EXHIBIT 99

   NEW YORK, Jan. 28 -- Carver Bancorp, Inc., (Amex: CNY) ("Carver") the holding
company for Carver Federal Savings Bank, announced today that its bank
subsidiary has entered into a definitive agreement to sell its Roosevelt Office
("Branch") to City National Bank of New Jersey ("City National Bank"). The
branch is located in Nassau County, New York, and has deposits of approximately
$10.0 million.

     Thomas L. Clark, Jr., President and Chief Executive Officer of Carver
commented, "In reviewing our branching strategy, we deemed the sale of the
Roosevelt Office to be mutually beneficial to Carver, City National Bank, and
the Roosevelt community. We are pleased that the banking customers located in
Roosevelt will be afforded additional attention and the commercial banking
products of City National Bank." Mr. Clark added, "We reviewed several options
and we feel City National Bank will provide the quality of service that we want
our customers to receive."

     Louis E. Prezeau, President and Chief Executive Officer of City National
Bank commented, "City National Bank is eager to serve the ethnically diverse
community of Roosevelt. This transaction with Carver solidifies our mutual
long-standing relationship and will augment our joint participation in various
loans to churches and business in New York." Mr. Prezeau added, "This
transaction offers City National Bank the opportunity to enter the New York
market and to offer the kind of specialized service that we provide to the urban
communities of New Jersey."

        Pending regulatory approvals, the transaction is expected to close by
March 31, 1998. At the consummation of the transaction, Carver will have over
$400.0 million in assets and operate six full service banking locations in the
New York City boroughs of: Brooklyn, Queens, and Manhattan. At the close of the
transaction, City National Bank headquartered in Newark, New Jersey, will have
four banking locations and operate both in New Jersey and New York.

       SOURCE  Carver Bancorp, Inc.
           /CONTACT:  Walter T. Bond, Acting Chief Financial Officer of Carver
       Federal Savings Bank, 212-876-4747, ext. 146; or Edward R. Wright, Chief
       Financial Officer of City National Bank, 973-624-0865, ext. 644/
           (CNY)