Amplify’d from www.crainsnewyork.com
Shareholders OK Carver's rescue by Wall St. banks
Largest black-run bank in U.S., overwhelmed by soured real estate loans, gets a $55 million cash rescue from Citigroup, Goldman, Morgan Stanley and other key investors.
Carver Bancorp's shareholders confronted a painful choice on Tuesday. They could vote to cede control of the Harlem-based institution to a consortium of Wall Street firms and the U.S. government in return for $55 million of cash to rescue their ailing bank. Turning the money down would likely have doomed Carver Federal Savings, the nation's largest bank founded and run by African Americans.
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