The City College of New York and Carver Federal Savings Bank Celebrate the Minority-Depository Institution’s First Campus ATM

by savoystaff

The City College of New York (CCNY“) and Carver Federal Savings Bank (“Carver”), a certified Minority Depository Institution (“MDI”), celebrated the launch of the Bank’s first campus ATM with a ribbon-cutting ceremony on October 18, 2022. The Carver ATM is located on the first floor of the North Academic Center and has been serving CCNY’s students, staff, and faculty since July 2022.

CCNY President Vincent Boudreau and Michael T. Pugh, President and Chief Executive Officer of Carver Federal Savings Bank, said a few words at the event, followed by a Student Rush Event for CCNY students with games, giveaways, and a raffle for two $500 gift cards.

“Carver Federal Savings Bank is a historic institution and a contemporary force for community development in Harlem and beyond,” said CCNY President Vincent Boudreau. “Like Carver, CCNY is in the business of securing stable and prosperous futures for a rising class of New Yorkers. As we assist our students—an important part of that rising class­—with learning to manage their personal finances, Carver will be an essential partner for CCNY. The ATM that we inaugurated is a tangible symbol of that partnership, and an important contribution to our banking infrastructure on campus.”

Given the alignment of these two historic Harlem-based institutions’ missions, this ATM partnership is a natural fit for both organizations. Over time, CCNY and Carver hope to expand their relationship to reach more students through expanded banking access and financial education training.

“The City College of New York is a mainstay in the community, uplifting students in Harlem and beyond for more than 150 years,” said Michael T. Pugh, President and Chief Executive Officer of Carver Federal Savings Bank. “As a community bank reinvesting $0.80 of each deposited dollar into the diverse communities we serve, Carver is deeply committed to collaborating with higher education to increase student banking access and expand economic empowerment. Likewise, our institution has an existing initiative to assist Historically Black Colleges and Universities (“HBCUs”) with financial education, and Carver has supported financial education to more than 16,000 individuals to help close the wealth gap in historically underserved communities over the past several years.”

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