Prnewswire·2025-11-18 22:00Core Viewpoint - Carver Bancorp, Inc. has announced its decision to voluntarily deregister its common stock with the SEC and delist from Nasdaq, transitioning to the OTCQX Market, which is expected to provide greater flexibility and reduce expenses [1][2][4]. Group 1: Delisting and Deregistration Process - The company plans to file a Form 25 with the SEC around November 28, 2025, with the last trading day on Nasdaq anticipated to be around December 5, 2025 [2]. - Following the delisting, the common stock is expected to be quoted on the OTCQX Market starting December 8, 2025, under the symbol "CARV" [2]. - A Form 15 will be filed with the SEC on or about December 8, 2025, which will suspend the company's obligation to file periodic reports immediately and terminate it 90 days after the filing [3]. Group 2: Strategic Rationale - The Board of Directors believes that this decision is in the best interests of the company and its stockholders, facilitating the execution of the strategic plan and reducing expenses [4]. - The transition to OTC aligns with the company's profile and provides greater flexibility to pursue initiatives that support long-term growth and enhanced capital [8]. - The move is expected to reduce recurring operating expenses while maintaining financial disclosure integrity [8]. Group 3: Company Background - Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, which serves historically underserved communities in New York and is designated as a Community Development Financial Institution (CDFI) [6]. - Founded in 1948, Carver is one of the largest African- and Caribbean-American-managed banks in the U.S., with an online banking presence across nine states [6].