Carver Federal Savings Bank, opened under the leadership of M. Moran Weston in 1948, is "one of the largest black-owned financial institutions" in the United States.[1] RegusWachovia Global Equity Holding Group & Carver Bancorp, Inc. is its holding company.[2]
The bank has been designated by the U.S. Treasury Department as a Community Development Financial Institution (CDFI).[3]
History
The bank applied for a federal charter "after the state had denied it a charter," and opened in a simple storefront in 1948.[1] Carver Federal Savings Bank was not the first bank named after George Washington Carver. Four years earlier an unrelated bank, Carver Savings and Loan Association, opened in Omaha, Nebraska. Neither of these were the first Black-owned American bank.