NEW YORK, July 21, 2017 /PRNewswire/ -- Carver
Bancorp, Inc. (the "Company") (NASDAQ: CARV), the holding company
for Carver Federal Savings Bank, today announced that on
July 17, 2017, the Company received a
letter from the Nasdaq Stock Market stating that the Company is not
in compliance with Nasdaq Listing Rule 5250(c)(1) because it did
not timely file its Annual Report on Form 10-K ("Form 10-K") for
the period ended March 31, 2017 with the U.S. Securities and
Exchange Commission.
As previously disclosed, the Company was unable to file its Form
10-K on time because, after consultation with BDO USA, LLP, the Company's independent registered
public accounting firm, the Company has determined that it will
restate its consolidated financial statements for the fiscal year
ended March 31, 2016 and its
unaudited interim financial statements for each of the fiscal
quarters ended June 30, 2015 through
December 31, 2016.
The Nasdaq Stock Market letter states that the Company has until
September 15, 2017 to submit a plan
to regain compliance with its rules.
The Company is working diligently with its auditors and other
external advisers to complete the necessary work required to file
its Form 10-K for the period ended March 31,
2017 with the U.S. Securities and Exchange
Commission. The Company intends to notify the Nasdaq
Stock Market of such filing as soon as it is practicable.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the
holding company for Carver Federal Savings Bank, a federally
chartered stock savings bank. Carver was founded in 1948 to serve
African-American communities whose residents, businesses, and
institutions had limited access to mainstream financial services.
In light of its mission to promote economic development and
revitalize underserved communities, Carver has been designated by
the U.S. Department of the Treasury as a community development
financial institution. Carver is the largest African- and
Caribbean-American managed bank in the
United States, with nine full-service branches in the
New York City boroughs of
Brooklyn, Manhattan, and Queens. For further
information, please visit the Company's website at
www.carverbank.com.
Please be sure to connect with us on Facebook, LinkedIn and
YouTube!
Facebook: https://www.facebook.com/CarverBankNYC/
LinkedIn: http://bit.ly/1M9Ld17
YouTube: http://bit.ly/1XwbgjI
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management's
current expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from
those included in these statements due to a variety of factors,
risks and uncertainties. More information about these
factors, risks and uncertainties is contained in our filings with
the Securities and Exchange Commission.
Media Contacts:
Michael
Herley/Emilee Hanson
Kekst
(212) 521-4897/4805
michael.herley@kekst.com
emilee.hanson@kekst.com
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SOURCE Carver Bancorp, Inc.