Business
N.Y.’s Last Black-Founded Bank, Carver Federal, Tries To Rebuild In Harlem After Receiving a Bailout
(Atlanta Black Star) – Once the epicenter of commerce in Harlem, Carver Federal Savings today struggles to maintain a presence in a part of town now marked by mainstream businesses and gentrification.
No, Harlem is not like it was 20 years ago or even 10 years ago—and it’s certainly not like it was 67 years ago, when Carver was founded as the nation’s largest African-American-owned bank.
The financial crisis of seven years ago came through like a bulldozer, ripping up family savings, disproportionately in predominantly Black communities like Harlem.
On the strength of a dramatic bailout in 2011, Carver continues to breathe, but not as freely, with Bank of America, Chase, Citibank and Wells Fargo all with branches uptown.
