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NEW YORK, March 15, 2016 -- Carver Bancorp, Inc. (the “Company”) (NASDAQ:CARV), the holding company for Carver Federal Savings Bank (the “Bank”), recently executed a sale and leaseback property arrangement for its Crown Heights branch, located at the corner of Nostrand Avenue and Empire Boulevard in Brooklyn, reinforcing its long-term presence in the community and paving the way for a significant branch renovation.
“Carver’s new leasing arrangement provides an opportunity for the Bank to maintain its long-term presence in Crown Heights while providing customers with a state-of-the-art branch,” remarked Michael T. Pugh, the Company's President and Chief Executive Officer. “This transaction is a win for our Crown Heights customers, community partners, and for Carver.”
The Bank plans to host a grand-reopening ceremony to celebrate these renovations with local customers and community leaders in the months ahead. Importantly, banking operations at the branch will continue uninterrupted during the renovation process.
As part of the arrangement, Carver will secure its long-term presence at its Crown Heights branch through an initial 10-year lease agreement with the new property owner, which includes options to extend further. The new landlord, in conjunction with Carver, has also pledged to make a $50,000 donation to a mutually agreed upon local charity within the Crown Heights community.
Mr. Pugh continued: “Carver has operated in Crown Heights for more than 40 years, and during that time we have developed deep roots with our retail and business customers, as well as with our community partners. In fact, over the past three years alone, Carver has issued more than $165 million in loans throughout the Brooklyn communities we serve, including Crown Heights. These loans account for approximately one quarter of Carver’s entire loan portfolio.”
Mr. Pugh concluded: “This investment in the Crown Heights community speaks to our commitment to providing the highest level of service to our existing customers, as well as our commitment to be the ‘local bank of choice’ in Crown Heights for new residents, small business owners and aspiring entrepreneurs.”
Prior to finalizing the transaction, Carver conducted a thorough and comprehensive analysis of the best method to modernize its Crown Heights branch, which included the engagement of a commercial real estate firm to survey the current branch location and other potential local alternatives. Carver ultimately determined that its Crown Heights branch was ideally located and subsequently entered into the sale and leaseback arrangement to maximize its market potential at this location and provide a state-of-the-art banking facility for Crown Heights.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a Community Development Financial Institution. Carver is among the largest African- and Caribbean-American managed banks in the United States, with nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. 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.
Media Contacts: Michael Herley/Ruth Pachman Kekst (212) 521-4897/4891 [email protected] [email protected] Contact Details for Carver Federal Savings Bank: Takisia Whites President, Carver Community Development Corporation (212) 360-8847 [email protected]
