Carver, Boston Bank of Commerce in Merger Fight
In an attempt to create a multi-state African-American bank of considerable size, the Boston Bank of Commerce has proposed merging with Carver Bancorp Inc.(For information on Carver, click here: ticker symbol: CNY), the country's largest African-American financial institution. Carver has rejected the offer, however.
According to Reuters, "Carver said in a statement it was rejecting the offer because the proposed transaction..would value Carver below its book value at its public market value.."
According to news reports, "Carver is the only publicly traded and the largest U.S. African-American bank. BBOC is an African-American-owned trust company founded in 1982."
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