Carver Bancorp, Inc. Reports Revised Fiscal Year 2014 and Fourth Quarter Results
July 01 2014 - 5:36PM
Carver Bancorp, Inc. ("Carver" or the "Company") (Nasdaq:CARV), the
holding company for Carver Federal Savings Bank, has filed a
Notification of Late Filing on Form 12b-25 with respect to its
Annual Report on Form 10-K for the year ended March 31, 2014 and
expects to file its Annual Report on Form 10-K on or before July
15, 2014. The Company's management team and its finance and
accounting personnel are conducting a review of its pension plan
and lease accounting. The Company expects the results of its review
of its pension plan accounting and other adjustments are expected
to result in an increase in non-interest expense of approximately
$1.1 million and a decrease in net income by approximately $1.1
million in the aggregate from those amounts previously reported in
its press release included with its Form 8-K filed on June 13,
2014. Based on these expected adjustments, the Company anticipates
that it will report a loss for the fiscal year ended March 31, 2014
in the amount of approximately $0.9 million, subject to tax
adjustment, and $1.5 million for the fourth quarter ended March 31,
2014.
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. Carver has been designated by the
U.S. Treasury Department as a Community Development Financial
Institution (CDFI) because of its community-focused banking
services and dedication to the economic viability and
revitalization of underserved neighborhoods. Carver is the largest
African- and Caribbean-American run bank in the United States, with
ten 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
Forward Looking Statements
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.
CONTACT: Ruth Pachman/Michael Herley
Kekst and Company
212-521-4800
Carver Bancorp (NASDAQ:CARV)
Historical Stock Chart
From Sep 2024 to Oct 2024
Carver Bancorp (NASDAQ:CARV)
Historical Stock Chart
From Oct 2023 to Oct 2024