Carver Bancorp Gets $6 Million Equity Investment From JPMorgan Chase
February 23 2021 - 1:27PM
Dow Jones News
By Colin Kellaher
Carver Bancorp Inc. on Tuesday said it received a long-term
equity investment of about $6 million from JPMorgan Chase & Co.
as part of the banking giant's new initiatives aimed at supporting
minority-owned and diverse-led financial institutions.
New York-based Carver is the holding company for Carver Federal
Savings Bank, a certified Minority Depository Institution.
Carver said it will use the bulk of the funds to ramp up its
lending activities to minority and women business entrepreneurs,
and to expand its financial-education programs in the diverse low-
to moderate-income communities it serves.
Carver said JPMorgan bought 112,612 common shares, or a roughly
3.4% stake, at a price of $8.88 apiece, along with 5,000 shares of
a new series of Series F preferred stock at $1,000 each.
JPMorgan earlier Tuesday unveiled a series of initiatives as
part of its firm's recently announced $30 billion commitment to
advancing racial equity, including the launch of a new money-market
share class for distribution by Minority Depository Institutions
and diverse-led Community Development Financial Institutions.
Carver earlier this month received a $4.4 million investment
from Wells Fargo as part of the San Francisco bank's pledge to
invest up to $50 million in Black-owned banks.
Shares of Carver were recently up 5.8% to $10.84.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 23, 2021 14:12 ET (19:12 GMT)
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