A Shaky Pillar in Harlem
A Shaky Pillar in Harlem: Black-Owned Carver Bank Is Resistant to Profitability and Change.
From the New York Times, Sunday, July 11, 1999. Page C-1. Story by Leslie Eaton. Synopsis by Creative Investment Research.
The article describes Carver's history, and it's role in Harlem. A new president, Deborah C. Wright has been appointed to reshape the bank. (For information on Carver, click here: ticker symbol: CNY), the country's largest African-American financial institution.
According to the article, "To many people in Harlem and the other neighborhoods the bank serves, Carver's history - and its survival as an independent, black-run bank - mean a lot." But, the "brave new world (of banking in the 1990's) has been hard for many banks, but particularly minority-owned institutions...They're too small, their costs are too high and there's not a lot of innovation or vision about using the resources they have." The article went on to question Carver's ability to stay independent.
We still think Carver's stock is risky, but a long term buy. According to news reports, "Carver is the only publicly traded and the largest U.S. African-American bank."
William Michael Cunningham
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