Carver Federal Savings Bank
Founded on November 5, 1948, and named for agricultural researcher and scientist George Washington Carver, Carver formally began operations on 125th Street in Harlem, providing local residents a place to save and obtain mortgages to buy homes in their own communities on January 5, 1949. Now the largest African-American and Caribbean-American led bank in the United States, Carver continues its mission, providing banking services and by investing in its most precious resource, its customers. Carver channels its capital resources into underserved neighborhoods, investing over 80% of its deposits into the neighborhoods it serves.
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Data for Q4 2013
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Carver Federal Savings Bank had $24.02 million in non-current loans and owned real-estate with $69.17 million in equity and loan loss allowances on hand to cover it. This gives Carver Federal Savings Bank a Texas Ratio of 34.72% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Carver Federal Savings Bank decreased dramatically from 72.62% as of December 31, 2012 to 34.72% as of December 31, 2013, resulting in a positive change of 52.18%.This indicates that the balance sheet and financial strength for Carver Federal Savings Bank has improved dramatically in recent periods.
Deposit Growth
In the past year, Carver Federal Savings Bank has decreased its total deposits by -$18.63 million, resulting in -3.66% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Carver Federal Savings Bank has shown is below average.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Carver Federal Savings Bank has $638.9 million in assets with $69.17 million in equity, resulting in a capitalization level of 10.83%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 30394 |
| Year Established | 1948 |
| Employees | 133 |
| Primary Regulator | OCC |
| Assets and Liabilities | |
|---|---|
| Assets | $638.90 million |
| Loans | $392.43 million |
| Deposits | $490.77 million |
| Equity Capital | $60.76 million |
| Loan Loss Allowance | $8.42 million |
| Unbacked Noncurrent Loans | $22.59 million |
| Real Estate Owned | $1.43 million |
| Historic Data - December 2012 | |
|---|---|
| Assets | $640.48 million |
| Equity Capital | $64.77 million |
| Loan Loss Allowance | $14.48 million |
| Unbacked Noncurrent Loans | $22.59 million |
| Real Estate Owned | $3.00 million |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 3.35% |
| Return on Assets | 0.34% |
| Return on Equity | 3.47% |
| Interest Income | $23.86 million |
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Carver Federal Savings Bank Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.50% | $10k | - | Relationship Statement Savings | |
| 0.25% | $300 | - | Statement Savings | |
| 0.25% | $300 | - | Senior Statement Savings | |
| 0.25% | - | - | Lease Security Tenant Savings | |
| 0.25% | $300 | - | Minor Statement Savings | |
| 0.15% | $300 | - | Burial Savings | |
| 0.15% | - | - | Kids Bank on Us Savings | |
| 0.15% | $25 | - | Holiday Club Savings | |
| 0.15% | $25 | - | Vacation Club Savings |
Carver Federal Savings Bank Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.50% | $50k | - | Premier Money Market | |
| 0.50% | $50k | - | Business Premier Money Market | |
| 0.30% | $50k | - | Money Market |
Carver Federal Savings Bank Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.75% | $500 | - | IOLTA | |
| 0.15% | - | - | NOW Interest Checking |
Carver Federal Savings Bank CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.45% | $100k | - | 60 Month Jumbo CD | |
| 1.25% | $100k | - | 48 Month Jumbo CD | |
| 1.00% | $1k | - | 5 Year CD | |
| 1.00% | $100k | - | 36 Month Jumbo CD | |
| 0.75% | $1k | - | 48 Month CD | |
| 0.50% | $1k | - | 36 Month CD | |
| 0.50% | $100k | - | 24 Month Jumbo CD | |
| 0.40% | $1k | - | 30 Month CD | |
| 0.30% | $1k | - | 24 Month CD | |
| 0.25% | $2,500 | - | 12 Month CD | |
| 0.25% | $1k | - | 18 Month CD | |
| 0.20% | $2,500 | - | 91 Day CD | |
| 0.20% | $2,500 | - | 182 Day CD |
Carver Federal Savings Bank IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | $1k | - | 5 Year IRA | |
| 0.75% | $1k | - | 48 Month IRA | |
| 0.50% | $1k | - | 36 Month IRA | |
| 0.40% | $1k | - | 30 Month IRA | |
| 0.30% | $1k | - | 24 Month IRA | |
| 0.25% | $2,500 | - | 12 Month IRA | |
| 0.25% | $1k | - | 18 Month IRA |
| Carver Federal Savings Bank Locations | ||
|---|---|---|
| Crown Heights Branch | 1009 Nostrand Avenue | Brooklyn, NY 11225 |
| St. Albans Branch | 115-02 Merrick Blvd | Jamaica, NY 11434 |
| Bedford-Stuyvesant Branch | 1392 Futlon Street | Brooklyn, NY 11216 |
| Malcolm X Boulevard Branch | 142 Malcolm X Boulevard | New York, NY 10026 |
| Jamaica Center Branch | 158 45 Archer Ave | Jamaica, NY 11433 |
| Pathmark Branch | 160 East 125 Street | New York, NY 10027 |
| Bradhurst Branch | 300 West 145th Street | New York, NY 10039 |
| Atlantic Terminal Branch | 4 Hanson Place | Brooklyn, NY 11217 |
| Carver Federal Savings Bank | 75 West 125th Street | New York, NY 10027 |
| Flatbush Branch | 833 Flatbush Avenue | Brooklyn, NY 11226 |