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<SEC-DOCUMENT>0000950123-11-019109.txt : 20110228
<SEC-HEADER>0000950123-11-019109.hdr.sgml : 20110228
<ACCEPTANCE-DATETIME>20110228060150
ACCESSION NUMBER:		0000950123-11-019109
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110404
FILED AS OF DATE:		20110228
DATE AS OF CHANGE:		20110228
EFFECTIVENESS DATE:		20110228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARVER BANCORP INC
		CENTRAL INDEX KEY:			0001016178
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				133904174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13007
		FILM NUMBER:		11643018

	BUSINESS ADDRESS:	
		STREET 1:		75 W 125TH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10027-4512
		BUSINESS PHONE:		2128764747

	MAIL ADDRESS:	
		STREET 1:		75 W 125TH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10027-4512
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c13259def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No. <U>&nbsp;&nbsp;&nbsp;</U>)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#111;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt">
Carver Bancorp, Inc.</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- TOC -->
<A name="C13259toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#C13259000">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON APRIL 4, 2011</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259001">GENERAL INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259002">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259003">PROPOSAL ONE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259004">PROPOSAL TWO</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259005">PROPOSAL THREE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259006">CORPORATE GOVERNANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259007">COMPENSATION DISCUSSION AND ANALYSIS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259008">SUMMARY COMPENSATION TABLE AT FISCAL YEAR-END 2010</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259009">OUTSTANDING EQUITY AWARDS at FISCAL YEAR-END 2010</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C13259010">ADDITIONAL INFORMATION</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>







<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c13259c1325900.gif" alt="(CARVER BANCORP, INC. LOGO)">
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">February&nbsp;28, 2011
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Stockholder:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">You are cordially invited to attend the annual meeting of stockholders of Carver Bancorp, Inc.
(&#147;Carver&#148;), the holding company for Carver Federal Savings Bank, which will be held on April&nbsp;4,
2011, 10:00&nbsp;a.m., at the Studio Museum in Harlem, 144 West 125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street New York, New
York (the &#147;Annual Meeting&#148;). We invite you to join members of our Board of Directors and
Management Team for light refreshments beginning at 9:30 a.m.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">With this letter, we are including the Notice of Annual Meeting of Stockholders, the proxy
statement, the proxy card and our 2010 Annual Report. The attached Notice of Annual Meeting of
Stockholders and proxy statement describe the formal business to be transacted at the Annual
Meeting. Directors and officers of Carver, as well as representatives of KPMG LLP, the accounting
firm appointed by the Finance and Audit Committee of the Board of Directors to be Carver&#146;s
independent auditors for the fiscal year ending March&nbsp;31, 2011, will attend the Annual Meeting. In
addition, management will report on the operations and activities of Carver, and there will be an
opportunity for you to ask questions about Carver&#146;s business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>The Board of Directors of Carver recommends a vote &#147;FOR&#148; all nominees for election as director
in proposal one, &#147;FOR&#148; the ratification of the appointment of KPMG LLP as our independent auditors
for the fiscal year ending March&nbsp;31, 2011 in proposal two, and &#147;FOR&#148; the advisory (non-binding)
approval of compensation of named executive officers.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">You may vote by telephone or over the Internet, as well as by using the traditional proxy
card. See the enclosed proxy card or page 2 of the attached proxy statement for instructions on
these methods of voting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors, management and employees of Carver thank you for your ongoing support
and continued interest in Carver. We hope that you will join us at the Annual Meeting.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sincerely yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Deborah C. Wright
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Deborah C. Wright<BR>
Chairman and Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Your vote is important. Please complete, sign and return the enclosed proxy card or vote by
telephone promptly, whether or not you plan to attend the Annual Meeting.</B>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CARVER BANCORP, INC.<BR>
75 West 125</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP> <B>Street<BR>
New York, New York 10027-4512</B>
</DIV>

<!-- link1 "NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON APRIL 4, 2011" -->
<DIV align="left"><A NAME="C13259000"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON APRIL 4, 2011</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of Carver Bancorp, Inc.
(&#147;Carver&#148;) will be held on April&nbsp;4, 2011, at 10:00&nbsp;a.m., at the Studio Museum in Harlem, 144 West
125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street New York, New York.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the Annual Meeting, stockholders will be asked to consider and vote upon the following matters:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To elect three directors, each to serve for a three-year term and until their
respective successors have been elected and qualified;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To ratify the appointment of KPMG LLP as independent auditors for Carver for
the fiscal year ending March&nbsp;31, 2011; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Advisory (non-binding) approval of compensation of named executive officers as
determined by the Compensation Committee.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If any other matters properly come before the Annual Meeting, including, among other things, a
motion to adjourn or postpone the Annual Meeting to another time or place or both for the purpose
of soliciting additional proxies or otherwise, the persons named in the accompanying proxy card
will vote the shares represented by all properly executed proxies on such matters using their best
judgment. As of the date of the proxy statement, Carver&#146;s management is not aware of any other
such business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors has fixed February&nbsp;16, 2011 as the record date for determining the
stockholders entitled to notice of and to vote at the Annual Meeting and at any adjournment or
postponement thereof. Only stockholders of Carver as of the close of business on the record date
will be entitled to vote at the Annual Meeting or any adjournment or postponement thereof. A list
of stockholders entitled to vote at the Annual Meeting will be available at Carver Federal Savings
Bank, 75 West 125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, New York, New York, for a period of twenty days prior to the
Annual Meeting and will also be available at the Annual Meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Please promptly sign, date and return the enclosed Proxy Card or vote by Telephone at</B>
<U><B>1-800-PROXIES (1-800-776-9437) in the United States or 1-718-921-8500 from foreign countries
from any touch-tone telephone and follow the instructions. Please have your proxy card available
when you call and use the Company Number and Account Number shown on your proxy card.</B></U><B> You may
revoke the proxy at any time prior to its exercise in the manner described in the attached proxy
statement.</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Order of the Board of Directors,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark A. Ricca
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark A. Ricca<BR>
Executive Vice President, Chief Risk Officer and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>February&nbsp;28, 2011</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CARVER BANCORP, INC.<BR>
75 West 125</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP> <B>Street<BR>
New York, New York 10027-4512</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROXY STATEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ANNUAL MEETING OF STOCKHOLDERS<BR>
April&nbsp;4, 2011</B>
</DIV>

<!-- link1 "GENERAL INFORMATION" -->
<DIV align="left"><A NAME="C13259001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GENERAL INFORMATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>General</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This proxy statement and accompanying proxy card are being furnished to stockholders of Carver
Bancorp, Inc. in connection with the solicitation of proxies by the Board of Directors of Carver to
be used at the annual meeting of stockholders that will be held on Monday, April&nbsp;4, 2011, at 10:00
a.m., at the Studio Museum in Harlem, 144 West 125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, New York, New York, and at
any adjournment or postponement thereof (the &#147;Annual Meeting&#148;). The accompanying Notice of Annual
Meeting and proxy card, and this proxy statement, are first being mailed to stockholders on or
about February&nbsp;28, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver Bancorp, Inc., a Delaware corporation, operates as a savings and loan holding company
for Carver Federal Savings Bank. In this proxy statement, we refer to Carver Bancorp, Inc. as
&#147;Carver&#148; or the &#147;Company&#148; and Carver Federal Savings Bank as &#147;Carver Federal&#148; or the &#147;Bank.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Important notice regarding the availability of proxy materials for the April&nbsp;4, 2011 Annual Meeting
of Stockholders: </B>The Proxy Statement for the April&nbsp;4, 2011 Annual Meeting of Stockholders is
available <u>at http://www.carverbank.com/proxy.</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Who Can Vote</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors of Carver has fixed the close of business on February&nbsp;16, 2011 as the
record date for determining stockholders entitled to receive notice of and to vote at the Annual
Meeting. Only stockholders of record at the close of business on that date will be entitled to
vote at the Annual Meeting. As of the close of business on February&nbsp;16, 2011, the outstanding
voting stock of Carver consisted of 2,524,691 shares of common stock, par value $.01 per share
(&#147;Common Stock&#148; or &#147;Voting Stock&#148;). The holders of record of a majority of the total number of
votes eligible to be cast in the election of directors represented in person or by proxy at the
Annual Meeting will constitute a quorum for the transaction of business at the Annual Meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>How Many Votes You Have</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Each holder of shares of Common Stock outstanding on February&nbsp;16, 2011 will be entitled to one
vote for each share held of record (other than Excess Shares, as defined below) upon each matter
properly submitted at the Annual Meeting. As provided in Carver&#146;s Certificate of Incorporation,
record holders of Voting Stock on behalf of a person who beneficially owns in excess of 10% of the
outstanding shares of Voting Stock (&#147;Excess Shares&#148;) shall be entitled to cast only one-hundredth
of one vote per share for each Excess Share. A person or entity is deemed to beneficially own
shares owned by an affiliate or associate as well as by persons acting
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">in concert with such person
or entity. Carver&#146;s Certificate of Incorporation authorizes the Board of Directors to interpret and apply the provisions of the Certificate of
Incorporation and Bylaws governing Excess Shares and to determine on the basis of information known
to it after reasonable inquiry all facts necessary to ascertain compliance with the Certificate of
Incorporation, including, without limitation: (1)&nbsp;the number of shares of Voting Stock beneficially
owned by any person or purported owner; (2)&nbsp;whether a person or purported owner is an affiliate or
associate of, or is acting in concert with, any other person or purported owner; and (3)&nbsp;whether a
person or purported owner has an agreement or understanding with any person or purported owner as
to the voting or disposition of any shares of Voting Stock.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>How You Can Vote</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If you are a stockholder whose shares are registered in your name, you may vote your shares in
person at the meeting or by one of the following methods:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%"><I>Vote by Internet</I>, by going to the web address http://www.voteproxy.com and following
the instructions for Internet voting shown on the enclosed proxy card.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%"><I>Vote by Phone</I>, by dialing <B>1-800-PROXIES (1-800-776-9437) in the United States or
1-718-921-8500 from foreign countries from any touch-tone telephone and follow the
instructions. </B>Have your proxy card available when you call and use the Company Number and
Account Number shown on your proxy card.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%"><I>Vote by Proxy Card</I>, by completing, signing, dating and mailing the enclosed proxy card
in the envelope provided.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If you vote by telephone or by Internet, please do not mail your proxy card.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If you return your signed proxy card or use telephone voting before the Annual Meeting, the
named proxies will vote your shares as you direct. You have three choices on each matter to be
voted on. For the election of directors, you may (1)&nbsp;vote FOR all the nominees, (2)&nbsp;WITHHOLD
authority for all nominees or (3)&nbsp;Vote FOR ALL EXCEPT. See &#147;Proposal One&#151;Election of Directors.&#148;
For Proposal Two&#151;Ratification of Appointment of Independent Auditors, you may vote &#147;FOR&#148;,
&#147;AGAINST&#148; or &#147;ABSTAIN&#148; from voting. For Proposal Three&#151;Advisory (non-binding) Approval of
Compensation of Named Executive Officers, you may vote &#147;FOR&#148;, &#147;AGAINST&#148; or &#147;ABSTAIN&#148; from voting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>If you send in your proxy card or use telephone voting, but do not specify how you want to
vote your shares, the named proxies will vote &#147;</B><U><B>FOR</B></U><B>&#148; the nominees for election as director
(&#147;Proposal One&#148;), &#147;</B><U><B>FOR</B></U><B>&#148; the ratification of the appointment of KPMG LLP as independent
auditors for Carver for the fiscal year ending March&nbsp;31, 2011 (&#147;Proposal Two&#148;) and &#147;</B><U><B>FOR</B></U><B>&#148;
the advisory (non-binding) approval of compensation of named executive officers (&#147;Proposal Three&#148;).</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If you hold your shares in street name, your broker, bank or other holder of record is sending
these proxy materials to you. As the beneficial owner, you have the right to direct your broker,
bank or other holder of record how to vote by filling out a voting instruction form that
accompanies your proxy materials. Your broker, bank or other holder of record may allow you to
provide voting instructions by telephone. Please see the instruction form provided by your broker,
bank or other holder of record that accompanies this proxy statement. If you hold your shares in
street name, you will need proof of ownership to be admitted to the meeting. A recent brokerage
statement or letter from a bank or broker is an example of proof of ownership. If you want to vote
your shares of Carver stock held in street name in person at the meeting, you must obtain a written
proxy in your name from the broker, bank or other nominee who is the record holder of your shares.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Participants in the Carver Bancorp, Inc. ESOP or the Carver Federal Savings Bank 401(k) Plan</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If you participate in the Carver Bancorp, Inc. Employee Stock Ownership Plan (the &#147;ESOP&#148;) or
if you hold Carver Bancorp common stock through the Carver Federal Savings Bank 401(k) Savings Plan
(the &#147;401(k) Plan&#148;), you will receive vote authorization forms for the plans that reflect all
shares you may direct the trustees to vote on your behalf under the plans. Under the terms of the
ESOP, the ESOP trustee votes all shares held by the ESOP, but each ESOP participant may direct the
trustee how to vote the shares of common stock allocated to his or her account. The ESOP trustee,
subject to the exercise of its fiduciary responsibilities, will vote all unallocated shares of
Carver Bancorp common stock held by the ESOP and allocated shares for which no voting instructions
are received in the same proportion as shares for which it has received timely voting instructions.
