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Article: Independence, Carver Face Futures Apart.(Independence Federal Savings Bank, Carver Bancorporation Inc. call off deal)
- Article from:
- American Banker
- Article date:
- October 22, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Carver Bancorp Inc. and Independence Federal Savings Bank in Washington seemed to be a perfect match.
By acquiring Independence, Carver, of New York, would have achieved its goal of creating a multicity, black-owned franchise and would have gained a foothold in one of the nation's most affluent African-American markets.
But the deal was even more important for Independence, a struggling $195 million-asset thrift that had been looking for a buyer for a year and a half. It lost $2.6 million in the last year, was labeled "a problem association" by regulators, and has faced several challenges from dissident shareholders.
Now that the deal is ...