RICHARD T Greene Sr, who for 30 years was the president and a director of the Carver Federal Savings Bank, which he built into the country’s largest African-American financial institution, died at his home in Brooklyn last Thursday.
He was 93. Established by business and church leaders in Harlem in 1949, Carver grew to become one of the area’s enduring institutions.Greene began his long career there in 1960, when Joseph Davis, the bank’s co-founder and president, hired him as an executive assistant.Greene quickly rose through the ranks, becoming president in 1969.During his tenure as Carver’s president, Greene presided over a series of expansions, as it opened offices throughout the city and went public in 1994.Carver also suffered hardships, including the savings and loan crisis of the late 1980s, a fire in 1992 that destroyed its headquarters and increasing competition from larger institutions like Chase.”He was perhaps the most critical factor in preventing Carver from getting swept away” in the savings and loan crisis, said Deborah C Wright, Carver’s current president.He avoided the high-risk loans that got other institutions into trouble, chiefly investing in one- to four-family homes and in churches, and kept loans at a relatively low level compared with deposits, she said.Greene retired as president in 1995 and as chairman in 1997.He was also active in many other Harlem institutions and established the Carver Scholarship Fund, which gives grants up to US$3 000 each year to 40 to 50 college-bound students in the bank’s markets.The New York TimesEstablished by business and church leaders in Harlem in 1949, Carver grew to become one of the area’s enduring institutions.Greene began his long career there in 1960, when Joseph Davis, the bank’s co-founder and president, hired him as an executive assistant.Greene quickly rose through the ranks, becoming president in 1969.During his tenure as Carver’s president, Greene presided over a series of expansions, as it opened offices throughout the city and went public in 1994.Carver also suffered hardships, including the savings and loan crisis of the late 1980s, a fire in 1992 that destroyed its headquarters and increasing competition from larger institutions like Chase.”He was perhaps the most critical factor in preventing Carver from getting swept away” in the savings and loan crisis, said Deborah C Wright, Carver’s current president.He avoided the high-risk loans that got other institutions into trouble, chiefly investing in one- to four-family homes and in churches, and kept loans at a relatively low level compared with deposits, she said.Greene retired as president in 1995 and as chairman in 1997.He was also active in many other Harlem institutions and established the Carver Scholarship Fund, which gives grants up to US$3 000 each year to 40 to 50 college-bound students in the bank’s markets.The New York Times
