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                                                                      EXHIBIT 21


SUBSIDIARIES OF THE REGISTRANT

         Carver Bancorp, Inc. (the "Company") is the holding company for Carver
Federal Savings Bank (the "Bank"), a federally chartered stock savings bank. The
Bank, in turn, wholly owns two subsidiaries, CSFB Credit Corp. and CSFB Realty
Corp, both of which are incorporated in the State of New York.

         The Company is the sole stockholder of Alhambra Holding Corp., a
Delaware corporation ("Alhambra"). Alhambra owns 80% of the common stock and
100% of the preferred stock of Alhambra Realty Corp., a Delaware corporation.