Carver was founded in 1948 to serve African American communities with no access to traditional banking services to help them build wealth, save for a home, or start a business. While Carver remains focused on supporting access to capital to historically underserved communities, its focus has expanded to online services that reach a broader audience of customers attracted to the mission.
As a Minority Depository Institution, Carver differentiates itself by reinvesting approximately 80 cents of each deposited dollar by offering competitively priced loans in its communities across Greater New York City. The bank’s headquarters have continually been in Harlem, the epicenter of Black culture in the US. Harlem itself has gone through an economic renaissance in recent years. I am proud to share with The CEO Magazine’s global C-suite audience that Harlem is emerging from the COVID-19 global pandemic stronger than ever. Its demographics are quite diverse and evolving: 44 per cent African American, 33 per cent Hispanic, 16 per cent White, four per cent Asian, and three per cent other.
Carver’s doors are wide open for all customers, and just like Harlem, our customer base is reflective of the budding diversity around us. We are proud to serve the banking needs of all who live and work in our vicinity and beyond. The bank continues to support the needs of the unbanked and underbanked and Minority and Women Business Enterprises. We sincerely appreciate the support we receive from African American athletes, actors and highly successful business professionals, who are often assigned a personalized relationship banker to meet their specialized banking needs. It is undoubtedly a testimony to their belief and equal commitment to Carver’s mission and the bank’s ability to reinvest deposit dollars back into the community effectively.
Indeed, Carver is an institution where you can put your banking dollars to work. It is an institution where the bank’s managers, customer service representatives and tellers all get to know you. Small business customers appreciate that they can pick up the phone and quickly get through to someone with decision-making authority on their accounts. Customers are more than an account number at Carver; they are part of a community.
Generation Z customers are particularly attracted to putting their deposit dollars to work with a bank like Carver and appreciate that it offers the same mobile banking tools available at the larger financial institutions. Thanks to our strategic partnerships with JPMorgan Chase and Wells Fargo, Carver customers have access to more than 76,000 surcharge-free ATMs throughout the US. In addition, the bank offers free checking accounts with no minimum deposit requirement, no direct deposit requirement and no monthly service fee.
Carver helps individuals, families and small businesses have a lasting impact on the local area. It has a unique relationship within the community by connecting with New Yorkers and engaging with them to foster economic empowerment. It has also partnered with community leaders and not-for-profit organizations to provide financial education tools and resources to over 16,000 people in the last few years. This effort is a testament to the bank’s commitment to supporting sustainable growth for small businesses and building wealth for families in Greater New York City.
In addition to our local branches in Greater New York City, Carver has an online presence offering consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, DC.
We invite you to learn more about Carver Federal Savings Bank by visiting our website and reading the recent cover feature on the bank in The CEO Magazine: ‘Banking on Community’.