Carver Bancorp Provides Summary of Annual Meeting

NEW YORK, Sept. 15  /PRNewswire-FirstCall/ -- Carver Bancorp, Inc. (AMEX: CNY), the holding company for Carver Federal Savings Bank, today reported that, at its Annual Meeting of Stockholders held on September 13, 2005, Chairman, President and Chief Executive Officer Deborah C. Wright provided a review of fiscal year 2005 and first quarter fiscal year 2006 for Carver's stockholders, outlining recent accomplishments and long-term growth initiatives.

At the Annual Meeting, stockholders re-elected Carol Baldwin Moody, Edward B. Ruggiero and Strauss Zelnick to the Board of Directors and ratified the appointment of KPMG LLP as Carver's independent registered public accounting firm for the fiscal year ending 2006.

A copy of Ms. Wright's presentation at the Annual Meeting is available on the Investor Relations page of Carver's website at http://www.carverbank.com/.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates eight full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company's website at http://www.carverbank.com/.

Statements contained in this news release, which are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "intend," "should," "will," "would," "could," "may," "planned," "estimated," "potential," "outlook," "predict," "project" and similar terms and phrases, including references to assumptions. Forward-looking statements are based on various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond the Company's control, that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Factors which could result in material variations include, without limitation, the Company's success in implementing its initiatives, including expanding its product line, adding new branches and ATM centers, successfully re-branding its image and achieving greater operating efficiencies; increases in competitive pressure among financial institutions or non-financial institutions; legislative or regulatory changes which may adversely affect the Company's business or increase the cost of doing business; technological changes which may be more difficult or expensive than we anticipate; changes in interest rates which may reduce net interest margins and net interest income; changes in deposit flows, loan demand or real estate values which may adversely affect the Company's business; changes in accounting principles, policies or guidelines which may cause the Company's condition to be perceived differently; litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, which may delay the occurrence or non-occurrence of events longer than anticipated; the ability of the Company to originate and purchase loans with attractive terms and acceptable credit quality; and general economic conditions, either nationally or locally in some or all areas in which the Company does business, or conditions in the securities markets or the banking industry which could affect liquidity in the capital markets, the volume of loan origination, deposit flows, real estate values, the levels of non- interest income and the amount of loan losses. The forward-looking statements contained in this news release are made as of the date of this report, and the Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. You should consider these risks and uncertainties in evaluating forward- looking statements and you should not place undue reliance on these statements.

   Contact:  David Lilly/Joseph Kuo
             Kekst and Company
             [phone]


DATASOURCE: Carver Bancorp, Inc.



CONTACT:  David Lilly or Joseph Kuo, both of Kekst and Company, +1-212-

521-4800



Web site:  http://www.carverbank.com/ 

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