Carver Federal Savings Bank, opened under the leadership of M. Moran Weston in 1948, is the "largest black-owned financial institution" in the United States.

[3] The bank has been designated by the U.S. Treasury Department as a Community Development Financial Institution (CDFI).

Four years earlier an unrelated bank, Carver Savings and Loan Association, opened in Omaha, Nebraska.

[11] Its closest branch is at the location of its previous headquarters, a four-story building at 75 West 125th Street, New York, which it owned and operated since 1956.

[13] In April 1999, Carver's board of directors appointed Deborah C. Wright as its second female president and CEO.

Effective January 1, 2015 Michael T. Pugh, the president and chief operating officer succeeded Wright as CEO.