NEW YORK, July 2, 2007 (PRIME NEWSWIRE) -- Carver Bancorp, Inc. (the "Company" or "Carver") (AMEX:CNY) today announced that NASDAQ has approved the Company's application to transfer its common stock listing from the American Stock Exchange to the NASDAQ Stock Market. Carver expects its common stock to cease trading on the American Stock Exchange and commence trading under its new ticker symbol "CARV" on the NASDAQ Stock Market on or about July 10, 2007. Until then, the Company's stock will continue to trade on the American Stock Exchange under its current ticker symbol, CNY.
Deborah C. Wright, Chairman and CEO of Carver, said, "We are excited to list on the NASDAQ Stock Market, which reflects both the positive evolution and growth of our business, as well as our ongoing commitment to build value for our stockholders. The NASDAQ Stock Market has a solid track record of creating a more liquid, efficient and transparent marketplace for stockholders of its listed companies. From greater recognition for Carver within the investment community to enhanced trading execution for stockholders, we believe that our listing on NASDAQ is the next logical step for our Company. At the same time, we are pleased with the hard work of the management and staff of the American Stock Exchange and AGS Specialist Partners, and we extend our thanks to them for their years of dedication to our Company."
"We are also pleased that FTN Midwest Securities Corp., Keefe, Bruyette & Woods and Merrill Lynch will make a market in Carver's common stock when we move to NASDAQ," said Wright.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American operated bank in the United States operates ten full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company's website at www.carverbank.com.
Statements contained in this news release, which are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "intend," "should," "will," "would," "could," "may," "planned," "estimated," "potential," "outlook," "predict," "project" and similar terms and phrases, including references to assumptions. Forward-looking statements are based on various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond the Company's control, that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Factors which could result in material variations include, without limitation, the Company's success in implementing its initiatives, including expanding its product line, adding new branches and ATM centers, successfully re-branding its image and achieving greater operating efficiencies; increases in competitive pressure among financial institutions or non-financial institutions; legislative or regulatory changes which may adversely affect the Company's business or increase the cost of doing business; technological changes which may be more difficult or expensive than we anticipate; changes in interest rates which may reduce net interest margins and net interest income; changes in deposit flows, loan demand or real estate values which may adversely affect the Company's business; changes in accounting principles, policies or guidelines which may cause the Company's condition to be perceived differently; litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, which may delay the occurrence or non-occurrence of events longer than anticipated; the ability of the Company to originate and purchase loans with attractive terms and acceptable credit quality; and general economic conditions, either nationally or locally in some or all areas in which the Company does business, or conditions in the securities markets or the banking industry which could affect liquidity in the capital markets, the volume of loan origination, deposit flows, real estate values, the levels of non-interest income and the amount of loan losses. The forward-looking statements contained in this news release are made as of the date of this report, and the Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. You should consider these risks and uncertainties in evaluating forward-looking statements and you should not place undue reliance on these statements.