NEW YORK, Aug. 22, 2017 /PRNewswire/ -- Carver Bancorp,
Inc. (the "Company") (NASDAQ: CARV), the holding company for Carver
Federal Savings Bank, today announced that on August 17, 2017, the Company received a letter
from the Nasdaq Stock Market stating that the exchange has not
received the Company's Form 10-Q for the period ended June 30, 2017. As previously disclosed, the
Company is currently out of 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.
The Nasdaq Stock Market letter states that the Company has until
September 15, 2017 to submit a plan
to regain compliance with its rules.
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 filing
of the Company's Form 10-Q for the period ended June 30, 2017 will follow this restatement
process.
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, as well as its Form 10-Q for the period ended
June 30, 2017, with the U.S.
Securities and Exchange Commission. The Company intends to
notify the Nasdaq Stock Market of such filings 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.