Carver Bancorp, Inc. operates as the holding company for Carver Federal Savings Bank that provides consumer and commercial banking services for consumers, businesses, and governmental and quasi-governmental agencies primarily in New York. It accepts various deposit products, including demand, savings, and time deposits; passbook and statement accounts, and certificates of deposit; and individual retirement accounts. The company also provides lending products, such as one-to-four family residential, multifamily real estate, and commercial real estate; and construction, business and small business administration, and consumer and other loans. In addition, it offers other consumer and commercial banking products and services, including debit cards, online account opening and banking, online bill pay, and telephone banking, as well as check cashing, wire transfer, bill payment, reloadable prepaid card, and money order services. The company operates through one administrative office, seven branches, and four ATMs. Carver Bancorp, Inc. was founded in 1948 and is headquartered in New York, New York.
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Here are 1-2 brief analogies for Carver Bancorp (CARV):
The **Bank of America** for Harlem and other underserved communities in New York City.
A community bank like **Chase**, but singularly focused on empowering African American communities in New York City.
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- Deposit Accounts: Carver Bancorp offers various deposit products including checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
- Lending Services: The bank provides a range of loan options, primarily focused on commercial real estate, multi-family residential, and small business financing.
- Digital Banking: Customers can access and manage their accounts through convenient online and mobile banking platforms.
- Cash Management: Specialized services are available to help businesses efficiently manage their daily cash flow and transactions.
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Carver Bancorp (CARV) is a bank holding company for Carver Federal Savings Bank, a federally chartered savings bank. As a community bank, it primarily serves individuals and small to medium-sized businesses within its operating market, primarily in the Harlem area of New York City.
Therefore, Carver Bancorp primarily sells to individuals and businesses directly, rather than to other major companies that can be listed with symbols. Its customer base can be broadly categorized as:
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Individuals and Households: This category includes consumers who utilize the bank for personal banking needs such as checking accounts, savings accounts, money market accounts, certificates of deposit, residential mortgages, and consumer loans.
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Small to Medium-Sized Businesses (SMBs): Local businesses form a significant part of their customer base, requiring business checking and savings accounts, commercial real estate loans, commercial term loans, lines of credit, and other business banking services to support their operations and growth.
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Non-Profit Organizations and Community Groups: As a community-focused bank, Carver Bancorp also serves local non-profit organizations, churches, and other community-based groups, providing them with banking services tailored to their needs.
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Donald Felix, President and Chief Executive Officer
Donald Felix is the President and Chief Executive Officer of Carver Bancorp, Inc. As of November 2025, he is leading the company through a strategic transformation to build operational capabilities and accelerate growth. Felix has impressed others with his vision of transforming Carver into a prominent urban bank.
Christina L. Maier, First Senior Vice President and Chief Financial Officer
Christina L. Maier has served as First Senior Vice President and Chief Financial Officer since March 2016. Before joining Carver, Ms. Maier was the Executive Vice President and Chief Financial Officer of Patriot National Bancorp, Inc. from 2013 to March 2016. She also held leadership positions at other financial institutions, including Provident New York Bancorp and Hudson United Bancorp, for over a decade.
Jason Sisack, Senior Enterprise Risk Management Advisor to the CEO
Jason Sisack was appointed Senior Enterprise Risk Management Advisor to the CEO in November 2025. He brings over 25 years of regulatory experience from the Office of the Comptroller of the Currency (OCC), where he most recently served as Assistant Deputy Comptroller for the Atlanta and New York City Field Offices. Sisack's background includes leading examiner teams and developing a strong understanding of the community bank business model. His appointment is intended to strengthen Carver Bancorp's leadership and assist in building operational capabilities and accelerating growth, especially as the bank navigates a regulatory enforcement action.
John F. Spencer, Senior Vice President and Chief Information Technology and Operations Officer
John F. Spencer was promoted to Senior Vice President and Chief Information Technology and Operations Officer in 2013. He joined Carver in February 2009, following 22 years at JP Morgan Chase, where he held various management positions in Retail Sales/Customer Service, Audit, and Operations Management. At JP Morgan Chase, he also served as a Branch Administration Executive for the Retail Division, supporting a network of 700 branches and over $50 billion in deposits.
Isaac Torres, Senior Vice President, General Counsel and Corporate Secretary
Isaac Torres is the Senior Vice President, General Counsel and Corporate Secretary. No additional detailed background information is available from the search results.
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The increasing proliferation and adoption of fintech companies and digital-only challenger banks (neobanks) that specifically target underserved communities with convenient, often lower-fee, and mobile-first financial services. These platforms directly compete for the customer base that Carver Bancorp has historically served, potentially eroding its market share and deposit base by offering more accessible and modern alternatives.
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Carver Bancorp, Inc. (CARV) operates primarily within the New York City metropolitan area, encompassing the boroughs of Brooklyn, Manhattan, and Queens, as well as surrounding counties like Kings, Bronx, and parts of Westchester County. While its online banking platform allows for account opening in nine states and Washington, D.C., its core deposit and lending markets are concentrated in the New York City area.
The main products and services offered by Carver Bancorp include:
* **Deposit Products:** Demand, savings, and time deposits, including IRAs, for consumers, businesses, and governmental agencies.
* **Mortgage Loans:** Commercial, multifamily, and single-family residential loans.
* **Business Loans:** Small business financing, including working capital and SBA-guaranteed loans.
* **Consumer Loans:** Personal loans, auto loans, and credit cards.
* **Other Services:** Debit cards, online and mobile banking, online bill pay, telephone banking, and services for unbanked and underbanked consumers such as check cashing, wire transfers, and reloadable prepaid cards.