Under the terms of the 401(k) Plan, a participant is entitled to provide voting instructions for
all shares credited to his or her 401(k) Plan account and held in the Carver Bancorp, Inc. Stock
Fund. Shares for which no voting instructions are given or for which instructions were not timely
received will be voted by the trustee in a manner intended to reflect the best interests of
participants and beneficiaries. <B>The deadline for returning your ESOP and </B><B>401(k)</B><B> Plan voting
instructions is March&nbsp;28, 2011.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Votes Required</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Proposal One</I>. Directors are elected by a plurality of votes cast in person or by proxy at the
Annual Meeting. The three nominees receiving the highest number of votes cast in person or by
proxy at the Annual Meeting will be elected to the Board of Directors. As such, if you do not vote
for a nominee, your vote will not count &#147;for&#148; or &#147;against&#148; the nominee. If you &#147;withhold&#148;
authority for any nominee, your vote will not count &#147;for&#148; or &#147;against&#148; the nominee, unless you
properly submit a new proxy card or vote at the Annual Meeting. You may not vote your shares
cumulatively for the election of directors. Broker non-votes will have no effect on the election
of directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Proposal Two</I>. The ratification of the appointment of KPMG LLP as Carver&#146;s independent
auditors requires the affirmative vote of the holders of a majority of the number of votes eligible
to be cast by the holders of Voting Stock present, in person or by proxy, and entitled to vote at
the Annual Meeting. Therefore, if you &#147;abstain&#148; from voting on this proposal, it has the same
effect as if you voted &#147;against&#148; the proposal. Broker non-votes will have no effect on the outcome
of this proposal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Proposal Three. </I>On February&nbsp;17, 2009, President Barack Obama signed the American Recovery and
Reinvestment Act of 2009 (&#147;ARRA&#148;) into law. The ARRA requires, among other things, every
participant of the Troubled Asset Relief Program (&#147;TARP&#148;), such as Carver, to permit a non-binding
shareholder vote to approve the compensation of the participant&#146;s named executive officers.
Accordingly, we are asking you to approve the compensation of the named executive officers as
described under &#147;Executive Compensation&#148; in this proxy statement. Approval of this proposal
requires the affirmative vote of the holders of a majority of the number of votes eligible to be
cast by the holders of Voting Stock present, in person or by proxy, and entitled to vote at the
Annual Meeting. Abstentions will have the same effect as a vote &#147;against&#148; the proposal, and broker
non-votes will have no effect on the outcome of the proposal. Your vote is advisory and will not
be binding upon the Board of Directors of the Company. However, the Compensation Committee will
take into account the outcome of the vote when considering future executive compensation
arrangements.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Revocability of Proxies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If you are a stockholder whose shares are registered in your name, you may revoke your grant
of a proxy at any time before it is voted at the Annual Meeting by:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">filing a written revocation of the proxy with Carver&#146;s Secretary;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">submitting another proper proxy with a more recent date than that of the
proxy first given by (1)&nbsp;following the telephone voting instructions, or
(2)&nbsp;completing, signing, dating and returning a proxy card to the Company;
or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">attending and voting in person at the Annual Meeting.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If you are a stockholder whose shares are not registered in your name, you may revoke your
proxy by contacting your bank, broker or other holder of record for revocation instructions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We are soliciting proxies only for the Annual Meeting. If you grant us a proxy to vote your
shares, the proxy will be exercised only at the Annual Meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Solicitation of Proxies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver will bear the entire cost of solicitation of proxies, including the preparation,
assembly, printing and mailing of this proxy statement and any additional information furnished to
Carver stockholders. In addition to solicitation of proxies by mail, solicitation may be made by
certain of our directors, officers or employees telephonically, electronically or by other means of
communication or by Morrow &#038; Co., LLC (&#147;Morrow&#148;) which we have retained to assist in the
solicitation of proxies. Our directors, officers and employees will receive no additional
compensation for any such solicitation, and Morrow will receive a fee of $6,000 plus reasonable
out-of-pocket expenses for its services. Carver will reimburse brokers and other similar
institutions for costs incurred by them in mailing proxy materials to beneficial owners in
accordance with applicable rules.
</DIV>
<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->
<DIV align="left"><A NAME="C13259002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SECURITY OWNERSHIP OF CERTAIN<BR>
BENEFICIAL OWNERS AND MANAGEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth, as of February&nbsp;16, 2011, certain information as to shares of
Voting Stock beneficially owned by persons owning in excess of 5% of any class of Carver&#146;s
outstanding Voting Stock. Carver knows of no person, except as listed below, who beneficially
owned more than 5% of any class of the outstanding shares of Carver&#146;s Voting Stock as of February
16, 2011. Except as otherwise indicated, the information provided in the following table was
obtained from filings with the Securities and Exchange Commission (&#147;SEC&#148;) and with Carver pursuant
to the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). Addresses provided are
those listed in the filings as the address of the person authorized to receive notices and
communications. For purposes of the table below and the table set forth under &#147;Security Ownership
of Management,&#148; in accordance with Rule&nbsp;13d-3 under the Exchange Act, a person is deemed to be the
beneficial owner, for purposes of these tables, of any shares of stock (1)&nbsp;over which he or she has
or shares, directly or indirectly, voting or investment power, or (2)&nbsp;of which he or she has the
right to acquire beneficial ownership at any time within 60&nbsp;days after February&nbsp;16, 2011. As used
in this proxy statement, &#147;voting power&#148; is the power to vote or direct the voting of shares, and
&#147;investment power&#148; includes the power to dispose or direct the disposition of shares.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount and Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficial</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ownership</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Outstanding(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wellington Management Company, LLP<br>75 State Street<br>Boston, MA 02109</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">244,500</TD>
    <TD nowrap valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.68</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Donald Leigh Koch<br>c/o Koch Asset Management, L.L.C.<br>1293 Mason Road<br>Town &#038; Country, MO 63131</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">238,016</TD>
    <TD nowrap valign="top">(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.43</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Third Avenue Management LLC<br>622 Third Avenue, 32<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor<br>New York, NY 10017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">218,500</TD>
    <TD nowrap valign="top">(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.65</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Deborah C. Wright<br>c/o Carver Federal Savings Bank<br>75 West 125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street<br>New York, NY 1027</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">161,946</TD>
    <TD nowrap valign="top">(5)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.41</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Bay Pond Partners, L.P.<br>c/o Wellington Management Company, LLP<br>280 Congress Street<br>Boston, MA 02210</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">154,700</TD>
    <TD nowrap valign="top">(6)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.13</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Keefe, Bruyette &#038; Woods, Inc.<br>787 Seventh Avenue<br>New York, NY 10019</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">143,600</TD>
    <TD nowrap valign="top">(7)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.69</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On February&nbsp;16, 2011, there were 2,524,691 outstanding shares of Common Stock.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on a Schedule&nbsp;13G/A filed with the SEC on February&nbsp;14, 2007 by Wellington
Management Company, LLP.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on a Schedule&nbsp;13G filed with the Securities and Exchange Commission
jointly by Koch Asset Management, L.L.C. (&#147;KAM&#148;) and Donald Leigh Koch on February&nbsp;11,
2011. In its role as an investment manager having trading authority over securities
held in accounts on behalf of its clients (&#147;Managed Portfolios&#148;), KAM has sole
dispositive power over 238,016 shares of Common Stock and, as a result, may be deemed
the beneficial owner of the same. Donald Leigh Koch owns 100% of KAM and serves as its
managing member, from which Mr.&nbsp;Koch may be deemed to have the power to exercise any
dispositive power that KAM may have with respect to Carver Common Stock. Additionally,
Mr.&nbsp;Koch, individually, and Mr.&nbsp;Koch and his spouse, jointly, own and hold voting power
with respect to Managed Portfolios containing approximately 70,500 shares of Common
Stock (the &#147;Koch Shares&#148;). Other than with respect to the Koch Shares, Mr.&nbsp;Koch
specifically disclaims beneficial ownership over any shares of Common Stock that he or
KAM may be deemed to beneficially own.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on a Schedule&nbsp;13G/A filed with the Securities and Exchange Commission on
February&nbsp;14, 2006 by Third Avenue Management LLC.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 132,399 vested options to purchase shares of Common Stock.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on a Schedule&nbsp;13G filed with the Securities and Exchange Commission on
February&nbsp;14, 2011 jointly by Bay Pond Partners, L.P. and Wellington Hedge Management,
LLC.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on a Schedule&nbsp;13G filed with the Securities and Exchange Commission on
February&nbsp;11, 2011 by Keefe, Bruyette &#038; Woods, Inc.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Security Ownership of Management</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth information about the shares of Voting Stock beneficially owned
by each nominee, each Continuing Director (as defined herein), each Named Executive Officer
identified in the Summary Compensation Table included in this proxy statement, and all directors
and executive officers of Carver or Carver Federal, as a group, as of February&nbsp;16, 2011. Except as
otherwise indicated, each person and each group shown in the table has sole voting and investment
power with respect to the shares of Voting Stock indicated and none of the shares are pledged as
security.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount and Nature</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Beneficial</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ownership of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(1) (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Outstanding (3)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deborah C. Wright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">161,946</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.41</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Samuel J. Daniel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,527</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">*</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Holland, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19,347</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">*</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pazel G. Jackson, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,326</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">*</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Janet L. Roll&#233;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert R. Tarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">*</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Susan M. Tohbe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark A. Ricca</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Risk Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">*</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris McFadden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">*</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James H. Bason</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and Chief Lending Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10,033</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">*</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD colspan="3" align="left">All directors and other executive officers as a group persons (10 persons)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.56</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Less than 1% of outstanding Common Stock.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amounts of equity securities shown include shares of common stock subject to
options exercisable within 60&nbsp;days as follows: Ms.&nbsp;Wright &#151; 132,399; Dr.&nbsp;Daniel &#151;
800; Mr.&nbsp;Holland &#151; 2,986; Mr.&nbsp;Tarter &#151; 800; Mr.&nbsp;Bason &#151; 4,863; all officers and
directors as a group &#151; 141,848.</DIV></TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amounts of equity securities shown also include shares of common stock subject to
options that are not exercisable within 60&nbsp;days as follows: Ms.&nbsp;Wright &#151; 7,596; Dr.
Daniel &#151; 200; Ms, Roll&#233; &#151; 1,000; Mr.&nbsp;Tarter &#151; 200; Ms.&nbsp;Tohbe &#151; 1,000; all officers
and directors as a group &#151; 9,996.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">
Amounts of equity securities shown include unvested shares of restricted stock awarded
to the executive officers and directors under the 2006 Stock Incentive Plan, which such
executive officers and directors have neither voting nor dispositive power, as follows:
Dr.&nbsp;Daniel &#151; 200; Ms, Roll&#233; &#151; 1,000; Mr.&nbsp;Tarter &#151; 200; Ms.&nbsp;Tohbe &#151; 1,000; Mr.&nbsp;Ricca
&#151; 7,500; Ms.&nbsp;McFadden &#151; 7,500; all officers and directors as a group &#151; 17,400.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 71,499 shares in the aggregate held by the ESOP Trust that have been
allocated as of December&nbsp;31, 2009 to the individual accounts of executive officers
under the ESOP and as to which an executive officer has sole voting power for the
shares allocated to such person&#146;s account, but no dispositive power, except in limited
circumstances. Ms Wright has 9,014 shares and Mr.&nbsp;Bason has 2,388 shares.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Percentages with respect to each person or group of persons have been
calculated on the basis of 2,524,691 shares of Common Stock, exclusive of shares held
by Carver the total number of shares of Common Stock outstanding as of February&nbsp;16,
2011 plus the number of shares of Common Stock which such person or group has the right
to acquire within 60&nbsp;days after February&nbsp;16, 2011 by the exercise of stock options.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- link1 "PROPOSAL ONE" -->
<DIV align="left"><A NAME="C13259003"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL ONE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ELECTION OF DIRECTORS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>General</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Certificate of Incorporation of Carver provides that Carver&#146;s Board of Directors shall be
divided into three classes, as nearly equal in number as possible. The directors of each class
serve for a term of three years, with one class elected each year. In all cases, directors serve
until their successors are elected and qualified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver&#146;s Board of Directors has the discretion to fix the number of directors by resolution
and has so fixed this number at seven (7). The terms of three directors expire at the Annual
Meeting. Mr.&nbsp;Pazel G. Jackson, Ms.&nbsp;Susan Tohbe and Ms.&nbsp;Deborah C. Wright, whose terms are
expiring, have been nominated and approved by Carver&#146;s Nominating/Corporate Governance Committee
and ratified by the Board of Directors to be re-elected at the Annual Meeting to serve for a term
of two years and until their respective successors are elected and qualified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Each nominee has consented to being named in this proxy statement and to serve if elected.
However, if any nominee is unable to serve, the shares represented by all properly executed proxies
which have not been revoked will be voted for the election of such substitute as the Board of
Directors may recommend, or the size of the Board of Directors may be reduced to eliminate the
vacancy. At this time, the Board knows of no reason why any nominee might be unable to serve.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Information Regarding Nominees and Continuing Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth certain information with respect to the nominees for election
as a director and each director whose term does not expire at the Annual Meeting (&#147;Continuing
Director&#148;). There are no arrangements or understandings between Carver and any director or nominee
pursuant to which such person was elected or nominated to be a director of Carver. For information
with respect to the ownership of shares of the Common Stock by each director and nominee, see
&#147;Security Ownership of Certain Beneficial Owners and Management&#151;Security Ownership of Management.&#148;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>End</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Director</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>of Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Carver and Carver Federal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nominees for Term Expiring in 2013</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pazel G. Jackson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">78</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1997</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Susan M. Tohbe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">63</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deborah C. Wright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">53</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1999</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Continuing Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Holland, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">70</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lead Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1999</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Janet L. Roll&#233;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">48</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Samuel J. Daniel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">60</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2012</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2006</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert R. Tarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">62</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2012</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2006</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Directors&#146; Backgrounds</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The principal occupation and business experience of each nominee for election as director and
each Continuing Director is set forth below.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><B>Nominees for Election as Director</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Nominating/Corporate Governance Committee of the Board of Directors nominated, and the
Board of Directors, approved the following individuals for election as Director:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Pazel G. Jackson, Jr., </I>has been a member of the Board of Directors of Carver Bancorp, Inc. and
Carver Federal Savings Bank since 1997. Mr.&nbsp;Jackson retired as Senior Vice President of JPMorgan
Chase in 2000. During his 37-year career in banking, Mr.&nbsp;Jackson held positions of increasing
responsibility at JPMorgan Chase, Chemical Bank, Texas Commerce Bank and the Bowery Savings Bank.
Most recently, from January&nbsp;1995 to 2000, Mr.&nbsp;Jackson was responsible for mortgage market
development throughout the United States for JPMorgan Chase. His prior positions included Senior
Credit Officer of Chemical Mortgage Company, Business Manager of Chemical Mortgage Division, Chief
Lending Officer of Bowery Savings Bank and Marketing Director of Bowery Savings Bank. Mr.&nbsp;Jackson
was formerly Vice-Chairman of the Battery Park City Authority and formerly Chairman of The Mutual
Real Estate Trust. Mr.&nbsp;Jackson is a licensed Professional Engineer with more than 16&nbsp;years of
senior management experience in design and construction. Mr.&nbsp;Jackson earned B.C.E. and M.C.E.
degrees from the City College of New York, an M.B.A. from Columbia University and a Doctorate in
Business Policy Studies from Pace University in New York. Mr.&nbsp;Jackson&#146;s extensive senior level
banking experience, including his extensive lending and real estate experience, coupled with his
advanced formal education, has given him front-line exposure to many of the issues facing Carver,
as well as valuable insight needed as Chairman of the Asset Liability and Interest Rate Risk
Committee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Susan M. Tohbe </I>is an owner and manager of Peterson County LLC, a real estate investment,
development and management company with properties principally located in Connecticut. At Peterson
County, Ms.&nbsp;Tohbe directs the financial operations and manages the portfolio of low-income tenant
apartment buildings. Prior to joining Peterson County in 2001, Ms.&nbsp;Tohbe was Chief Financial
Officer of the Mashantucket Pequot Tribal Nation, the owners of the Foxwoods Resort Casino, several
other hotel properties, commercial real estate, a nationwide pharmaceutical distribution network,
and other operations which were as diverse as shipbuilding and ferry operations, the construction
and operation of the $200&nbsp;million Pequot Museum and Research Center. In addition, she oversaw the
$350&nbsp;million annual government budget, covering the costs of managing the reservation and the
health and welfare of the Tribe. Prior to that, Ms.&nbsp;Tohbe held Chief Financial Officer positions
at J.M. Huber Corporation in Edison, New Jersey, and The Oakland Tribune in Oakland, California.
She also served as a Senior Vice President of Bank of America&#146;s World Banking Group, where she was
responsible all aspects of the group&#146;s financial operations. Ms.&nbsp;Tohbe has served on the boards of
the California Public Employees Retirement System (&#147;CalPERS&#148;), Pacific Gas &#038; Electric Nuclear
Decommissioning Trust, Mills College, San Francisco Ballet, and Catalyst. Ms.&nbsp;Tohbe holds an M.B.A
and B.A. from the University of California, Berkeley. Ms.&nbsp;Tohbe&#146;s extensive experience in running
her own company focused on providing housing and real estate development, in addition to her
experience as the chief financial officer at several organizations, bring valuable business and
leadership skills and financial acumen to the Board in furtherance of its objective of maintaining
a membership of experienced and dedicated individuals with diverse backgrounds, perspectives,
skills, and other qualities that are beneficial to Carver.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Deborah C. Wright </I>is Chairman, President and Chief Executive Officer of Carver and Carver
Federal. Ms.&nbsp;Wright has held the titles President and Chief Executive Officer since June&nbsp;1, 1999
and the Board of Directors elected her to the post of Chairman in February&nbsp;2005. Prior to joining
Carver in June
1999, Ms.&nbsp;Wright was President and Chief Executive Officer of the Upper Manhattan Empowerment
Zone Development Corporation, a position she had held since May&nbsp;1996. She previously served as
Commissioner of the Department of Housing Preservation and Development under Mayor Rudolph W.
