Carver Bancorp, Inc. (CARV)

Carver Bancorp, Inc. was the holding company for Carver Federal Savings Bank, a community bank founded in 1948 and headquartered in Harlem, New York City. The bank was established to serve communities in New York that had limited access to mainstream banking, and it became one of the largest banks in the United States managed by African-American and Caribbean-American leadership. The U.S. Department of the Treasury certified it as a Community Development Financial Institution.

Carver Federal offered retail and commercial banking services, including demand, savings and time deposits, individual retirement accounts and certificates of deposit. On the lending side, its products included residential mortgages, multifamily and commercial real estate loans, construction loans, small business loans and consumer loans. It served individuals, businesses, nonprofit organizations and government entities through a small network of branches in New York City, along with online and mobile banking that reached customers in several states.

Carver Bancorp was formed as the holding company for the bank in the 1990s and its common stock traded on the Nasdaq stock market under the symbol CARV. Like many small thrift holding companies, it was shaped by regulatory oversight and by the commercial real estate cycle. In the years after the 2008 financial crisis the company worked through capital and asset-quality challenges, including a recapitalization in 2011 supported by outside investors, and it later carried out efforts to strengthen its balance sheet and operations.

As a small institution, Carver faced the fixed costs of public-company status, including audit, reporting and listing requirements, relative to its size and earnings. The company's board evaluated its options for access to capital and for lowering recurring expenses, and concluded that a different market venue would offer more flexibility.

On November 18, 2025, Carver announced its intention to voluntarily delist its common stock from Nasdaq, list it on the OTCQX market, and deregister its common stock under the Securities Exchange Act of 1934. The company said the board believed the move was in the interests of the company and its stockholders, citing greater flexibility to pursue initiatives for long-term growth and enhanced capital, as well as an expected reduction in recurring costs.

The company planned to file a Form 25 with the SEC around November 28, 2025, with the last Nasdaq trading day expected around December 5, 2025, and quotation on the OTCQX beginning on or about December 8, 2025 under the same ticker symbol, CARV. A Form 15 to terminate registration was planned for about the same time, with its periodic reporting obligations under the Exchange Act ending after the statutory waiting period. Carver stated that it would continue to provide annual reports with audited financial statements and post interim quarterly information on its website, while the bank subsidiary would continue to file quarterly Call Reports with the Office of the Comptroller of the Currency.