-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N8ZVFCchdopi1xGouaBk4FksBEhQozgg0OjIeu4WL+6qcWNiI5k13o4/86zFKc8A hRuQQgpHmaVfYtJ40xXBuQ== 0000882377-07-000426.txt : 20070215 0000882377-07-000426.hdr.sgml : 20070215 20070215172411 ACCESSION NUMBER: 0000882377-07-000426 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070214 ITEM INFORMATION: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review FILED AS OF DATE: 20070215 DATE AS OF CHANGE: 20070215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARVER BANCORP INC CENTRAL INDEX KEY: 0001016178 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 133904174 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13007 FILM NUMBER: 07628532 BUSINESS ADDRESS: STREET 1: 75 W 125TH ST CITY: NEW YORK STATE: NY ZIP: 10027-4512 BUSINESS PHONE: 2128764747 MAIL ADDRESS: STREET 1: 75 W 125TH ST CITY: NEW YORK STATE: NY ZIP: 10027-4512 8-K 1 p07-0196_8k.htm CARVER BANCORP INC. Unassociated Document
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): February 14, 2007
 
     

 
CARVER BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
 
     

 

Delaware
0-21487
13-3904147
(State or Other Jurisdiction of Incorporation )
(Commission File Number)
(IRS Employer Identification No.)

75 West 125th Street, New York, NY 10027-4512
(Address of Principal Executive Offices)
 
Registrant’s telephone number, including area code: (212) 876-4747
 
NOT APPLICABLE
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
 
[ ] Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


ITEM 4.02.  NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW.
 

On February 14, 2007, the Audit Committee of Carver Bancorp, Inc. (the “Company”), upon the recommendation of management after consultation with the Company’s independent registered public accounting firm KPMG LLP (“KPMG”), determined that the Company should amend the financial statements in its annual report on Form 10-K (the “Form 10-K”) for the fiscal year ended March 31, 2006 and in its quarterly report on Form 10-Q for the quarter ended June 30, 2006 to restate the Consolidated Statements of Cash Flows. The restatements will not affect the Company’s Consolidated Statements of Financial Condition, Consolidated Statement of Operations and Consolidated Statement of Changes in Stockholders Equity for the affected periods. Accordingly the Company’s historical revenues, net income, earnings per share, total assets and regulatory capital remain unchanged.

The restatements result from misclassification of the cash flows related to certain mortgage loans that the Company had originated with the intent to sell that were reflected in cash flows from investing activities, rather than in cash flows from operating activities. Additionally, the Company misclassified and reported in cash flows from operating activities rather than in cash flows from investing activities cash flows from certain sales of loans that it originally intended for its portfolio. Accordingly the restatement will solely affect the classification of these activities and subtotals of cash flows from operating and investing activities presented in the affected Consolidated Statement of Cash Flows, and will have no impact on the net increase in total cash and cash equivalents as set forth in the Consolidated Statement of Cash Flows for any of the previously reported periods.

The Company expects to finalize the restatement and to file its report on Form 10-Q for the quarter ended December 31, 2006 containing the restated Consolidated Statement of Cash Flows for the quarter ended June 30, 2006 no later than February 20, 2007 and to file its amended Form 10-K containing the restated Consolidated Statement of Cash Flows for Fiscal Years 2006, 2005 and 2004 as soon as practicable. Previously issued Consolidated financial statements for Fiscal Years 2006, 2005 and 2004 and the quarter ended June 30, 2006 should no longer be relied upon. The Company expects to release its earnings results for the quarter ended December 31, 2006 no later than February 20, 2007.
 
Authorized officers of the Company have discussed the matters disclosed in this current report on Form 8-K with KPMG. 


 


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
             
CARVER BANCORP, INC.
                           
                           
             
By:
/s/ Deborah C. Wright
               
Deborah C. Wright
               
Chairman & Chief Executive Officer

 
Dated: February 15, 2007


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