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NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Carver Bancorp, Inc. (the "Company") (Nasdaq: CARV), the holding company for Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), announced today that JPMorgan Chase (NYSE: JPM) has made a long-term equity investment of approximately $6 million in common and preferred shares of the Company. JPMorgan Chase's equity investment represents approximately 3.4 percent of the Company's issued and outstanding common stock at purchase. In addition, the investment includes 5,000 shares of the Company's Series F preferred stock.
Carver expects to utilize the majority of the proceeds from JPMorgan Chase's investment to ramp up its lending activities to Minority and Women Business Entrepreneurs ("MWBEs") and expand its financial education programs in the diverse low-to-moderate income communities it serves. Carver will also explore new initiatives that create economic empowerment in communities of color.
"It is a terrific day for the diverse communities that Carver serves when the largest U.S. bank by total assets invests nearly $6 million in one of the largest publicly traded African- and Caribbean-American managed banks in the U.S. to help us accelerate our mission," remarked Michael T. Pugh, President and CEO of Carver Bancorp, Inc. "I believe we are at an inflection point in corporate America where public and private firms are recognizing the importance of investing in communities of color and institutions that support economic empowerment. On behalf of our board of directors, our employees, and our customers, I want to thank JPMorgan Chase for recognizing the need to invest in our institution so that we may be a conduit for good in the communities we serve."
JPMorgan Chase recently announced a series of new initiatives to further its support of MDIs and diverse-led Community Development Financial Institutions (CDFIs). The long-term equity investment in Carver Bancorp, Inc. is an integral part of JPMorgan Chase's recently announced initiatives supporting their $30 billion commitment to advancing racial equity.
"MDIs and CDFIs play a very important role in driving positive change in our communities," said Doug Petno, CEO of Commercial Banking. "As they continue to strengthen their foundations and scale, these vital institutions will provide additional capital, resources and services to help more people and businesses in the communities that need it most."
"Since its founding in 1948, Carver has served a vital role in New York helping individuals and small businesses access the capital, products and education needed to make the most of their money and become financially savvy," said Nichol King, vice president, Harlem Community Manager, Chase. "JPMorgan Chase is investing in Carver as both companies share the goal of advancing racial equality and economic empowerment in communities of color and reducing the racial wealth divide."
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, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.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.
Michael Herley for Carver
Briana Curran for JPMorgan Chase
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SOURCE Carver Bancorp, Inc.