The board of Carver Bancorp, the nation's largest black-owned banking institution, on Tuesday struck down a second merger offer from a Boston rival.

Directors of New York-based Carver vetoed a proposal to combine it with Boston Bank of Commerce. Earlier this month the $106 million-asset Boston bank had raised its offer for $420 million-asset Carver to $29.7 million, or $13.51 per share, about equal to book value.

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