Carver Federal Savings Bank

Last updated

Carver Bancorp, Inc.
Company type Public
Nasdaq:  CARV
Industry Financial
Founded1948;76 years ago (1948)
Headquarters New York, New York, United States
Key people
Michael T. Pugh (president and CEO) [1]
Products
Number of employees
42130 (2021)
Website carverbank.com

Carver Federal Savings Bank, opened under the leadership of M. Moran Weston in 1948, is the "largest black-owned financial institution" in the United States. [2] RegusWachovia Global Equity Holding Group & Carver Bancorp, Inc. is its holding company. [3]

Contents

The bank has been designated by the U.S. Treasury Department as a Community Development Financial Institution (CDFI). [4]

History

The bank applied for a federal charter "after the state had denied it a charter," and opened "in a simple storefront." [2] Carver Federal Savings Bank was not the first bank named after George Washington Carver. Four years earlier an unrelated bank, Carver Savings and Loan Association, opened in Omaha, Nebraska. Neither of these were the first Black-owned American bank. Carver Federal Savings, however, is the largest and oldest continually Black-operated U.S. bank.

M. Moran Weston already had earlier experience as the 1945-founder of a credit union, and, for Carver, had a supporting team of 14. [2] [5]

Carver Federal Savings Bank served multiple purposes:

Branch structure

The bank began operations at 53 West 125th Street in Harlem, New York in 1948. On November 5, of that year, Carver Federal Savings and Loan Association received a federal bank charter.[ citation needed ] Its first branch opened on January 5, 1949, at 53 West 125th Street. [7]

In February 1961, Carver opened a second branch in the Bedford-Stuyvesant neighborhood of Brooklyn.[ citation needed ] In June 1975, a third branch was opened in the Crown Heights section of Brooklyn.[ citation needed ]

Carver's branch count was seven in 2001; by 2007 it was ten. [8]

Corporate structure

In July 1982, Carver merged with Allied Federal Bank. It became a federal savings bank and changed its name to Carver Federal Savings Bank in 1986.

In 1999 the bank "headed off" an attempt by a Boston-based bank to take it over. [3] The bank expanded in 2004 by acquiring Independence Federal Savings Bank. [9]

Carver Federal Savings Bank headquarters

Carver Bank is headquartered in the Lee Building [10] at 1825 Park Avenue in Harlem, New York. [11] Its closest branch is at the location of its previous headquarters, a four-story building at 75 West 125th Street, New York, which it owned and operated since 1956. The bank vacated the building between October 1992 and March 1996, after it was destroyed by an electrical fire. [6] [7] In 2018, it was sold by the bank. [12]

Transition of leadership

From 1948 to 1968, Carver was led by Joseph E. Davis, its first President and Chief Executive Officer (CEO). In 1970, Richard Greene was appointed president and CEO and led the bank for the next 25 years. In 1995, Thomas Clark Jr. was appointed director, President, succeeding Greene. [13] In April 1999, Carver's Board of Directors appointed Deborah C. Wright as its second female President and CEO. She retired on December 31, 2014. Effective January 1, 2015 Michael T. Pugh, the President and Chief Operating Officer succeeded Wright as CEO. [1] [14]

See also

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

East West Bank, the primary subsidiary of East West Bancorp, Inc., is the largest publicly traded bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. It is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations in the U.S. and China, including in the markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West Bank has full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. In 2023, East West expanded its footprint in Asia with the opening of a representative office in Singapore. Forbes magazine has recognized East West Bank as one of "America's Best Banks" since 2010. In 2018, Forbes ranked East West Bank number five of "America's 100 Biggest Banks."

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Comerica</span> American financial services company

Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.

<span class="mw-page-title-main">M&T Bank</span> Large American Regional Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Northern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

The Bank of Hawaii Corporation is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting stockholders reside within the state. Bank of Hawaii has the most accounts, customers, branches, and ATMs of any financial institution in the state. The bank consists of four business segments: retail banking, commercial banking, investment services, and treasury. The bank is currently headed by chairman, president and chief executive officer, Peter S. Ho.

Deborah C. Wright is a board member of Citigroup Inc., Time Warner, Inc. and Voya Financial. She is a member of the Board of Memorial Sloan-Kettering Cancer Center.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and was among the largest banks in the United States prior to its acquisition in 2022.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches are operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.

