of the most important African-American and
minority-focused CDFI and MDIs in the New
York area that NCIF has supported over the years," said
Saurabh Narain, President and CEO
of NCIF. "We are excited to participate in its growth as it
serves diverse and low-income minority communities. As the largest
investor in CDFI and MDI banks, we're always evaluating
institutions for their mission-aligned impact and growth
potential."
"We are thrilled to have one of the most respected impact
investors in the financial services industry, National Community
Investment Fund, further invest in Carver Bancorp, Inc.," said
Michael T. Pugh, President and
Chief Executive Officer of Carver. "NCIF is a pioneer in
supporting and investing in CDFIs across the U.S. that spur
economic empowerment in local communities. Indeed, it is a
testament to our success in delivering community-driven finance for
Minority and Women Business Entrepreneurs ("MWBEs") and overall
communities of color by having NCIF as a shareholder. We
thank NCIF and its Board of Trustees for their commitment to
Carver's mission and look forward to NCIF being a long-term
investor."
About National Community Investment Fund
(NCIF; www.ncif.org) is an impact investor and national
nonprofit CDFI formed in 1996 with a mission to increase access to
responsible financial products and services in underserved
communities. NCIF's Theory of Change revolves around
catalyzing impact in partnership with mission-oriented financial
institutions (MOFIs: which include CDFI Banks, Minority
Depository Institutions and other institutions with an impact
mission) that often act as anchors in underserved markets. NCIF
achieves its mission via three complementary business lines -
equity investing, deployment of New Markets Tax Credits and
lending. NCIF pioneered Social Performance Metrics for banks
(www.bankimpact.org) to increase flow of capital to the sector.
Since inception, NCIF has invested in or worked with over 45
banks and credit unions and has catalyzed projects greater than
$1.3 billion that have created over
16,000 direct jobs.
For more information, please visit our website at www.ncif.org
and follow us on LinkedIn and Twitter.
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, DC. For further information,
please visit the Company's website at www.carverbank.com. Be
sure to connect with Carver on Facebook, LinkedIn, and
Twitter.
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
Stacey Gardner for NCIF
312.662.6096
administration@ncif.org
Investors:
ir@carverbank.com
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SOURCE Carver Bancorp, Inc.