This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Carver Bancorp, Inc. Agrees To Implement Enhanced Capital And Asset Quality Measures Under OTS Orders

Stocks in this article: CARV

NEW YORK, Feb. 10, 2011 (GLOBE NEWSWIRE) -- Carver Bancorp, Inc. (the "Company") (Nasdaq:CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), today announced that the Company and the Bank have consented to the Office of Thrift Supervision ("OTS") issuing formal cease and desist orders (the "Orders") under which the Company and the Bank will implement enhanced capital and asset quality measures to strengthen the Bank's balance sheet and loan portfolio.  

"The Orders are an outgrowth of discussions we have been having with the OTS to address the need to significantly raise our capital ratios in light of our current asset quality and earnings level," said Deborah C. Wright, the Company's Chairman and CEO. "While we continue to meet the regulatory definition of a well capitalized bank, the Orders formalize the additional work we need to do and establish the timeframe for doing so."  

Ms. Wright added, "Anyone following the news about our economy is fully aware of the challenging conditions in communities across our nation, particularly in inner city markets, where unemployment rates are higher than national averages.  As a result, Carver has been grappling, as are many small banks across the country, with higher delinquencies and downward valuations in real estate assets.  

"We are working with an independent advisor to bring in additional capital and are making progress. We also continue to rebalance our loan portfolio and have aggressively reduced our level of real estate loans. The successful implementation of our recapitalization and portfolio realignment strategies is designed to better position us to continue to serve our communities with essential products that build on the strength of our core capabilities and franchise."

Robert Holland, Lead Independent Director of the Board of Directors of the Company, said, "The Board is committed, along with the management team, to working closely with the Company's regulators to implement all necessary changes required to protect the Bank and keep it safe and sound for generations to come. We are fully aware of the unique role that minority banks have played in providing capital to businesses and institutions in Harlem, Bedford-Stuyvesant, Crown Heights, St. Albans and many New York City communities. We also take seriously the legacy Carver has built over more than 60 years with the tremendous support of our loyal customers."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs