Harlem’s Carver Federal Savings Bank, the 63-year-old bank, with its headquarters on West 125th Street near Malcolm X Boulevard…
…has averted possible disaster this week by securing more then the requested $55 million cash injection, a statement by the company announced Wednesday. Goldman Sachs and Morgan Stanley each invested $15 million in the bank and Citigroup and Prudential Insurance Company Citigroup and Prudential Insurance Company invested $10 million each. American Express and three other firms are investing smaller amounts.
Carver Federal Savings Bank, the largest African- and Caribbean-American operated bank in the country, had been carrying $74 million in overdue loans due to the struggling commercial real estate market. Carver Chairman and CEO Deborah Wright thanked the investors “for their vote of confidence in the value of our franchise and its importance to New York City’s urban communities.”
A group of community leaders, including Lloyd Williams, CEO of the Greater Harlem Chamber of Commerce, former state Comptroller Carl McCall, former city Comptroller Bill Thompson, Rep. Charles Rangel, held a breakfast meeting at Silvia’s in April to brainstorm ways to save the faltering bank according to Crain’s New York Business (wonder if this happened for financially troubled Minton’s, Rice High School, etc.,).