Printer Friendly Format Email a Friend

PR- 077-04
April 12, 2004


Carver Opens in State Banking Development District; City Will Deposit $10 Million at Below-Market Rates to Generate Economic Activity in Jamaica

New York City Mayor Michael R. Bloomberg and Finance Commissioner Martha E. Stark today attended a ribbon-cutting ceremony for Carver Federal Savings’s new branch in Jamaica. This branch will soon receive a deposit in City funds of up to $10 million under the Banking Development District program (BDD) to spur lending and other banking services in the neighborhood. The Mayor was also joined by Queens Borough President Helen Marshall, New York State Banking Superintendent Diana L. Taylor, Community Leaders and Carver Federal Savings President Deborah Wright.

“I am delighted to help inaugurate Carver Federal Savings Bank in Jamaica,” Mayor Bloomberg said. “With up to $10 million in City deposits from our Banking Development District program, this branch will be able to help residents from Jamaica and the surrounding neighborhoods obtain home and business loans, open checking accounts, and take advantage of other important financial services.  Carver and the Banking Development Districts program are helping traditionally underserved neighborhoods by increasing banking activity that leads to economic development and jobs.”

“The designation of Queens’ first Banking Development District in south Jamaica is an investment in the future of southeast Queens,” said Borough President Marshall. “Today’s action will reap benefits for years to come. I was delighted to work with Carver Federal Savings Bank in a combined quest for the designation, which not only will provide incentives for businesses, but also jobs for local residents and the resources that will benefit the community beyond Jamaica.”

“Governor Pataki’s Banking Development District initiative continues to have a strong positive effect across the state: bringing access to capital, jobs and opportunity to New Yorkers,” said Superintendent Taylor.  “In certain communities such as this one there are few more potent symbols of hope than the opening of a new bank branch. The Governor’s program works to make these branches grow and become profitable by harnessing local government to help by providing municipal deposits. Carver President Debbie Wright and Borough President Helen Marshall deserve credit for pushing this BDD application forward. Mayor Bloomberg and Comptroller Thompson deserve our praise for putting municipal muscle and money into the BDD program to encourage banks such as Carver to put down roots in underserved areas of this great City.”

“I can remember growing up in Brownsville, a neighborhood with virtually no banks at all, so I know how important this day is for Jamaica and the surrounding communities,” Commissioner Stark said. “With the City’s deposit as an anchor, there will be even better days ahead for Carver’s customers.”

“On behalf of our Board of Directors and employees, I extend Carver’s heartfelt thanks to Mayor Michael Bloomberg, City Comptroller William Thompson, Borough President Helen Marshall, State Banking Superintendent Diana Taylor and all our local legislators and officials for their leadership in encouraging the expansion of banking services in Jamaica,” said Ms. Wright. “There is a tremendous need for additional banking services in Jamaica, which presents a significant opportunity for Carver to grow as our communities remain comparatively underserved by financial institutions,” continued Ms. Wright.  “We are tremendously excited about our growth strategy which includes building two additional branches this year at Atlantic Terminal in Brooklyn and at Bradhurst Court in Harlem, as we continue to leverage the unprecedented growth taking place in urban communities, Carver’s target market.” 

Once Carver’s application to the City’s Banking Commission is approved, the branch will receive up to $10 million in deposits of City funds. Carver will pay the City below-market rates. In return, the bank will provide loans and offer financial literacy classes enabling residents to take advantage of banking services to improve their lives. Carver will report at least annually to the New York City Banking Commission on their community activities. The Banking Commission is chaired by the Mayor and includes the Comptroller and the Finance Commissioner. If Carver does not fulfill its obligations to the community, the City may withdraw its deposits.

Carver’s new Jamaica Center Branch utilizes advanced technology in a variety of applications.  A multi-media system provides up-to-date information on the world’s news and financial markets and will help facilitate financial literacy through banking workshops for current and potential customers.  CarverPhone kiosks will speed customer access to Carver’s call center.  ATMs offer U.S. postage stamps and Metropolitan Transportation Authority MetroCards, in addition to the full array of traditional banking functions.  An e-banking zone includes Online Banking terminals, which provide customers access to Carver’s innovative website and access their accounts and pay bills online.

In the last twelve months Carver has opened two 24/7 ATM Banking Centers in Harlem at 125th and Amsterdam Avenue and 137th and Broadway. At the end of this fiscal year Carver will operate eight branches and four 24/7 ATM Centers. Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank.  Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates six full service branches in the New York City boroughs of Brooklyn, Queens and Manhattan.


Edward Skyler / Jordan Barowitz   (212) 788-2958


Sam Miller   (DOF)
(212) 669-4763

Catie Marshall (State Banking)   (212) 709-1698

Margot Lewis (Carver)   (212) 330-7515

More Resources