Carver Federal Savings Bank

What Carver Federal Savings Bank does

Carver Federal Savings Bank is a federally chartered community bank founded in 1948 in Harlem, New York, operating through its publicly traded holding company Carver Bancorp, Inc. (OTC: CARV). It holds U.S. Treasury designations as a Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI), and serves historically under-resourced African American neighborhoods in Harlem, Brooklyn, and Queens, alongside MWBE (Minority and Women-Owned Business Enterprise) contractors and consumers in low- to moderate-income communities. Its principal revenue streams are net interest income from mortgage, commercial real estate, SBA, and consumer lending, plus fee and service-charge income on deposits and banking transactions; deposits are gathered through 7 physical branches, digital account opening in 9 states plus Washington D.C., and an 80,000+ ATM partnership network via Allpoint, J.P. Morgan Chase, and Wells Fargo.

The product platform spans personal and business checking, savings, money market, and CD products; a green/clean-energy lending facility launched in 2024 with NY Green Bank ($25M revolving); specialized non-profit and faith-based lending; and credit cards issued via Elan Financial Services. Digital channels include iOS/Android mobile apps with Zelle integration, online banking, and an Insights personal financial management dashboard (launched 2023) that provides spending analysis, budgeting, cashflow calendar, goals, and net worth tracking with external account linking. The bank's wholly owned subsidiary Carver Community Development Corporation has deployed $149M in New Markets Tax Credits and $259M+ in leveraged loans to catalyze community investment.

Operationally, Carver is mid-turnaround: in late 2025 it voluntarily delisted from Nasdaq to trade on OTC Markets to reduce expenses, brought in a new CEO (Donald Felix, ex-Citizens/JPMorgan/Citi, Nov 2024) and CFO (Lisa Robinson Smith, Mar 2026), appointed a former OCC executive as Senior Enterprise Risk Management Advisor, and announced a board modernization initiative targeting 75% director turnover within three years. It also restructured its Trust Preferred Securities to remove capital overhang. Strategic positioning is anchored on growing into a "modern urban community bank," with digital expansion, the green lending vertical, and deepened MWBE/community partnerships as primary growth vectors.

Name

Carver Federal Savings Bank

Legal name

Carver Bancorp, Inc.

Website

https://carverbank.com

Company type

Public

Founded year

1948

Operating status

Operating

Headcount range

101–250 employees

Short description

Carver Federal Savings Bank is a federally chartered, CDFI-certified community bank founded in 1948 in Harlem, serving African American consumers, MWBE businesses, and nonprofits in low- to moderate-income NYC neighborhoods via 7 branches, a 9-state digital footprint, and specialized green and commercial lending.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Community banking services
• Small business lending
• Personal savings accounts
• Commercial real estate loans
• Sba loan programs

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on mortgage loans, commercial real estate loans, business loans, and consumer lending products including SBA loans.
2. Banking Fees and Service Charges: Fee income from ATM transactions, account services, wire transfers, wire transfers, insufficient funds, stop payments, and other banking services.
3. Interest on Deposits: Spread income from accepting deposits and lending at higher rates. Approximately 80 cents of every dollar deposited is reinvested back into the communities.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Carver Federal Savings Bank provides personal and business banking products (checking, savings, money market, CDs, debit/credit cards) and a full lending suite (mortgages, consumer loans, business and commercial real estate loans, SBA loans, non-profit/faith-based lending, and a green building decarbonization loan facility). It serves consumers and businesses in New York City through 7 branches and digital channels, with a community development mission targeting historically underserved African American neighborhoods and MWBE enterprises in low- to moderate-income areas.

Product overview

Carver Federal Savings Bank operates as a community-focused bank with a platform-plus-products architecture serving the New York City area (Harlem, Brooklyn, and Queens). The core banking platform provides personal and business checking, savings, and CD products alongside digital banking channels (Mobile App, Online Banking, Insights dashboard). The lending suite spans consumer mortgages, business/commercial loans, SBA loans, CRE financing, and a specialized green loan facility with NY Green Bank. Credit products are delivered via Elan Financial Services partnerships. The Insights financial management module is a notable add-on providing spending analytics, budgeting tools, and net worth tracking. The bank also offers specialized programs for landlords (Landlord Solutions), employers (Bank@Work), and non-profits, plus a full suite of loan servicing, mortgage assistance, and financial calculators.

Differentiator

Problem solved

Functional benefit

Brands

• The Carver Card: The bank's debit card product that provides ATM access and mobile banking capabilities, marketed as an everyday debit card with broad ATM access.

Products and services

• The Carver Card (Debit Card) Carver's branded debit card product offering everyday banking functionality with broad ATM access through the Allpoint, Chase, and Wells Fargo networks (80,000+ fee-free ATMs). Positioned as a community-focused product supporting New York's community bank.
• Personal Checking Accounts Personal checking accounts including Value Plus Interest Checking (0.05% APY, $50 minimum to open), with mobile banking access and online account opening. Designed for individual consumers in underserved NYC neighborhoods.
• Savings Accounts Savings products including High Yield Savings (4.00% APY, exclusive online, $5,000 minimum), Relationship Savings (0.10% APY, $250 minimum), Carver Savings, and Youth Savings. Designed for individual consumers seeking competitive rates and wealth-building options.
• Certificates of Deposit (CDs) Term deposit products ranging from 91-day to 60-month terms, including HI-Rise CDs, IRA CDs, and Jumbo CDs. Rates vary from 1.75% to 4.00% APY depending on term length and balance; Jumbo CDs require $100,000 minimum with negotiable rates.
• Mobile Banking App Native mobile banking application for iOS and Android devices enabling on-the-go banking. Includes Zelle integration, card management, mobile deposit, Insights dashboard access, and secure authentication features.
• Online Banking Web-based banking platform providing 24/7 account access, bill pay, e-statements, and integration with the Insights money management tool. Online account opening is available in 9 states and Washington D.C.
• Personal Credit Cards (via Elan) Credit cards issued by Elan Financial Services, available in low rate, cash back, or flexible rewards options. Features include zero fraud liability, mobile payment capability, and 24/7 cardmember service.
• Business Credit Cards (via Elan) Business credit card options issued via Elan Financial Services including low rate, cash back, or flexible rewards. Features free online expense reporting tools, no-fee employee cards, and mobile payment capability.
• Business & Commercial Lending Customized funding solutions for business expansion and growth, including term loans and lines of credit designed to help MWBE businesses and small businesses in underserved NYC communities achieve their growth goals.
• Commercial Real Estate Solutions Financing solutions for commercial real estate acquisition, development, and refinancing in the New York City market.
• SBA Loans Small Business Administration loan products supporting small business growth and development in underserved NYC communities, with a focus on MWBE borrowers.
• Non-Profit & Faith Based Lending Specialized lending products designed for non-profit organizations and faith-based institutions, supporting operational and community development needs.
• Going Green With Carver (Green Loan Facility) Green loan program in partnership with NY Green Bank providing low-cost capital for building decarbonization, energy efficiency, and electrification projects. Supports MWBE contractors and property owners in historically underserved communities in NYC.
• Cash Management Services Business banking services including automated clearinghouse (ACH) payments, wire transfers, and other cash flow management tools designed for business customers.
• Landlord Solutions Specialized banking services designed for property landlords, including rental property financing and management tools.
• Bank@Work Employee banking program bringing Carver's products and services directly to workplaces for convenient access by employees.

Quantifiable outcome

• 80 cents of every dollar deposited is reinvested back into the communities
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability1 record

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Mount SinaiminorStrategic or Co-development Partner · 4 February 2025Partnership for Robert F. Smith Mobile Prostate Cancer Screening initiative to enable early detection for at-risk men in communities.
• Blue Jacket Fashion ShowminorGTM or Marketing Partner · 4 February 2025Carver sponsors the annual prostate cancer screening initiative, raising awareness and funds for ZERO - Prostate Cancer.
• Habitat for Humanity NYCminorGTM or Marketing Partner · 20 June 2024Carver joined Habitat for Humanity NYC on Juneteenth Build events in Queens, supporting community development.
• Ivy Rose FoundationminorGTM or Marketing Partner · 1 March 2024Carver was a proud sponsor of Ivy Rose Foundation's annual charity event, presenting $10,000 for scholarships.
• Greater Harlem Chamber of CommerceminorGTM or Marketing Partner · 1 January 2022Partnership for Minority Women-Owned Business Pitch Competition, awarding grants to women entrepreneurs focused on energy efficiency.
• AllpointminorChannel Partner/ Reseller/ DistributorATM network partnership providing Carver customers access to 80,000+ fee-free ATMs nationwide.
• J.P. Morgan ChaseminorChannel Partner/ Reseller/ DistributorATM network partnership enabling Carver customers to use Chase ATMs fee-free as part of expanded national ATM access.
• Wells FargominorChannel Partner/ Reseller/ DistributorATM network partnership enabling Carver customers to use Wells Fargo ATMs fee-free as part of expanded national ATM access.
• Community Capital BankcoreStrategic or Co-development PartnerBrooklyn-based bank acquired in 2006 to expand service and product offerings and better serve the small business community.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Beneficial State Bank: Community development bank and B Corporation with a mission of serving underserved communities and financing environmental sustainability; strong comparable on CDFI-style lending, ESG focus, and green loan products.
• Amalgamated Bank: New York-based socially responsible, union-affiliated commercial bank with a progressive mission and ESG-focused deposit base; shares the urban, mission-driven banking DNA with Carver, though it is materially larger.
• First Independence Bank: Detroit-based African American-controlled bank and MDI providing community-focused deposit and lending products in an underserved urban market; directly comparable CDFI-equivalent franchise profile.
• Spring Bank: Bronx-based CDFI and MDI providing community development loans, small business financing, and deposit services in NYC's underserved communities - directly comparable New York geography and MDI/CDFI status.
• Self-Help Federal Credit Union: North Carolina-headquartered CDFI credit union providing community development lending, small business loans, and deposit services to underserved markets; comparable as a CDFI serving similar LMI and minority customer bases.
• Liberty Savings Bank: Federally chartered mutual savings institution serving urban and immigrant communities with deposit and small business lending products; comparable as a small, mission-focused, federally chartered thrift.
• Broadway Federal Bank: Los Angeles-based African American-founded community bank, also an MDI and CDFI, offering similar deposit, mortgage, and small business lending products to underserved urban communities - the closest direct peer to Carver by mission, regulatory status, and product set.
• Industrial Bank: Washington, D.C.-based African American-founded commercial bank and MDI serving urban communities with comparable consumer and small business banking products; structurally and demographically similar to Carver.
• City First Bank (NCRC): Washington, D.C.-area CDFI and MDI focused on affordable housing, community development lending, and mission-driven deposits; highly comparable CDFI/MDI operating model and customer segments.

Broad incumbents

• JPMorgan Chase (Community Banking): Large incumbent national bank that competes head-on for the same urban, minority, and LMI deposit and small business customers Carver serves, and is one of Carver's ATM partners - a broad incumbent against which Carver's mission and community focus must differentiate.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/carverbanknyc
• YouTubeyoutube.com/channel/UCnfPeyRofHxVB6rQqQdEItw
• Facebookfacebook.com/carverfederalsavingsbank
• LinkedInlinkedin.com/company/carver-federal-savings-bank
• Instagraminstagram.com/carverbanknyc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carver Federal Savings Bank