African American and Caribbean-American-owned bank joins forces with Merrill Lynch

BY LEAH MULLEN, Black Star News
The earliest Black-owned banks which first opened for business in the late 19th century-were educational, self-help vehicles.

For Black communities, these burgeoning enterprises were the main source of information regarding buying homes, starting businesses and other financial activities.

Reconnecting to this legacy, Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, recently announced an alliance with Merrill Lynch. "Now our customers and communities have access to one of the world's best wealth management experts, right in their neighborhood," says Carver's chairman and chief executive officer, Deborah C. Wright.

"This unprecedented alliance continues Carver's history of identifying the unique financial needs of our communities and helping provide our customers with access to the financial products and services they need to create security and build wealth for themselves and their families."

Dedication to the community has proven profitable for Carver, which is touted as the largest African- and Caribbean-American operated bank in the country. Last year Carver acquired the Brooklyn-based Community Capital Bank in an $11 million deal-the largest in Carver history.

More recently Carver was listed as the top grossing bank on the Black Enterprise top 100 list. Wright attributes Carver's recent gains to "the support of our loyal customers and the hard work of our employees."

The Harlem-based institution first began operations with just one employee on January 5, 1949, the birthday of George Washington Carver, the world renowned scientist after whom the bank is named. From these humble beginnings on West 125th Street, Carver evolved into a thriving enterprise with $655 million in assets and 130 employees. The bank operates eight full service branches in the New York City boroughs of Brooklyn, Queens, and Manhattan.

Wright is proud that all Carver's branches are located in areas predominantly populated by African Americans. To display a sense of unity with the neighborhood, in 2001 when Carver opened it's branch on 117th Street and Malcolm X Boulevard in Harlem, two Adrinkra symbols, WAWA ABA and ERA, meaning "perseverance" and "justice" were featured in the branch's design. Adinkra symbols are used by the Asante people of Ghana and can be found woven into cloth and on walls and pottery.

Wright, who earned A.B., J.D. and MBA degrees from Harvard University, took over the reins of Carver in 1999. As for being listed as the top bank in BE, Wright says "Carver is honored to be listed No. 1 on the BE 100s list of Banks.we are very excited about the coming year and the opportunities it will bring for Carver and our communities."

Before assuming her current position, Wright was President and CEO of the Upper Manhattan Empowerment Zone Development Corporation. She previously served as Commissioner of the Department of Housing Preservation and Development under Mayor Rudolph W. Giuliani. Prior to that appointment, Mayor David N. Dinkins appointed Wright to the New York City Housing
Authority Board.

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