The City College of New York and Carver Federal Savings Bank Celebrate the Minority-Depository Institution's First Campus ATM

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Oct 24, 2022, 10:00 ET

NEW YORK, Oct. 24, 2022 /PRNewswire/ -- The City College of New York (CCNY") and Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), celebrated the launch of the Bank's first campus ATM with a ribbon-cutting ceremony on October 18, 2022. The Carver ATM is located on the first floor of the North Academic Center and has been serving CCNY's students, staff, and faculty since July 2022.

The City College of New York Logo

CCNY President Vincent Boudreau and Michael T. Pugh, President and Chief Executive Officer of Carver Federal Savings Bank, said a few words at the event, followed by a Student Rush Event for CCNY students with games, giveaways, and a raffle for two $500 gift cards.

"Carver Federal Savings Bank is a historic institution and a contemporary force for community development in Harlem and beyond," said CCNY President Vincent Boudreau. "Like Carver, CCNY is in the business of securing stable and prosperous futures for a rising class of New Yorkers. As we assist our students—an important part of that rising class—with learning to manage their personal finances, Carver will be an essential partner for CCNY. The ATM that we inaugurated is a tangible symbol of that partnership, and an important contribution to our banking infrastructure on campus."

Given the alignment of these two historic Harlem-based institutions' missions, this ATM partnership is a natural fit for both organizations. Over time, CCNY and Carver hope to expand their relationship to reach more students through expanded banking access and financial education training.

"The City College of New York is a mainstay in the community, uplifting students in Harlem and beyond for more than 150 years," said Michael T. Pugh, President and Chief Executive Officer of Carver Federal Savings Bank. "As a community bank reinvesting $0.80 of each deposited dollar into the diverse communities we serve, Carver is deeply committed to collaborating with higher education to increase student banking access and expand economic empowerment. Likewise, our institution has an existing initiative to assist Historically Black Colleges and Universities ("HBCUs") with financial education, and Carver has supported financial education to more than 16,000 individuals to help close the wealth gap in historically underserved communities over the past several years."

About the City College of New York
Since 1847, The City College of New York has provided a high-quality and affordable education to generations of New Yorkers in a wide variety of disciplines. CCNY embraces its position at the forefront of social change. It is ranked #1 by the Harvard-based Opportunity Insights out of 369 selective public colleges in the United States on the overall mobility index. This measure reflects both access and outcomes, representing the likelihood that a student at CCNY can move up two or more income quintiles. Education research organization DegreeChoices ranks CCNY #3 nationally for social mobility. In addition, the Center for World University Rankings places CCNY in the top 1.8% of universities worldwide in terms of academic excellence. Labor analytics firm Emsi puts at $1.9 billion CCNY's annual economic impact on the regional economy (5 boroughs and 5 adjacent counties) and quantifies the "for dollar" return on investment to students, taxpayers and society. At City College, more than 15,000 students pursue undergraduate and graduate degrees in eight schools and divisions, driven by significant funded research, creativity and scholarship. This year, CCNY launched its most expansive fundraising campaign, ever. The campaign, titled "Doing Remarkable Things Together" seeks to bring the College's Foundation to more than $1 billion in total assets in support of the College mission. CCNY is as diverse, dynamic and visionary as New York City itself.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.

SOURCE Carver Federal Savings Bank