[LOGO OF CARVER BANCORP, INC.]                                     FOR IMMEDIATE
                                                                   RELEASE


Contact:      David Lilly / Kimberly Kriger
              Kekst and Company
              (212) 521-4800


              DEBORAH C. WRIGHT, CARVER PRESIDENT AND CEO, ELECTED
                        CHAIRMAN OF CARVER BANCORP, INC.

               --FREDERICK O. TERRELL RESIGNS FROM CARVER BOARD--

NEW YORK, NEW YORK, FEBRUARY 4, 2005 - Carver Bancorp, Inc. (the "Company" or
"Carver") (AMEX: CNY), the holding company for Carver Federal Savings Bank (the
"Bank"), today announced that Deborah C. Wright, President and CEO of Carver,
was elected by the Board of Directors to the additional post of Chairman of the
Board at a special meeting held yesterday.

Ms. Wright, age 47, has been President and CEO of Carver since June 1999 and a
member of the Board since that time. She succeeds Frederick O. Terrell, who has
resigned from both his position as Chairman and his role as a board member in
order to focus more time and attention on the business of his own firm,
Provender Capital Group, LLC. Both changes are effective immediately. The Board
said that the election of Ms. Wright to the additional role of Chairman reflects
its full appreciation for how much has been accomplished in the last five years
under her leadership, and its continued high confidence in Carver's strategy to
build growth in the future.

"Fred's contribution to Carver has been immeasurable and, on behalf of every
member of the Board, we thank him for his years of dedicated service to Carver,"
said Ms. Wright. "With the benefit of Fred's active guidance and support as
Chairman, the Carver team successfully completed a turnaround of the Bank's
operations and launched its current growth program, increasing our asset size
while improving our asset mix and quality, improving fee income, reducing costs
and more than doubling the market value of Carver's stock. In the last eighteen
months alone Carver has opened three new, state-of-the-art branches and three
new 24/7 ATM Centers, dramatically expanding our footprint to serve our
customers and increase our customer base. Importantly, we have built a strong
management team that is ready to move the institution forward. We all owe Fred a
deep debt of thanks for his work to establish the foundation on which this
historic institution is building a bright future."

"While I will miss serving Carver with my colleagues on the Board, I am
delighted by the dramatic progress the Bank has made through the hard work of
everyone at Carver," said Mr. Terrell. After five years of service as Chairman,
I leave with a full appreciation for how much has been accomplished in that time
and with the highest confidence in Carver's future potential under the continued
leadership of its management team. I am particularly proud to have worked
closely with Debbie Wright, who has emerged as one of the nation's most
respected community bankers. This is a terrific time to be associated with
Carver and its growth strategy, and I look forward to remaining a supportive
stockholder and retaining my personal equity ownership in the Company."




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
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, (THE "SECURITIES ACT"), AND SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (THE "EXCHANGE ACT"). 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 WITHIN HEREIN 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.

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