Here's an assessment of the addressable markets for these main products and services:
**Community Banking Market (U.S. and New York State):**
The U.S. community banking market was valued at approximately $6.35 billion in 2024, with a projected compound annual growth rate (CAGR) of 3.8%. The global community banking market is expected to grow from $16.7 billion in 2024 to around $29.07 billion by 2034, at a CAGR of 5.7%. Community banks, in general, play a significant role in providing services to small and medium-sized businesses, agricultural customers, and households. In New York State, community banks held just over 21% of all banking assets in 2011.
**Deposit Products Market (New York Metropolitan Area):**
Detailed current market size figures specifically for demand, savings, and time deposits within the New York City metropolitan area are not readily available in the provided search results. However, competition for deposits and mortgage lending in Carver Federal Savings Bank's market areas is significant, with larger regional and national banks also operating there. As of June 30, 2013, the New York-Newark-Jersey City, NY-NJ-PA, metropolitan statistical area had a total of $620.9 billion in deposits across 5,965 branches.
**Mortgage Loans Market (New York City and U.S.):**
* **Residential Mortgages:** The U.S. home mortgage market was valued at approximately $180.91 billion in 2023 and is projected to reach around $501.67 billion by 2032, with a CAGR of roughly 12.00% between 2024 and 2032. New York is identified as one of the leading states with high demand for home mortgages. In September 2025, home prices in New York were up 3.8% compared to the previous year, with a median price of $569,500. The average New York City home value was $806,834 as of late September 2025. The median sales price for homes in New York City was $764,000 in 2023, rising to $785,000 in early 2024.
* **Commercial and Multifamily Mortgages:** Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024, a 16% increase from $429 billion in 2023. Multifamily properties saw the highest volume, with an estimated $326 billion in total lending in 2024. In the third quarter of 2025, commercial and multifamily mortgage originations in the U.S. increased by 36% year-over-year. In August 2022, the largest commercial real estate lenders in New York City originated approximately $3.8 billion in financing. As of November 2024, commercial mortgage rates in New York started at approximately 5.42%.
**Small Business Loans (New York State):**
In fiscal year 2023, New York SBA loan providers funded 4,388 businesses, with a total SBA loan volume of $1.1 billion. There are over one million small businesses operating in New York, employing 1.6 million people. In 2022, reporting banks issued $15.9 billion in loans to New York businesses with revenues of $1 million or less.
**Consumer Loans (New York City Metropolitan Area):**
Specific addressable market sizes for personal loans, auto loans, and credit cards solely within the New York City metropolitan area for a community bank are not available in the provided search results.
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Carver Bancorp (CARV) is expected to drive future revenue growth over the next 2-3 years through several key strategies, primarily centered on its mission to serve minority and underserved communities.
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Expansion of Customer Base within Minority and Underserved Communities: Carver Bancorp's core mission is to serve African-American and other underserved communities in the New York metropolitan area. Future revenue growth is anticipated to stem from deepening its market penetration and attracting new customers within these communities. This involves increasing the number of individuals, businesses, and institutions utilizing Carver's banking services, thereby growing its deposit base and loan demand.
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Growth in Loan Originations and Diversification of Loan Portfolio: As a banking institution, a primary driver of revenue is its lending activities. Carver Bancorp aims to increase its net interest income through higher loan originations, particularly focusing on small business loans, residential mortgages, and other consumer loans within its target demographic. Diversifying its loan portfolio while maintaining prudent underwriting standards will be crucial for sustainable revenue growth.
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Enhancement and Introduction of Tailored Banking Products and Digital Services: To remain competitive and effectively serve its specific market, Carver Bancorp is expected to focus on developing and enhancing banking products and services that meet the unique needs of minority and underserved communities. This could include expanding digital banking offerings, such as online and mobile banking, to improve accessibility and convenience for its customer base.
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Strategic Partnerships and Community Development Initiatives: Leveraging its community-focused mission, Carver Bancorp can drive revenue growth through strategic partnerships. Collaborations with local community organizations, government programs, or other entities focused on economic development and financial inclusion in underserved areas could lead to new business opportunities, increased customer referrals, and potentially new revenue streams through grants or specialized programs.
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Share Repurchases
- Carver Bancorp had a stock repurchase program authorized on August 6, 2002, to repurchase up to 15,442 shares of its outstanding common stock. As of March 31, 2025, 11,744 shares had been repurchased at an average price of $235.80 per share (adjusted for a reverse stock split).
- No shares were repurchased under the stock repurchase program during fiscal years 2025, 2024, or 2022.
Share Issuance
- In fiscal year 2025, Carver Bancorp issued common shares in a private placement, which resulted in a $0.2 million increase in capital.
- The number of outstanding shares was 5,074,283 as of June 23, 2025.
- As of July 15, 2024, there were 5,094,948 shares of common stock outstanding.
Inbound Investments
- Over the three years prior to July 28, 2023, Carver received more than $43 million in new and conveyed capital.
- Institutional investors such as JP Morgan Chase, Wells Fargo, Bank of America, American Express, and National Community Investment Fund are among Carver's partners.
- In fiscal year 2025, the bank secured a $1.8 million advance through the FHLB-NY 0% Development Advance Program to support loan origination.
Outbound Investments
- Carver closed a $25 million credit facility with New York Green Bank in fiscal year 2025 for decarbonization projects, though no funds had been drawn from this facility as of March 31, 2025.
- The Bank purchased $0.3 million in business loans during fiscal year 2024.
- Carver Community Development Corporation (CCDC) is instrumental in obtaining grants and resources to fund community activities and innovative approaches to reach unbanked customers.
Capital Expenditures
- Capital expenditures for Carver Bancorp Inc. amounted to -$345k USD based on the financial report for June 30, 2025.
- The average annual capital expenditures growth rate was -35% over the past three years.
