Top Ten Videos to watch

A Man Operating A Tv Camera
Maurice White
March2Justice
'News One Now' With Roland Martin Taping
Bill Cosby
Activists In Los Angeles Gather To Burn Likenesses Of The Confederate Flag
Flint Firebirds V Windsor Spitfires
CBC Message To America: Rep. Conyers Addresses The Damage Inflicted On Our Communities By Poverty, Mass Incarceration And Lack Of Economic Development
Iowa Caucus Ted Cruz
NewsOne Now NAACP Image Awards Preview
Student sitting at a desk in a classroom
Slavery Stock image
The 16th Annual Wall Street Project Gala Fundraising Reception
Ava DuVernay
Roland Martin Blasts Stacey Dash For Comments About BET, Black Networks
President Obama Delivers State Of The Union Address At U.S. Capitol
Ava DuVernay
2016 North American International Auto Show
Democratic National Committee Presidential Primary Debate
88th Oscars Nominations Announcement
Democratic debate
Dream Speech
GOP Presidential Candidates Debate In Charleston
US President Barack Obama speaks on the
24593149
2011 Winter TCA Tour - Day 5
LOS ANGELES, CA - FEBRUARY 18, 2015: Two wooden stand-in Oscar statuettes are ready to be taken on
Woman Holding Dollars - Isolated
President Barack Obama Delivers His State Of The Union Address
Leave a comment

Carver bankCarver Federal Savings Bank, the largest Black-run bank in the U.S. is the latest bank to be bailed out. Carver Federal Savings received a $55 million cash rescue from key investors including Citigroup, Goldman Sachs, Morgan Stanley.

See also: Bank Of America Website Issues Continue

“This represents a significant shift from community ownership to corporate,” said an investor who identified herself as Wimberly Edwards.

Carver Bancorp CEO Deborah Wright tried to assure the audience at Harlem’s Studio Museum that Goldman Sachs Group Inc., Morgan Stanley, Citigroup and the other new owners are “keenly attuned to our mission” and “wouldn’t have stepped up” if they didn’t think Carver was worth preserving.

“I understand the optics,” Ms. Wright said in an interview after the shareholder meeting. “But there was no alternative. The amount of capital we needed wasn’t available locally.”

Carver’s clients, who generally live and work in the city’s poorer precincts, have been hit especially hard by the recession. The bank posted a $40 million loss last year, more than wiping out the prior decade’s worth of profits, as seriously delinquent real-estate related loans soared to about $120 million—well in excess of Carver’s $23 million set aside in reserves

Read more at the Root.

RELATED:

Should African-Americans Return To Black-Owned Banks?

Black-Owned Banks Struggling To Remain Relevant

Also On News One: