Carver Bancorp Inc. Receives Investment from JPMorgan Chase To Support Economic Empowerment in Communities of Color

Carver Federal Savings Bank
Tuesday, February 23, 2021

Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, a certified Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI), announced that JPMorgan Chase 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 and expand its financial education programs in the diverse low-to-moderate income communities it serves.