Giuliani from January&nbsp;1994 through March&nbsp;1996. Prior to that appointment, Mayor David N. Dinkins
appointed Ms.&nbsp;Wright to the New York City Housing Authority Board, which manages New York City&#146;s
189,000 public housing units. Ms.&nbsp;Wright serves on the boards of Kraft Foods Inc., Time Warner
Inc., The Partnership for New York City and Sesame Workshop. She is a member of the Board of
Managers of the Memorial Sloan-Kettering Cancer Center. Ms.&nbsp;Wright earned A.B., J.D. and M.B.A.
degrees from Harvard University. Ms.&nbsp;Wright brings strong and broad financial services and
management experience to the Board, as well as a deep understanding of the Company&#146;s business,
operations, urban consumer and international marketplace, and the economic and regulatory
environment in which Carver operates.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>The Board of Directors Recommends a Vote</B><BR>
<B><U>FOR</U> Each Nominee for Election as Director.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Please Mark Your Vote on the Enclosed Proxy Card and<BR>
Return it in the Enclosed Postage-Prepaid Envelope<BR>
or Vote by Telephone or the Internet.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Continuing Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Robert Holland, Jr. </I>is a Corporate Director, Managing Partner and Advisory Board member of
Essex Lake Group, LLC an international profit enhancement firm that specializes in the application
of granular-level modeling and analytics techniques. Unrelated, Mr.&nbsp;Holland is also in the
preliminary stages of developing a fund to invest in mid cap businesses in West Africa. Just prior
to these initiatives he was a General Partner with Cordova, Smart &#038; Williams, LLC, a New York based
private equity firm. From 1997 to 2001, he was Chairman and Chief Executive Officer of Workplace
Integrators; a company he built into one of the largest Steelcase Office Furniture dealerships in
the United States. Mr.&nbsp;Holland was formerly President and Chief Executive Officer of Ben &#038;
Jerry&#146;s, Chairman and Chief Executive Officer of Rokher-J, Inc., a New York-based holding company
that participates in business development projects and provides strategy development assistance to
senior management of major corporations, and a partner with the consulting firm McKinsey &#038; Company.
Mr.&nbsp;Holland is a member of the Boards of Directors of Lexmark International, Inc., YUM Brands,
Inc., Singapore-based Neptune Orient Lines and the Harlem Junior Tennis Program. Mr.&nbsp;Holland was
formerly Vice Chairman of the Board of Trustees of Spellman College and was formerly a member of
the Executive Board of the Harvard Journal of African-American Public Policy. Mr.&nbsp;Holland brings a
breadth and depth of international and domestic operations, strategic planning, corporate
governance and marketing, experience to the Board. His background as the chief executive officer
and director of several corporations gives him a unique perspective and understanding of the
responsibilities and duties of managing an institution like Carver.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Janet L. Roll&#233; </I>is currently Executive Vice President and Chief Marketing Officer of BET
Networks. Before joining BET Networks in 2007, Ms.&nbsp;Roll&#233; was Vice President and General Manager of
AOL&#146;s affinity websites, AOL Black Voices and the 10 websites in AOL Women&#146;s &#038; Lifestyle category.
Ms.&nbsp;Roll&#233; was previously Vice President, Programming Enterprises and Business Development at MTV
Networks, responsible for growing revenue at VH1 and Country Music Television. Ms.&nbsp;Roll&#233; began her
career at Home Box Office (&#147;HBO&#148;), holding positions including Special Assistant to the Chairman,
and Director of Marketing and New Media, for the video division of HBO. Ms.&nbsp;Roll&#233; holds an M.B.A.
from Columbia University and a B.F.A. from the State University of New York, Purchase. Ms.&nbsp;Roll&#233;&#146;s
experience in marketing to diverse constituencies will greatly improve the Company&#146;s ability to
address the needs of the changing communities it serves.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Dr.&nbsp;Samuel J. Daniel </I>is a member of the staff of St. Luke&#146;s-Roosevelt Hospital Center&#151;
Continuum Health Partners Inc. Dr.&nbsp;Daniel is also a member of the Faculty of Columbia University&#146;s
College of Physicians and Surgeons From 2001 to 2010, Dr.&nbsp;Daniel was President and Chief
Executive Officer of North General Hospital. From 1998 to 2001, Dr.&nbsp;Daniel was the Medical
Director and Director of Medicine at North General Hospital. From 1994 to 1999, Dr.&nbsp;Daniel was the
Program Director of the North General Hospital Internal Medicine Residency Program and the
Hospital&#146;s Chief of Gastroenterology. Dr.&nbsp;Daniel is a Diplomat of the American Board of Internal
Medicine and Gastroenterology and has various board memberships and affiliations with a number of
distinguished medical and civic organizations. Dr.&nbsp;Daniel has broad experience in the management
and oversight of consumer businesses through his service as Chief Executive Officer of North
General Hospital. Dr.&nbsp;Daniel&#146;s experience in the healthcare industry, combined with his management
and leadership skills, bring a unique perspective and significant expertise in operations,
management and strategic planning which is important to Carver. In addition, Dr.&nbsp;Daniel&#146;s prior
service to the Harlem community brings an in depth knowledge and understanding about Carver, its
mission, and the communities Carver serves.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Robert R. Tarter </I>retired in 2009 as an Executive Vice President of the State Street
Corporation, which he joined in 1994. Mr.&nbsp;Tarter held several executive level positions during his
tenure with State Street, most recently as head of the Global Relationship Management Group and
prior to that as head of Institutional Investor Services with responsibility for State Street&#146;s
North American investment servicing business for institutional clients. Before joining State
Street Corporation, Mr.&nbsp;Tarter spent more than 20&nbsp;years at Bankers Trust in corporate banking. Mr.
Tarter is vice chairman of the board of the Partnership, Inc., and a member of the Executive
Leadership Council. Mr.&nbsp;Tarter&#146;s long financial services career brings to the Board an in depth
understanding of banking and the issues facing the industry, experience in addressing these issues
and the skills to assist management oversee Carver&#146;s lending, finance, and real estate businesses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Executive Officers of Carver and Carver Federal</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Biographical information for Carver&#146;s executive officers who are not directors is set forth
below. Such executive officers are officers of Carver and Carver Federal. The information is
provided as of February&nbsp;16, 2011
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Executive Officers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Chris McFadden, </I>47 is Executive Vice President and Chief Financial Officer of Carver and
Carver Federal. Prior to joining Carver in September&nbsp;2009 Ms.&nbsp;McFadden was Chief Financial Officer
and Chief Administrative Officer of Popular North America. Ms.&nbsp;McFadden has over 24&nbsp;years of
experience, combining her accounting and finance skills with her commercial banking experience.
Prior to her joining Banco Popular in 2000, Ms.&nbsp;McFadden held senior financial management positions
at Hudson United Bancorp in New Jersey and Sovereign Bank in Pennsylvania. She served on the Board
of Directors of the Banco Popular Foundation and previously served on the New York Advisory Board
for Youth About Business and the New York Chapter of Operation Hope. Ms.&nbsp;McFadden is a certified
Lean and Six Sigma practitioner. She received her MBA from St. Joseph&#146;s University in
Philadelphia, PA, with a concentration in Finance and earned her B.S. in Accounting from Albright
College, Reading, PA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Mark A. Ricca, 53, </I>is Executive Vice President, Chief Risk Officer and General Counsel of
Carver and Carver Federal Savings Bank. Mr.&nbsp;Ricca joined Carver in 2008 with more than twenty
years of experience in the banking business. Prior to joining Carver, Mr.&nbsp;Ricca held several
positions at New York Community Bancorp, Inc. and its principle subsidiary, New York Community
Bank, beginning in 2000 and finishing in 2007 as its Executive Vice President, General Counsel and
Assistant to the Chief Operating Officer, after which Mr.&nbsp;Ricca served as a legal consultant and
lectured for Learning
Dynamics. Prior to this Mr.&nbsp;Ricca held various positions at Haven Bancorp, Inc., and its
principal subsidiary, CFS Bank, as Senior Vice President, Residential and Consumer Lending,
Corporate Secretary, General Counsel and Chief Compliance Officer and was a partner in the law firm
of Ricca &#038; Donnelly. Prior to that, Mr.&nbsp;Ricca worked for General Electric Company, holding various
positions in finance, auditing, management and financial sales. Mr.&nbsp;Ricca holds a Bachelor of Arts
degree in economics from the University of Notre Dame, a juris doctorate, cum laude, Law Review and
Jurisprudence Award recipient from St. Johns University, School of law, an LL.M. from New York
University, School of Law, and is the Chairman&#146;s Award recipient, honors graduate and class
president of the American Bankers&#146; Association National School of Banking.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>James Bason</I>, 55, is Senior Vice President and Chief Lending Officer. He joined Carver in
March&nbsp;2003. Previously, Mr.&nbsp;Bason was Vice President and Real Estate Loan Officer at The Bank of
New York where he had been employed since 1991 when The Bank of New York acquired Barclays Bank
(where he had been employed since 1986). At The Bank of New York, he was responsible for
developing and maintaining relationships with developers, builders, real estate investors and
brokers to provide construction and permanent real estate financing. At Barclays, Mr.&nbsp;Bason began
his career in residential lending and eventually became the bank&#146;s CRA officer. Mr.&nbsp;Bason earned a
B.S. in Business Administration from the State University of New York at Oswego. Mr.&nbsp;Bason has
many years experience in lending, during a variety of real estate markets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Blondel A. Pinnock</I>, 43, is Senior Vice President, Carver Federal Savings Bank and President of
Carver Community Development Corporation. Ms.&nbsp;Pinnock joined Carver in April&nbsp;2008. Prior to
joining Carver, Ms.&nbsp;Pinnock was Senior Vice President of Bank of America where she was a community
development lender and business development officer. Ms.&nbsp;Pinnock has over a ten-year background in
financing the development of residential and commercial real estate projects located within low and
moderate income neighborhoods throughout New York City and outlying areas. Prior to her tenure at
Bank of America, Ms.&nbsp;Pinnock worked as counsel and deputy director for the New York City&#146;s Housing,
Preservation and Development Department&#146;s Tax Incentives Unit, where she assisted in the
implementation of the City&#146;s real estate tax programs for low, moderate and market rate projects.
She earned a B. A. from Columbia College and a J. D. from Hofstra University School of Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Margaret D. Floyd</I>, 60, is Senior Vice President and Chief Human Resources Officer. Ms.&nbsp;Floyd
joined Carver in November&nbsp;1999 as Senior Vice President and Chief Administrative Officer from
Deutsche Bank where she had served as a Compensation Planning Consultant in Corporate Human
Resources. Prior to that, Ms.&nbsp;Floyd was a Vice President and Senior Human Resources Generalist for
Citibank Global Asset Management. Ms.&nbsp;Floyd also has 10&nbsp;years of systems and technology experience
from various positions held at JP Morgan and Chase Manhattan Bank. Ms.&nbsp;Floyd earned a B.P.S.
degree from Pace University, an M.B.A. from Columbia University as a Citicorp Fellow, and has been
designated a Certified Compensation Professional by the American Compensation Association and a
Senior Professional in Human Resources by the Human Resource Certification Institute.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>John F. Spencer, </I>45, is a Senior Vice President and Chief Retail Officer of Carver Federal
Savings Bank. Mr.&nbsp;Spencer joined Carver in February&nbsp;2009 from JP Morgan Chase where he held
several management positions in Retail Sales/Customer Service, Audit, and Operations Management.
