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TheStreet Open House

Carver Federal Savings Bank And Food Bank For New York City Partnership Is A Multi-Million Dollar Success

NEW YORK, May 26, 2010 (GLOBE NEWSWIRE) -- Carver Federal Savings Bank ("Carver") (Nasdaq:CARV), established a partnership with Food Bank For New York City to help nourish the financial health of thousands of Harlem residents. As part of this partnership, Carver Community Development Corporation ("Carver CDC"), a wholly owned subsidiary of Carver, hosted a Volunteer Income Tax Assistance program in its offices on 145 th Street in Manhattan, which secured over $7.5 million in tax refunds for Harlem and New York City residents.

Blondel A. Pinnock, President of Carver CDC, said, "In its very first year, this program worked with Harlem residents to prepare 3,217 tax returns and secured more than $7.5 million in tax refunds, including $3.7 million in Earned Income Tax Credits. While the numbers are extremely impressive, we are most pleased by the fact that we have helped our neighbors invest in their future and in our community. This program has empowered residents to be more proactive about their own finances, investing and spending resources wisely and thereby helping fuel growth in our communities."

This year's tax assistance program generated deposits of $822,431 in Carver customer accounts. 167 $aveNYC Accounts were also established with over $117,650 of initial deposits and a potential match of $58,826 from the City of New York. The $aveNYC Account, a program of the Office of Financial Empowerment in the Department of Consumer Affairs for the City of New York, offers eligible tax filers (families earning less than $50,000 or individuals earning less than $18,000 a year) the opportunity to use a portion of their tax refund to build savings by receiving a 50% match of funds up to $500.

Lucy Cabrera, Ph.D., President and CEO of the Food Bank For New York City said, "This was an incredible first year for our partnership with Carver CDC. We look forward to working together with Carver CDC to add more income support services and financial literacy programs in the Harlem community throughout the year and especially during the next tax season. As an organization dedicated to eliminating poverty through community support and empowerment, we are extremely thankful for Carver CDC's commitment to helping communities and individuals invest, save and take control of their financial futures."

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