NEW YORK -- Carver Federal Savings Bank has completed its conversion from a mutual to a stock company, and began trading last week (Oct. 25) on the NASDAQ National Market System under the symbol CARV.

The $308.5 million-assets Carver Federal Savings is the nation's largest black-owned institution headed by Richard T. Greene, president and chief executive officer.

As part of the conversion, Carver sold 2.3 million shares of common stock at $10 per share in a subscription and community offering. The stock offering, which was oversubscribed, was managed by Capital Resources Inc., a District of Columbia investment banking firm specializing in thrift conversion. The stock conversion was consummated on Oct. 24.

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