OCC terminates 2016 Formal Agreement with Carver Federal Savings Bank; capital minimum ratios unchanged

CARVER BANCORP INC

OCC terminated the Formal Agreement dated May 24, 2016, effective January 18, 2023.
Individual Minimum Capital Ratio letter remains: Tier 1 leverage 9%, total risk-based capital 12%.
Federal Reserve approval still required for dividends, debt increase, or common stock redemption.
Termination removes a regulatory constraint, a positive step for the bank's operational flexibility.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CARVER BANCORP INC terminated Formal Agreement with Office of Comptroller of the Currency (OCC) valued at Termination of Formal Agreement (effective 2023-01-18).

Action: termination
Counterparty: Office of Comptroller of the Currency (OCC)
Value: Termination of Formal Agreement
Effective: 2023-01-18

Exact text from the filing

On January 18, 2023, the Office of Comptroller of the Currency (“OCC”) notified Carver Federal Savings Bank (the “Bank”), the wholly-owned subsidiary of Carver Bancorp, Inc. (the “Company”), that the Formal Agreement between the Bank and the OCC dated May 24, 2016 (the “Agreement”) was terminated, effective immediately.

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Source: SEC EDGAR

accession 0000943374-23-000032

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