Carver Bancorp, Inc. Announces Agreement with Holders of Trust Preferred Securities to Cancel Interest in Exchange for Shares of Common Stock

Core Viewpoint - Carver Bancorp, Inc. has entered into an agreement with holders of its Trust Preferred Securities to cancel over $1 million in interest obligations in exchange for 524,826 shares of common stock, significantly improving its capital position and reducing debt load [1][2]. Group 1: Agreement Details - The agreement involves the forgiveness of more than $1 million in interest obligations by the TruPS Holders in exchange for common stock [1]. - The transaction is part of Carver's strategy to strengthen its capital position and is subject to customary approvals [2]. Group 2: Management Commentary - Donald Felix, President and CEO, emphasized that this exchange is crucial for solidifying Carver's foundation and positioning the bank for future success, enhancing flexibility for growth and profitability [2]. - The exchange is viewed as a vote of confidence in Carver's direction and potential, aligning with its mission to empower New Yorkers financially [2]. Group 3: Company Background - Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, founded in 1948 to serve underserved communities in New York [4]. - The bank is designated as a Community Development Financial Institution (CDFI) and is one of the largest African- and Caribbean-American-managed banks in the U.S. [4].