The $55 million sale is expected to save Carver, which describes itself as the "largest African-American operated bank in the United States."
“This represents a significant shift from community ownership to corporate,” an investor told Crain's. “What's our future with all the outsiders whose interests may be different from ours?”
The bank reportedly lost $40 million in 2010 and was hit especially hard when the real estate bubble burst.
“There was no alternative,” Carver CEO Deborah Wright told Crain's after a shareholder meeting. “The amount of capital we needed wasn't available locally.”