(PRNewsfoto/Carver Bancorp, Inc.)
NEW YORK, Feb. 23, 2021 /PRNewswire/ Carver Bancorp, Inc. (the Company ) (Nasdaq: CARV), the holding company for Carver Federal Savings Bank ( Carver ), a certified Minority Depository Institution ( MDI ), announced today that JPMorgan Chase (NYSE: JPM) has made a long-term equity investment of approximately $6 million in common and preferred shares of the Company. JPMorgan Chase s equity investment represents approximately 3.4 percent of the Company s issued and outstanding common stock at purchase. In addition, the investment includes 5,000 shares of the Company s Series F preferred stock.
Carver expects to utilize the majority of the proceeds from JPMorgan Chase s investment to ramp up its lending activities to Minority and Women Business Entrepreneurs ( MWBEs ) and expand its financial education programs in the diverse low-to-moderate income communities it serves. Carver will also explore new initiatives that create economic empowerment in