Additionally, he served as a Branch Administration Executive for the bank&#146;s Retail Division,
supporting a network with 700 branches, and over $50&nbsp;billion in deposits. Mr.&nbsp;Spencer has a proven
record of accomplishment of operational excellence. He has significant experience in Retail Bank
merger integration, and has participated in Six Sigma Methodology projects. He earned a B.A. in
Banking and Finance from Pace University.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>David Toner</I>, 48, is Senior Vice President and Controller. Prior to joining Carver in December
2009, Mr.&nbsp;Toner spent more than 20&nbsp;years with Citigroup in various financial control positions in
the United States and Europe, including serving as Chief Financial Officer of Citigroup&#146;s Community
Development business from 2004 through 2007. Prior to joining Citigroup in 1987, Mr.&nbsp;Toner held
various audit positions with Deloitte &#038; Touche (formerly Deloitte, Haskins &#038; Sells). Mr.&nbsp;Toner is
a certified public accountant. He received his M.B.A. in Finance, with a concentration in
International Business, from the Stern School of Business at New York University and his B.S. in
Accounting, summa cum laude, from the Haub School of Business at Saint Joseph&#146;s University. He is
a member of the Board of Visitors (advisory board) for the Haub School of Business and a member of
the New York Alumni Council for Saint Joseph&#146;s University.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Transactions with Certain Related Persons</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Applicable law requires that all loans or extensions of credit to executive officers and
directors must be made on substantially the same terms, including interest rates and collateral, as
those prevailing at the time for comparable transactions with the general public and must not
involve more than the normal risk of repayment or present other unfavorable features. Carver
Federal offers loans to its directors, officers and employees, which loans are made in the ordinary
course of business and are not made with more favorable terms nor do they involve more than the
normal risk of collectability or present unfavorable features. Furthermore, loans above the
greater of $25,000, or 5% of Carver Federal&#146;s capital and surplus (up to $500,000), to Carver
Federal&#146;s directors and executive officers must be approved in advance by a majority of the
disinterested members of Carver Federal&#146;s Board of Directors. As of the date of this proxy
statement, neither Carver nor Carver Federal had made any loans or extensions of credit to any of
its executive officers or directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Stock Ownership</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver encourages its officers and directors to own stock in Carver, and a portion of the
compensation of its officers and directors is stock-based, as described below under &#147;Compensation
Discussion and Analysis&#151;Total Compensation Program Components.&#148; The Company&#146;s Corporate
Governance Principles encourage directors to hold a meaningful number of shares in the Company,
and, so long as they remain on the Board of Directors, Board members are expected to retain a
majority of the shares of Company common stock purchased in the open market or received pursuant to
their service as Board members. Information regarding stock ownership of Carver&#146;s directors and
executive officers is set forth under &#147;Compensation Discussion and Analysis&#151;Executive Officer
Compensation&#148; and &#147;Compensation Discussion Analysis&#151;Director Compensation.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Section&nbsp;16(a) of the Exchange Act requires Carver&#146;s directors and executive officers, and
persons who own more than ten percent of a registered class of Carver&#146;s equity securities, to file
reports of ownership and changes in ownership with the SEC and the NASDAQ Stock Market. Officers,
directors and greater than ten percent stockholders are required by SEC regulation to furnish
Carver with copies of all Section 16(a) forms they file.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Based solely on a review of copies of such reports of ownership furnished to Carver, or
written representations that no forms were necessary, Carver believes that, during the last fiscal
year, all filing requirements applicable to its directors, officers and greater than ten percent
stockholders of the Company were complied.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- link1 "PROPOSAL TWO" -->
<DIV align="left"><A NAME="C13259004"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL TWO</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RATIFICATION OF APPOINTMENT OF<BR> INDEPENDENT AUDITORS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>General</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Finance and Audit Committee of the Board of Directors of Carver has appointed the firm of
KPMG LLP as independent auditors for Carver for the fiscal year ending March&nbsp;31, 2012 and the Board
of Directors has determined that it would be desirable to request that stockholders ratify such
appointment. Representatives of KPMG LLP are expected to be present at the Annual Meeting. They
will have an opportunity to make a statement if they desire to do so and will be available to
respond to appropriate questions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Stockholder ratification of the appointment of KPMG LLP is not required by Carver&#146;s Bylaws or
otherwise. However, the Board of Directors is submitting the appointment of the independent
registered public accounting firm to the stockholders for ratification as a matter of good
corporate practice. If the stockholders fail to ratify the appointment of KPMG LLP, the Finance
and Audit Committee will reconsider whether it should select another independent registered public
accounting firm. Even if the selection is ratified, the Finance and Audit Committee in its
discretion may direct the appointment of a different independent registered public accounting firm
at any time during the year if it determines that such a change is in the best interests of Carver
Bancorp, Inc. and its stockholders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Auditor Fee Information</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">KPMG&#146;s fees billed for the fiscal years ended March&nbsp;31, 2010 and 2009 were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">494,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">506,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other fees*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">494,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">575,942</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes audit and tax work for Carver Community Development Corporation and
the maintenance of Carver as a community development entity.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Pre-Approval Policy for Services by Independent Auditors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During fiscal year 2010, the Finance and Audit Committee of Carver&#146;s Board of Directors
pre-approved the engagement of KPMG LLP to provide non-audit services and considered whether, and
determined that, the provision of such other services by KPMG LLP is compatible with maintaining
KPMG LLP&#146;s independence.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In June&nbsp;2004, the Finance and Audit Committee established a policy to pre-approve all audit
and permissible non-audit services provided by KPMG LLP consistent with applicable SEC rules.
Under the policy, prior to the engagement of the independent auditors for the next year&#146;s audit,
management submits an aggregate of services expected to be rendered during that year for each of
the four categories of services described above to the Finance and Audit Committee for approval.
Prior to engagement, the Finance and Audit Committee pre-approves these services by category of
service. The fees are budgeted
and the Finance and Audit Committee will receive periodic reports from management on actual
fees versus the budget by category of service. During the year, circumstances may arise when it
may become necessary to engage the independent auditors for additional services not contemplated in
the pre-approval. In those instances, the Finance and Audit Committee requires specific
pre-approval before engaging the independent auditor.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Finance and Audit Committee has delegated pre-approval authority, subject to certain
limits, to the chairman of the committee. The chairman is required to report, for informational
purposes, any pre-approval decisions to the Finance and Audit Committee at its next regularly
scheduled meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Report of the Finance and Audit Committee of the Board of Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>This report is furnished by the Carver Finance and Audit Committee of the Board of Directors
as required by the rules of the SEC under the Exchange Act. The report of the Finance and Audit
Committee shall not be deemed to be incorporated by reference by any general statement
incorporating by reference this proxy statement into any filing under the Securities Act of 1933,
as amended (&#147;Securities Act&#148;), or the Exchange Act, except to the extent that Carver specifically
incorporates this information by reference, and shall not otherwise be deemed to be filed under the
Securities Act or the Exchange Act.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors has adopted a written charter that sets forth the Finance and Audit
Committee&#146;s duties and responsibilities and reflects applicable rules of the NASDAQ Stock Market
and SEC regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">All members of the Finance and Audit Committee have been determined to be independent as
defined in the listing requirements of the NASDAQ Stock Market. The Board of Directors has
determined that Robert R. Tarter, Pazel G. Jackson, Jr. and Susan M. Tohbe each qualify as an
&#147;audit committee financial expert.&#148; The Finance and Audit Committee received the required written
disclosures and letter from KPMG LLP, Carver&#146;s independent accountants, required by applicable
requirements of the Public Company Accounting Oversight Board regarding the independent registered
public accounting firm&#146;s communications with the Audit Committee concerning the independent
registered public accounting firm&#146;s independence. The Finance and Audit Committee reviewed and
discussed with the Company&#146;s management and KPMG LLP the audited financial statements of the
Company contained in the Company&#146;s fiscal year 2010 annual report on Form 10-K. The Finance and
Audit Committee has also discussed with KPMG LLP the matters required to be discussed pursuant to
the Codified Statements on Auditing Standards No.&nbsp;61, as amended or supplemented.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Throughout the year, the Finance and Audit Committee had full access to management and the
independent and internal auditors for the Company. The Finance and Audit Committee consulted with
advisors regarding the Sarbanes-Oxley Act of 2002, the NASDAQ Stock Market&#146;s corporate governance
listing standards and the corporate governance environment in general and considered any additional
requirements of the Finance and Audit Committee as well as additional procedures or matters the
Finance and Audit Committee should consider. During fiscal year 2010, the Finance and Audit
Committee approved the retention of the Company&#146;s independent accounting firm, KPMG LLP, and
received the Board&#146;s ratification of this decision. The Finance and Audit Committee acts only in
an oversight capacity and necessarily relies on the assurances and work of the Company&#146;s management
and independent auditors who expressed an opinion on the Company&#146;s annual financial statements.
