Carver Bancorp, Inc. Strengthens Its Harlem 125th Street Presence with Sale and Leaseback Transaction

NEW YORK, Feb. 23, 2018 /PRNewswire/ -- Carver Bancorp, Inc. (the "Company") (Nasdaq: CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), announced today that the Bank has entered into a sale and leaseback property arrangement that will allow the Bank to maintain its branch presence at its 75 W. 125^th Street location, while relocating its back-office operations to a more modern facility on Harlem's 125^th Street where it can more efficiently serve its growing customer base. 

The Bank closed yesterday on the sale of the 75 W. 125^th Street property to CHOMPOL, LLC, a subsidiary of Gatsby Enterprises Inc., a New York real estate company. The total purchase price was $19.45 million, which is one of the highest reported prices per square footage for a real estate transaction with office and retail space in Harlem.  Madison Square Realty LLC and Colliers International acted on behalf of the Bank in the transaction.

"We are pleased to have entered into a transaction that further strengthens our capital position and solidifies our commitment to serving Harlem and the Greater New York City area," said Michael T. Pugh, the Company's President and Chief Executive Officer.  "We are maintaining our current branch location at 75 W. 125^th Street and moving our administrative operations to a more modern facility nearby, which will allow us to make a number of IT infrastructure improvements to more efficiently serve our customers.  This transaction and the move of our administrative offices will have no impact on our retail and business customers at any of our nine branches across Manhattan, Queens, and Brooklyn. It's business as usual at all of our branches."

Mr. Pugh added: "Carver continually strives to identify new and innovative ways to improve our branch locations and operations, increase our product and service offerings, and expand access points for our customers. As a community bank that strives to achieve a balance between fulfilling its core mission and generating a fair profit, we believe this sale and leaseback arrangement will mutually benefit Carver and the communities it serves. The proceeds from the sale will be utilized to continue supporting small business development, including Minority and Women Business Entrepreneurs—the economic engines of growth that provide local jobs in Greater New York City."

About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank.  Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services.  In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a community development financial institution.  Carver is the largest African- and Caribbean-American managed bank in the United States, with nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens.  For further information, please visit the Company's website at www.carverbank.com.

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Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act.  These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.  Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties.  More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.

Media Contacts:
Michael Herley
Kekst
(212) 521-4897
[email protected] 

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SOURCE Carver Bancorp, Inc.