Merrill Lynch and Carver Bancorp, Inc. Announced Alliance

Merrill Lynch and Carver Bancorp, Inc. announced an alliance today for Merrill Lynch to offer investment products, research, strategies and services directly to residents in communities served by Carver Federal Savings Bank, a unit of Carver Bancorp, America's largest black owned financial institution.

Starting Monday, communities served by two of Carver’s 10 branches in Harlem and Fort Greene, Brooklyn will be able to receive one-on-one financial expertise from Merrill Lynch financial advisers based at those Carver branches.

“This unprecedented alliance continues Carver’s history of identifying the unique financial needs of our communities and helping provide our customers with access to the financial products and services they need to create security and build wealth for themselves and their families,” said Deborah C. Wright, Chairman and Chief Executive Officer of Carver.

“As the communities Carver serves evolve economically, Merrill Lynch is superbly well positioned to bring the products, advice and expertise respected worldwide into our neighbourhoods. We appreciate Merrill Lynch’s investment in our communities and their commitment to assist our customers to reach their financial aspirations.”

Merrill Lynch will develop and deliver customized financial programs through its products and services, and enable customers to manage and monitor their accounts by phone or online through the use of Merrill Lynch OnLine.

“It gives us a reach into urban markets in a way that would have been hard for us to find another way into,” Stanley O’Neal told The New York Times. “The Carver name is so well established in that community.”