CARVER BANCORP, INC. (NASDAQ:CARV) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure
On July 30, 2020, Carver Bancorp, Inc. (the “Company”) reached an agreement in principle (the “Agreement in Principle”) with the United States Department of the Treasury (the “Treasury Department”) to repurchase 2,321,286 shares of the common stock of the Company, par value $0.01 per share, owned by the Treasury Department, for an aggregate purchase price of $2.5 million.
In connection with the Agreement in Principle, Morgan Stanley has provided a grant to the Company of $2.5 million to fund the repurchase transaction. The Company anticipates executing a written agreement with the Treasury Department and completing the repurchase on or about August 6, 2020.
The information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
This Current Report on Form 8-K contains certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company is engaged.
The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this report.
Item 9.01 Financial Statements and Exhibits
About CARVER BANCORP, INC. (NASDAQ:CARV)
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank (Carver Federal or the Bank), a federally chartered savings bank. The Company conducts business as a unitary savings and loan holding company, and the business of the Company consists of the operation of its subsidiary, Carver Federal. Carver Federal serves African-American communities whose residents, businesses and institutions had limited access to mainstream financial services. It engages in a range of consumer and commercial banking services. It provides deposit products, such as demand, savings and time deposits for consumers, businesses, and governmental and quasi-governmental agencies in its market area within New York City. It offers other consumer and commercial banking products and services, such as debit cards, online banking, online bill pay and telephone banking. It also offers a suite of products and services for unbanked and underbanked consumers, branded as Carver Community Cash.
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