Apple Bank for Savings is a savings bank headquartered in Manhasset, New York and operating in the New York metropolitan area.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

<span class="mw-page-title-main">Dime Community Bank</span> American FDIC Bank

The Dime Community Bank, originally known as the Dime Savings Bank of Williamsburgh, is a local, FDIC-insured bank headquartered in Hauppauge, New York. Founded in 1864, the bank was originally based in the Williamsburg neighborhood of Brooklyn, New York, and continues to operate with a strong market presence in this area. In 2017, Dime moved its headquarters to Brooklyn Heights. On Monday, February 1, 2021, Bridge Bancorp Inc. and Dime Community Bancshares successfully closed on a merger of equals. The bank headquarters is currently in Hauppauge, NY.

<span class="mw-page-title-main">Dime Savings Bank of New York</span> Former bank in Brooklyn, New York (1859–2002)

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

<span class="mw-page-title-main">Dedham Institution for Savings</span> American bank

Dedham Savings is one of the oldest American banks still in operation and one of the oldest banks in the state of Massachusetts still doing business under its original charter.

<span class="mw-page-title-main">Bank of Greene County</span>

Bank of Greene County is an American federally-chartered savings bank headquartered in Catskill, NY. As of 2021, it had 17 branches located in the Upstate New York counties of Greene, Columbia, Albany, and Ulster.

Freedom National Bank was an African-American owned bank in Harlem founded in 1964 and shut down in 1990. Freedom National served Harlem's Black community and was one of the largest Black owned banks in the U.S. Its main office was at 275 West 125th Street.

<span class="mw-page-title-main">TCF Financial Corporation</span> Former American financial services company

TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares. It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.

Milton Moran Weston II was an African-American Episcopal priest who "led one of Harlem's most prominent churches, helped found what became the nation's largest black-owned financial institution and built housing for thousands." In 1969 Weston explained his eclectic career saying "A banker-priest is really no more strange than an educator-priest or a social worker priest." Although he told the New York Times in 1986 "I do nothing ... I cause things to happen. If I have a gift, it is to encourage people that they can do the impossible" he also was willing to make things not happen: He opposed a school boycott "by arguing that it did no good to keep children out of school."

References

  1. 1 2 Aaron Elstein, “Carver Federal names CEO,” Crain's New York Business , November 18, 2014.
  2. 1 2 3 4 Douglas Martin (May 22, 2002). "M. Moran Weston, 91, Priest and Banker of Harlem, Dies". The New York Times .
  3. 1 2 Terry Pristin (April 13, 1999). "Former City Official Named Chief of Black-Owned Bank". The New York Times .
  4. Katherine Waldock (September 21, 2020). "How Can You Be an Ally? Go to a Black-Owned Bank". The New York Times .
  5. The team leader, Weston, lived to 91; team member William R. Hudgins lived to 100: Dennis Hevesi (September 5, 2007). "William R. Hudgins, 100, Who Led Black-Owned Banks, Dies". The New York Times .
  6. 1 2 Michael J. de la Merced (August 9, 2006). "Richard T. Greene Sr., 93, Is Dead; Made a Bank an Institution". The New York Times .
  7. 1 2 "HARLEM;Bank Rebuilds, To Street's Benefit, After a Major Fire". The New York Times . March 3, 1996.
  8. Michael J. de la Merced (March 16, 2007). "2 Financial Institutions Find Common Cause in New York". The New York Times .
  9. John Holl (March 17, 2004). "Merger Of Black-Owned Banks". The New York Times .
  10. "The Lee Building". June 20, 2021.
  11. "Carver Federal Savings Bank Plans to Move Its Headquarters". Commercial Observer. March 16, 2018. Retrieved July 19, 2018.
  12. Elstein, Aaron. "Carver Federal Savings sells Harlem headquarters for $19.45 million". Crain's New York Business. Retrieved July 19, 2018.
  13. "Carver Federal Hires Thomas Clark, N.Y. Regulator, as Chief Executive". American Banker . January 5, 1995.
  14. "Saving Carver Federal, New York's last black bank". Crain's New York Business. March 22, 2015. Retrieved May 20, 2020.

Carver Bancorp Inc. New York Times