The Bank Slate


Carver Bank in NY freed from OCC formal agreement

Carver Bancorp in New York has been freed from an enforcement action.

The $756 million-asset company disclosed in a press release that the Office of Comptroller of the Currency terminated a formal agreement against its bank. The agreement had been in place since May 2016.

Carver said the agreement’s individual minimum capital ratio – which requires the bank to maintain a 9% Tier 1 leverage ratio and and 12% total risk-based capital ratio – remains in effect.

Carver will still be required to obtain written approval from the Federal Reserve Bank of Philadelphia before declaring or paying dividends, increasing debt or redeeming common stock.

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