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."

After completing the tax return preparation process, Carver CDC and Food Bank For New York City identified approximately 500 families who may be eligible for but do not receive Food Stamp benefits and nearly 325 uninsured individuals who are potentially eligible for public health insurance. Food Bank For New York City continues to work with these tax filers to enroll them in the appropriate assistance programs. 

For more information about Food Bank For New York City please visit www.foodbanknyc.org and for more information about CCDC please visit www.carverbank.com and click on the Community Spotlight tab or call 718-230-2900.

About the Food Bank For New York City

Food Bank For New York City recognizes 27 years as the city's major hunger-relief organization working to end food poverty throughout the five boroughs.  As the city's hub for integrated food poverty assistance, the Food Bank tackles the hunger issue on three fronts — emergency food distribution, income support and nutrition education — all strategically guided by its research. Through its network of approximately 1,000 food assistance programs citywide, the Food Bank helps provide 300,000 free meals a day for New Yorkers in need. The Food Bank's hands-on nutrition education program in the public schools reaches thousands of children, teens and adults. Income support services including food stamps, free tax assistance for the working poor and the Earned Income Tax Credit put millions of dollars back in the pockets of low-income New Yorkers, helping them to achieve greater dignity and independence. Every dollar donated to the Food Bank helps provide five meals to New Yorkers in need. Learn how you can help at foodbanknyc.org.

About Carver Community Development Corporation

Carver Community Development Corporation (CCDC) is a wholly owned for-profit subsidiary of Carver Federal Savings Bank (Carver), which was established to formalize Carver's community development, corporate giving and outreach strategy. Partnering with faith-based and other nonprofit organizations, for-profit businesses, developers, and foundations, CCDC's primary purpose is to (re)invest in communities surrounding its branches by providing capital, products and services to the Bank's customers. CCDC partners with local organizations to provide financial educational and technical assistance to low and moderate income individuals and families, supporting them in transforming underserved neighborhoods into flourishing communities.
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