The Company&#146;s management has the primary responsibility for the financial statements and the
reporting process, including the systems of internal control.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Based on its review and discussions described in the immediately preceding paragraphs, the
Finance and Audit Committee recommended to the Board of Directors that the audited financial
statements included in the Company&#146;s fiscal year 2010 Annual Report on Form 10-K be included in
that report.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Finance and Audit Committee of Carver Bancorp, Inc.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<!-- End Table Head -->


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Robert R. Tarter (Chairman)<BR>
Pazel G. Jackson Jr.<BR>
Susan M. Tohbe
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>The Board of Directors Recommends a Vote </B><U><B>FOR</B></U><BR>
<B>the Ratification of the Appointment of<BR>
KPMG LLP as Independent Auditors For Carver.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Please Mark Your Votes on the Enclosed Proxy Card and<BR>
Return it in the Enclosed Postage-Prepaid Envelope<BR>
or Vote by Telephone or the Internet.</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>


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<!-- link1 "PROPOSAL THREE" -->
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL THREE</B>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ADVISORY (NON-BINDING) APPROVAL OF<BR>COMPENSATION OF NAMED EXECUTIVE<BR>
OFFICERS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On February&nbsp;17, 2009, President Barack Obama signed ARRA into law. ARRA requires, among other
things, every participant in the Troubled Asset Relief Program, such as Carver, to permit a
non-binding shareholder vote to approve the compensation of the participant&#146;s executives. This
proposal, commonly known as a &#147;Say on Pay&#148; proposal, gives shareholders the opportunity to endorse
or not endorse the compensation of Carver&#146;s named executive officers by voting to approve or not to
approve such compensation as described in this proxy statement. Accordingly, we are asking you to
approve the compensation of Carver&#146;s named executive officers as described under &#147;Compensation
Discussion and Analysis&#148; and the tabular disclosure regarding named executive officer compensation
(together with the accompanying narrative disclosure) in this proxy statement. Under ARRA, your
vote is advisory and will not be binding upon the Company. However, the Compensation Committee
will take into account the outcome of the vote when considering future executive compensation
arrangements.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>The Board of Directors Recommends a Vote </B><U><B>FOR</B></U><BR>
<B>the Advisory (non-binding) approval of Compensation of Named<BR>
Executive Officers.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Please Mark Your Votes on the Enclosed Proxy Card and<BR>
Return it in the Enclosed Postage-Prepaid Envelope<BR>
or Vote by Telephone or the Internet.</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>



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<!-- link1 "CORPORATE GOVERNANCE" -->
<DIV align="left"><A NAME="C13259006"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CORPORATE GOVERNANCE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>General</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors of the Company is committed to strong and effective corporate
governance measures. The Board has developed, and continues to review, policies and practices
covering the operation of the Board and its committees, including their composition and
responsibilities, the conduct of Board meetings and the structure and role of the Board&#146;s
committees and related matters, including those discussed below and throughout this proxy
statement. Among these measures are the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Independence. </I>Under the Company&#146;s Bylaws, at least three members of the Board must be
independent under the criteria set forth in the Bylaws and, as a company listed on the NASDAQ
Global Market, a majority of the Company&#146;s Board must be independent under the criteria set forth
in its listing requirements. In addition, pursuant to listing requirements of the NASDAQ Stock
Market and the respective committee charters, all members of the Finance and Audit Committee, the
Nominating/Corporate Governance Committee and the Compensation Committee must be independent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Board Leadership Structure. </I>The Board of Directors combines the position of Chairman of the
Board with the position of Chief Executive Officer, coupled with a lead independent director
position, discussed below, to further strengthen the Company&#146;s corporate governance structure. The
Board of Directors believes this provides an efficient and effective leadership model for the
Company. Combining the Chairman of the Board and Chief Executive Officer positions fosters clear
accountability, effective decision-making, and alignment on corporate strategy. To assure effective
independent oversight, the Board has adopted a number of governance practices, including holding
executive sessions of the independent directors, as needed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Lead Independent Director. </I>The Board of Directors has created the position of lead
independent director, whose primary responsibility is to preside over periodic executive sessions
of the independent members of the Board of Directors. The lead independent director also prepares
the agenda for meetings of the independent directors, serves as a liaison between the independent
directors and management and outside advisors, and makes periodic reports to the Board of Directors
regarding the actions and recommendations of the independent directors. The independent members of
the Board of Directors have designated Robert Holland, Jr. to serve in this position for fiscal
year 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Board&#146;s Role in Risk Oversight. </I>The Board&#146;s role in the Company&#146;s risk oversight process
includes developing an understanding of banking and risk management (including capital
requirements, asset quality control, management requirements, sources of earnings, liquidity,
interest rate risk exposure and internal controls to mitigate that exposure), receiving regular
reports from members of senior management on areas of material risk to the Company, including
operational, financial, legal and regulatory, strategic and reputational risks. The full Board (or
the appropriate committee in the case of risks that are reviewed and discussed at committee
meetings) receives these reports from the appropriate &#147;risk owner&#148; within the organization to
enable the Board or appropriate committee to understand our risk identification, risk management
and risk mitigation strategies. When a committee receives the report, the chairman of the relevant
committee reports on the discussion to the full Board at the next Board meeting. This enables the
Board and its committees to coordinate the Board&#146;s risk oversight role, particularly with respect
to risk interrelationships.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Director Terms. </I>Directors generally serve for three-year terms and until their successors are
elected and qualified. See &#147;Proposal One&#151;Election of Directors&#151;General.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Executive Sessions. </I>The Board of Directors holds executive sessions for non-employee
directors only at which management is not present. These sessions are presided over by Robert
Holland, Jr., the presiding independent director. In addition, the Finance and Audit Committee
regularly holds sessions at which management is not present, including sessions with the Company&#146;s
independent auditors and internal auditors at which management is not present. Each director also
has access to any member of management and the Company&#146;s independent auditors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Outside Advisors. </I>The Board and its committees may retain outside advisors and consultants as
they, in their discretion, deem appropriate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Board Self-Evaluation. </I>The Nominating/Corporate Governance Committee, among other things,
reviews the Company&#146;s and the Board&#146;s governance profile. In addition, the Board and its
committees regularly review their role and responsibilities, composition and governance practices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Corporate Governance Principles</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors adopted Corporate Governance Principles during the fiscal year ended
March&nbsp;31, 2004. From time to time, the Board anticipates that it will revise the Corporate
Governance Principles in response to changing regulatory requirements, evolving best practices and
the concerns of the Company&#146;s stockholders and other constituents. The Corporate Governance
Principles are published on the Company&#146;s website at <U>www.carverbank.com</U> in the Corporate
Governance section of the Investor Relations webpage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Director Independence Determination</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors has determined that each of its non-management directors is independent
according to the Board&#146;s independence standards as set out in its Bylaws, Corporate Governance
Principles, applicable rules of the SEC and the rules of the NASDAQ Stock Market. They are Dr.
Samuel J. Daniel, Robert Holland, Jr., Pazel G. Jackson, Jr., Janet L. Roll&#233;, Robert R. Tarter and
Susan M. Tohbe. The Board determined that Deborah C. Wright was not independent because she is
currently an executive officer of the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Communications with Board of Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors welcomes communications from Carver stockholders. Interested parties
may contact the Board of Directors at the following address:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 12%; margin-top: 10pt">Board of Directors<BR>
c/o Corporate Secretary<BR>
Carver Bancorp, Inc.<BR>
75 West 125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street<BR>
New York, NY 10027
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Communications may also be sent to individual directors at the above address.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s Secretary has the responsibility to collect mail for directors, forward
correspondence directed to an individual director to that director in a timely manner, and to
screen correspondence directed to multiple directors or to the full Board in order to forward it to
the most
appropriate committee chairperson or the full Board given the nature of the correspondence.
Communications to the Board or any individual director that relate to the Company&#146;s accounting,
internal accounting controls or auditing matters will also be referred to the chairman of the
Finance and Audit Committee. Other communications will be referred to the appropriate committee
chairperson.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Financial Expert, Audit Committee Independence and Financial Sophistication</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors has determined that Robert R. Tarter, Pazel G. Jackson, Jr. and Susan
Tohbe each qualifies as an &#147;audit committee financial expert&#148; and is financially sophisticated, and
that each member of the Finance and Audit Committee is independent within the meaning of applicable
SEC rules and meets the definition of independence in the NASDAQ Stock Market rules.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Director Selection Process</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s Nominating/Corporate Governance Committee is charged with the responsibilities
described under &#147;Board and Committee Meetings&#151;Nominating/Corporate Governance Committee.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Among the Nominating/Corporate Governance Committee&#146;s responsibilities is to identify and
recommend to the Board candidates for election as directors. The committee considers candidates
suggested by its members, other directors and stockholders as necessary in anticipation of upcoming
director elections and other potential or expected Board vacancies. The committee is also
authorized, at the expense of the Company, to retain search firms to identify candidates, as well
as external legal, accounting or other advisors. The committee will provide guidance to search
firms it retains about the particular qualifications the Board is then seeking. No search firms or
other advisors were retained by the committee in fiscal year 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">All director candidates, including stockholder nominees, are evaluated on the same basis. In
determining the needs of the Board and the Company, the Nominating/Corporate Governance Committee
considers the qualifications of sitting directors and consults with other members of the Board, the
Chief Executive Officer and, where appropriate, external advisors. Generally, the committee
believes that all directors should exemplify the highest standards of personal and professional
integrity should have broad experience in positions with a high degree of responsibility and the
ability to commit adequate time and effort to serve as a director. Directors will assume the
responsibility of challenging management through their active and constructive participation and
questioning in meetings of the Board and its various committees, as well as in less formal contacts
with management.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Director candidates, other than sitting directors, are interviewed by members of the committee
and by other directors and the Chief Executive Officer, and the results of those interviews are
considered by the committee in its deliberations. The Nominating/Corporate Governance Committee
also evaluates sitting directors whose terms are nearing expiration, but who may be nominated for
re-election, in light of the above considerations and their past contributions to the Board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Nominating/Corporate Governance Committee will evaluate director nominations by
stockholders that are submitted in accordance with the procedural and informational requirements
set forth in the Company&#146;s Bylaws and described in this proxy statement under &#147;Additional
Information&#151;Notice of Business to be Conducted at Annual Meeting.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Among the factors that the Nominating/Corporate Governance Committee considers when evaluating
the composition of the Board, diversity is critical. For Carver, diversity includes race,
ethnicity and gender as well as the diversity of the directors&#146; experience. Included in the
qualifications
for directors listed in the Company&#146;s Corporate Governance Guidelines is whether the candidate
has special skills, expertise and background that would complement the attributes of the existing
directors, taking into consideration the diverse population of the communities in which Carver
operates. Carver&#146;s Board is committed to ensuring that it comprises individuals whose backgrounds
reflect the diversity represented by our employees, customers and shareholders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Code of Ethics</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company has adopted a Code of Ethics, which applies to the Company&#146;s directors and
employees and sets forth important Company policies and procedures in conducting the Company&#146;s
business in a legal, ethical and responsible manner. The Company has also adopted a Code of Ethics
for Senior Financial Officers, which applies to the Company&#146;s chief executive officer, chief
financial officer, controller and other persons performing similar functions that supplement the
Code of Ethics by providing more specific requirements and guidance on certain topics. Each of the
Code of Ethics and Code of Ethics for Senior Financial Officers including future amendments, is
available free of charge on Carver&#146;s website at <U>www.carverbank.com</U> in the Corporate
Governance section of the Investor Relations webpage or by writing to the Secretary, Carver
Bancorp, Inc., 75 West 125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, New York, New York 10027, or by telephoning (212)
360-8876. The Company intends to post on its website any waiver under the codes granted to any of
its directors or executive officers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Website Access to Governance Documents</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s Corporate Governance Principles and the charters for the Finance and Audit,
Compensation and Nominating/Corporate Governance Committees are available free of charge on
Carver&#146;s website at <U>www.carverbank.com</U> in the Corporate Governance section of the Investor
Relations webpage or by writing to the Secretary, Carver Bancorp, Inc., 75 West 125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
Street, New York, New York 10027, or by telephoning (212)&nbsp;360-8876.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Board and Committee Meetings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors of Carver holds regularly scheduled meetings during the fiscal year to
review significant developments affecting Carver and to act on matters requiring Board approval.
It also holds special meetings when an important matter requires Board action between scheduled
meetings. Members of senior management regularly attend Board meetings to report on and discuss
their areas of responsibility. During fiscal year 2010, the Board met eleven times. No incumbent
director attended fewer than 75%, in the aggregate, of the total number of Carver Board meetings
held while he or she was a member of the Board during fiscal 2010 and the total number of meetings
held by committees on which he or she served during such fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver&#146;s Corporate Governance Principles encourage directors to attend the Company&#146;s Annual
Meeting of stockholders and all Board meetings and meetings of committees of the Board on which
they serve. Carver&#146;s Bylaws require that the Company have executive, finance and audit,
nominating/corporate governance, compensation and asset liability and interest rate risk
committees. The Board has adopted a charter for each of the Nominating/Corporate Governance
Committee, the Compensation Committee and the Finance and Audit Committee, each of which may be
amended from time to time. The nature and composition of each of the standing committees of the
Company are described below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Executive Committee. </I>Pursuant to Carver&#146;s Bylaws, the Executive Committee is authorized to
act as appropriate between meetings of the Board. The members of this committee are Directors
Robert
Holland, Jr. (Chairman), Dr.&nbsp;Samuel Daniel, Pazel G. Jackson, Jr. Robert R. Tarter and Deborah
C. Wright. The Executive Committee met two times during fiscal year 2010.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Nominating/Corporate Governance Committee. </I>As of February&nbsp;2011, the Nominating/ Corporate
Governance Committee consists of Directors Robert Holland, Jr., (Chairman), Dr.&nbsp;Samuel J. Daniel
and Janet L. Roll&#233;. All members of the committee have been determined to be independent directors.
The Nominating/Corporate Governance Committee&#146;s functions include advising the Board on matters of
corporate governance and considering qualifications of prospective Board member candidates,
including conducting research to identify and recommend nomination of suitable candidates who are
willing to serve as members of the Board, reviewing the experience, background, interests, ability
and availability of prospective nominees to meet time commitments of the Board and committee
responsibilities, considering nominees recommended by stockholders who comply with procedures set
forth in the Company&#146;s Bylaws and determining whether any prospective member of the Board has any
conflicts of interest which may impair the individual&#146;s suitability for such service. The
committee has the responsibility to monitor current members of the Board pursuant to the same
guidelines used to select candidates. The Nominating/Corporate Governance Committee is also
responsible for identifying best practices and developing and recommending to the Board a set of
corporate governance principles applicable to Carver and for periodically reviewing such
principles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Nominating/Corporate Governance Committee met two times during fiscal year 2010 and
recommended the director nominees to the Board of Directors, which accepted these recommendations.
The committee also met on June&nbsp;15, 2010. Only those nominations made by the Nominating/Corporate
Governance Committee and approved by the Board will be voted upon at the Annual Meeting. For a
description of the proper procedure for stockholder nominations, see &#147;Additional
Information&#151;Notice of Business to be Conducted at Annual Meeting&#148; in this proxy statement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Compensation Committee. </I>The Compensation Committee consists of Directors Dr.&nbsp;Samuel Daniel
(Chairman), Janet L. Roll&#233; and Robert R. Tarter. All members have been determined to be
independent directors. The Compensation Committee evaluates the performance of the Company&#146;s Chief
Executive Officer and approves her compensation in consultation with the non-management members of
the Board of Directors and, based on recommendations from management, reviews and approves senior
management&#146;s compensation and approves compensation guidelines for all other officers. The
Compensation Committee administers the Company&#146;s management recognition, incentive compensation
stock option, and stock incentive plans and, in consultation with senior management, reviews and
approves compensation policies. The Compensation Committee met five times during fiscal year 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Finance and Audit Committee. </I>The Finance and Audit Committee consists of Directors Robert R.
Tarter (Chairman) Pazel G. Jackson, Jr., and Susan M. Tohbe. All members have been determined to
be independent directors. The Finance and Audit Committee&#146;s primary duties and responsibilities
are to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">monitor the integrity of Carver&#146;s financial reporting process and systems of
internal controls regarding finance, accounting and legal compliance;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">manage the independence and performance of Carver&#146;s independent public auditors and
internal auditing function;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">monitor the process for adhering to laws, regulations, the Company&#146;s Code of Ethics
and the Code of Ethics for Senior Financial Officers; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">provide an avenue of communication among the independent auditors, management, the
internal auditing function and the Board of Directors.</DIV></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other specific duties and responsibilities include reviewing Carver&#146;s disclosure controls and
procedures, internal controls, Carver&#146;s periodic filings with the SEC and earnings releases;
producing the required audit committee annual report for inclusion in Carver&#146;s proxy statement; and
overseeing complaints concerning financial matters. The Finance and Audit Committee met nine times
during fiscal year 2010, including meetings to review the Company&#146;s annual and quarterly financial
results prior to their public issuance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Asset/Liability and Interest Rate Risk Committee. </I>The Asset/Liability and Interest Rate Risk
Committee consists of Directors Pazel G. Jackson, Jr. (Chairman), Susan M. Tohbe and Deborah C.
Wright. The Asset/Liability and Interest Rate Risk Committee monitors activities related to
asset/liability management and interest rate risk, including the approval or ratification of
mortgage loans and the establishment of guidelines related to risk, purchase or sale of loans and
investments, and management of interest rate, credit and liquidity risk against objectives and risk
limitations set forth in Carver Federal&#146;s policies. The committee met sixteen times during fiscal
year 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Committee Report</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee has reviewed the Compensation Discussion and Analysis included in
this proxy statement and has discussed it with management. Based on such review and discussion,
the Compensation Committee recommended to the Board of Directors that the Compensation Discussion
and Analysis be included in this proxy statement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following report has been furnished by members of the Compensation Committee:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 8%; margin-top: 10pt">Dr.&nbsp;Samuel J. Daniel (Chairperson)<BR>
Janet L. Roll&#233;<BR>
Robert R. Tarter
</DIV>

<!-- link1 "COMPENSATION DISCUSSION AND ANALYSIS" -->
<DIV align="left"><A NAME="C13259007"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>COMPENSATION DISCUSSION AND ANALYSIS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Executive Summary</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Despite a challenging operating environment, Carver continues to service consumers and
institutions in historically low to moderate income communities. Carver&#146;s commitment to this
community continually earns the Company an &#147;Outstanding&#148; rating from the Office of Thrift
Supervision. Our capital position was enhanced by our participation in the U.S. Treasury
Department&#146;s Capital Purchase Program (&#147;CPP&#148;) of the Emergency Economic Stimulus Act of 2008. The
CPP, part of the Treasury&#146;s Troubled Asset Relief Program (&#147;TARP&#148;), provides cost efficient equity
capital for growth. The Company continues to pursue a strategy that satisfies Carver&#146;s
responsibility to increase shareholder value and to profitably provide services to our customers.
As in past years, for fiscal year 2010, the Company used the Net Income metric to determine
achievement of fiscal year goals and the annual incentive pool. After careful review of the
Company&#146;s performance, the Compensation Committee of the Board of Directors (the <I>&#147;Committee&#148; </I>or the
<I>&#147;Compensation Committee&#148;</I>) determined that the Company did not meet its fiscal year 2010 Net Income
goal and no bonuses were awarded to the Named Executive Officers pursuant to the Company&#146;s
Incentive Plan.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors of Carver and the Compensation Committee share a strong
pay-for-performance philosophy, which seeks to reward the achievement of performance goals and
aligns Carver&#146;s executives&#146; interests with those of Carver&#146;s stockholders. At the same time,
Carver strives to attract and retain high performing executives of outstanding skill and capability
by endeavoring to
provide competitive compensation. The following discussion focuses on the Compensation
Committee&#146;s philosophy and practices, particularly as it relates to Named Executive Officers (as
defined below) for fiscal year 2010 and provides important context for the more detailed disclosure
tables and specific compensation amounts provided elsewhere in the proxy statement. The following
table lists Carver&#146;s Chief Executive Officer and three other most highly compensated executive
officers, Chief Financial Officer, Chief Risk Officer and General Counsel, and Chief Lending
Officer who served in such capacities during the fiscal year ended March&nbsp;31, 2010 (the <I>&#147;Named
Executive Officers&#148;</I>).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position with the Company During fiscal year 2010</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deborah C. Wright
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chris A. McFadden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark A. Ricca
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief Risk Officer and General Counsel</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James H. Bason, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and Chief Lending Officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Philosophy</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s success depends on hiring and retaining highly qualified individuals, as each
executive has the potential to influence its short and long-term performance. Therefore, the
Committee places considerable effort on the design and administration of the Company&#146;s compensation
program. Carver&#146;s competitive position is a critical element in the recruitment and retention of
executives and all employees. As a small community bank in New York City, competitive pressures on
the ability to attract and retain talent are intense. Most executives and staff are recruited to
Carver from money center banks and other larger financial institutions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Committee believes that executive compensation should support Carver&#146;s unique business
strategy and result in a compensation program that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Enables Carver to attract and retain top talent by providing competitive award
opportunities while at the same time effectively controlling compensation costs.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Places significant focus on incentive/performance based rewards that are contingent
on achievement of Company and individual performance.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Enhances Carver&#146;s long-term stockholder value.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver&#146;s compensation program is significantly performance-based. As such, executive
compensation can and does vary significantly, up or down, based on the Company&#146;s performance
relative to strategic goals and industry peers. Carver&#146;s strategic vision and strategies are
translated into specific performance goals, which the Committee considers in assessing performance
and making total compensation decisions. To foster teamwork in building long-term performance and
stockholder value, executive pay reflects a mix of Company, department and individual performance.
Carver&#146;s assessment of compensation and performance considers a balanced view of factors critical
to understanding the Company&#146;s total performance, as follows.
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Internal and External Benchmarks &#151; executive performance is measured against the
Company&#146;s goals for the fiscal year as well as its external peer group, along with
economic and industry factors that may impact performance or strategy.</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Company and Individual performance &#151; executives are incented to work together as a
team to drive overall Company performance; however, each executive is also held
accountable and rewarded for achieving individual goals.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Short and Long-Term Performance &#151; compensation reflects a balance of short-term
performance (i.e., how the Company meets its annual goals) and long-term performance
(i.e., building a platform for sustained, profitable growth over multiple years).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Unique Business Model &#151; Carver&#146;s legacy is anchored in a 62-year history of
commitment to providing capital and financial services, and thereby expanding wealth
enhancing opportunities, to consumers and institutions in historically low to moderate
income communities. The Company&#146;s <I>&#147;Outstanding&#148; </I>rating by the Office of Thrift
Supervision following its most recent Community Reinvestment Act examination in
February&nbsp;2009, noted that 55% of Carver&#146;s loans were originated in such communities,
far exceeding peer institutions.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Benchmarking of Compensation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee periodically benchmarks compensation of executive officers and
directors utilizing published industry surveys and publicly disclosed information from a peer group
of publicly traded banks. The frequency of the comprehensive reviews will reflect the competitive
landscape as well as the Company&#146;s own growth. A comprehensive competitive review by Pearl Meyer &#038;
Partners (&#147;PM&#038;P&#148;) was conducted in 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The peer group below was approved by the Compensation Committee and reviewed by the
compensation consultant to reflect banks with a similar business focus and of similar asset size
and region to Carver. The peer group is reviewed and updated, as appropriate, as the comparability
of banks may change depending on acquisitions and business focus of the Company or peer
institutions. The peer group included banks that ranged from $600&nbsp;million to $2.5&nbsp;billion in
assets with a median of $988&nbsp;million in assets and remained
unchanged from fiscal year 2009. A list
of banks in the peer group follows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Peer Group*</U><BR>
Berkshire Bancorp Inc.<BR>
Brooklyn Federal Bancorp, Inc.<BR>
Center Bancorp, Inc.<BR>
Chemung Financial Corporation<BR>
Clifton Savings Bancorp, Inc.<BR>
First of Long Island Corporation<BR>
Hudson Valley Holding Corporation<BR>
Intervest Bancshares Corporation<BR>
Ocean Shore Holding Company<BR>
OceanFirst Financial Corporation<BR>
Oneida Financial Corporation<BR>
Severn Bancorp, Inc.<BR>
State Bancorp, Inc.<BR>
Sterling Bancorp<BR>
Wilber Corporation

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Note: American Bancorp of New Jersey, Inc., Pamrapo Bancorp, Inc. and Smithtown Bancorp, Inc.
were removed from the peer group as a result of their being acquired.</DIV></TD>
</TR>

</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In 2010 it was determined that the competitive total compensation review would solely utilize
published industry-specific survey data in order to more fully approximate the Company&#146;s asset size
and geographic focus. The aforementioned peer group will continue to be used to benchmark industry
best practices. PM&#038;P provides comparative data from several northeast banking association surveys
as well as published industry surveys and a proprietary database of national banking compensation
data. Data reflect banks of similar asset size and region to the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Compensation-Related Governance and Roles of the Committee and Others in Executive Compensation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Participation in Capital Purchase Program</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In
fiscal year 2009, the Company entered into a Securities Purchase Agreement with the United
States Treasury that provides for the Company&#146;s participation in the Capital Purchase Program under
the TARP (&#147;TARP CPP&#148;). TARP-CPP participants are required to agree to significant restrictions on
executive compensation during the period in which the Treasury holds an equity position in the
Company (the &#147;CPP Covered Period&#148;) as a condition of participation. On February&nbsp;17, 2009, the
American Recovery and Reinvestment Act of 2009 (&#147;ARRA&#148;) became law. ARRA created
compensation-related limitations in addition to the limitations under the CPP discussed above and
required the Secretary of the United States Treasury to establish additional standards for
executive compensation that will apply beyond the Company&#146;s senior executive officers and up to the
20 next most highly compensated employees during the CPP Covered Period. In compliance with such
requirements, the Company&#146;s senior executive officers or &#147;SEO&#146;s&#148; and the next 20 most highly
compensated employees have agreed in writing to accept the compensation restrictions under the TARP
and ARRA and thereby limit some of their contractual or legal rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Under TARP and ARRA, the following restrictions were in effect as of the end of fiscal year
2009 and fiscal year 2010 and consisted of the following:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Claw back of Bonus and Incentive Compensation if Based on Certain Material
Inaccuracies. </B>Incentive compensation paid that is later found to have been based on
materially inaccurate financial statements or other materially inaccurate measurements
of performance is subject to recovery by the Company. The Company&#146;s senior executive
officers and next 20 most highly paid employees acknowledge that each incentive program
and each compensation or benefit agreement that incorporates incentive compensation was
deemed amended to the extent necessary to give effect to such claw-back.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>No Compensation Arrangements that Encourage Excessive Risks. </B>The Company is
prohibited from entering into compensation arrangements that encourage employees to
take &#147;unnecessary and excessive risks that threaten the value&#148; of the Company. To
insure this does not occur, the Company&#146;s Compensation Committee is required to meet at
least once a year with senior risk officers to review the Company&#146;s compensation
arrangements in light of the Company&#146;s risk management policies and practices. To the
extent that such review suggests revisions to any compensation arrangement, the Company
agrees to modify promptly the compensation arrangement to eliminate any undue risk. In
November&nbsp;2009, the Compensation Committee met with the Company&#146;s Chief Risk Officer and
determined that Carver&#146;s compensation program does not encourage unnecessary risk
taking by executive officers. Carver&#146;s short-term and long-term incentive programs use
a broad based balance of performance measures with no</DIV></TD>
</TR>



</TABLE>
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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">one measurement dominating the
payout determination. This feature greatly mitigates any incentive for an employee to engage in unnecessary or excessive risk. The
performance measures include net income, loan and deposit growth, efficiency ratio,
SOX 404 compliance, New Markets Tax Credit allocation deployment and individual
performance throughout the year. Company and departmental goals are based upon an
annual business plan submitted to and approved by the Board of Directors, whereat
the Board considers the reasonableness of the plan and its goals. Individual
performance is based upon actual performance compared to pre-established performance
goals and actual performance compared to adjusting market and other conditions. In
this connection, incentive compensation can be reduced to zero based upon individual
performance, further ensuring employees are not rewarded for performance that is not
in Carver&#146;s best long-term interests.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Limit on Federal Income Tax Deductions. </B>During the CPP Covered Period, the Company
is prohibited from taking a federal income tax deduction for compensation paid to
senior executive officers in excess of $500,000 per year.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Limit on Severance. </B>The Company is prohibited from making severance payments
resulting from termination of employment for any reason, except for payments for
services performed or benefits accrued to the Company&#146;s senior executive officers and
the next 20 most highly compensated employees during the CPP Covered Period.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Limits on Incentive Compensation</B>. The ARRA standards prohibit the payment or
accrual of any bonus, retention award or incentive compensation to the Company&#146;s most
highly compensated employee (in Carver&#146;s case, the Chief Executive Officer) other than
awards of long-term restricted stock that (i)&nbsp;do not fully vest during the CPP Coverage
Period, (ii)&nbsp;have a value not greater than one-third of the total annual compensation
of the employee and (iii)&nbsp;are subject to such other restrictions as determined by the
Secretary of the Treasury. The prohibition on bonus, incentive compensation and
retention awards does not preclude payments required under written employment contracts
entered into on or prior to February&nbsp;11, 2009.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Compensation Committee Functions</B>. ARRA requires that the Company&#146;s Compensation
Committee be comprised solely of independent directors and that it meets at least
semiannually to discuss and evaluate the Company&#146;s employee compensation plans in light
of an assessment of any risk posed to the Company from such compensation plans.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Compliance Certifications. </B>ARRA requires a written certification by the Company&#146;s
Chief Executive Officer and Chief Financial Officer of the Company&#146;s compliance with
the provisions of ARRA. These certifications must be contained in the Company&#146;s Annual
Report on Form 10-K that is filed after the relevant Treasury regulations are issued.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Treasury Review of Excessive Bonuses Previously Paid. </B>ARRA directs the Secretary of
the Treasury to review all compensation paid to the Company&#146;s senior executive officers
and the Company&#146;s next 20 most highly compensated employees before date of enactment to
determine whether any such payments were inconsistent with the purposes of ARRA or were
otherwise contrary to the public interest. If the Secretary of the Treasury makes such
a finding, the Secretary of the Treasury is directed to negotiate with the TARP CPP
recipient and the affected employees for appropriate reimbursements to the Treasury
with respect to the compensation and bonuses.</DIV></TD>
</TR>




</TABLE>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Limitation on Luxury Expenditures. </B>The Board of Directors must have in place a
company-wide policy regarding excessive or luxury expenditures, as identified by the
Treasury, which may include excessive expenditures on (i)&nbsp;entertainment or events, (ii)
office and facility renovations, (iii)&nbsp;aviation or other transportation services, (iv)
other unreasonable expenditures for staff development events, performance initiatives
or other similar measures conducted in the normal course of business operations.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Say on Pay. </B>Under ARRA, the SEC promulgated rules requiring a non-binding say on
pay vote by shareholders on executive compensation at the annual meeting during the CPP
Covered Period. The Company implemented this provision beginning with the fiscal
year 2009 proxy statement by including the submission of an &#147;Advisory Vote on
Compensation of Named Executive Officers.&#148;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Role of the Compensation Committee</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee is responsible for discharging the Board of Directors&#146;
responsibilities in executive compensation matters and establishing policies that govern employee
compensation and equity and long-term incentive compensation plans. The Committee reviews all
elements of the Company&#146;s Chief Executive Officer and other executive officers&#146; compensation
including base salary, annual incentive, long-term/equity incentives, and benefits. Three members
of the Board serve on the Committee, each of whom is independent. The Committee met five times
during fiscal year 2010 (May&nbsp;13, 2009, June&nbsp;11, 2009, November&nbsp;12, 2009, January&nbsp;22, 2010 and March
18, 2010). The Chairman of the Committee reported on Committee actions at subsequent meetings of
the Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Committee reviews Chief Executive Officer performance and makes decisions regarding the
Chief Executive Officer&#146;s compensation in consultation with non-management members of the Board of
Directors. Input and data from the Senior Vice President and Chief Human Resources Officer and
other management as well as outside consultants and advisors are provided as requested by the
Committee. Decisions regarding other executives are made by the Compensation Committee considering
recommendations from the Chief Executive Officer and with input from the Senior Vice President and
Chief Human Resources Officer and an outside compensation consultant. Decisions by the
Compensation Committee with respect to compensation of the Chief Executive Officer are ratified by
the full Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Committee has the authority and resources to obtain advice and assistance from internal or
external legal, human resources, accounting or other experts, advisors, or consultants, as it deems
desirable or appropriate. Details on the Committee&#146;s role are more fully described in its charter,
which has been approved by the Board of Directors. The charter can be viewed on the Company&#146;s
website at <u>www.carverbank.com</u>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Interaction with the Compensation Consultant</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Committee utilizes the services of external advisors and consultants throughout the year
regarding executive compensation. The Committee utilizes the services of its consultant to conduct
periodic comprehensive total compensation studies as well as ongoing updates on market and best
practices. This information was requested and utilized as needed to support the Committee&#146;s
decisions and review processes. The Committee retains the right to hire, fire and seek the
services of consulting and advisory firms.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During fiscal year 2010, the Committee relied on the services of PM&#038;P to provide advice and
counsel related to executive compensation issues. The Committee had direct access to these
advisors and PM&#038;P reports directly to the Committee. PM&#038;P conducted several studies for the
Committee during the fiscal year and attended four of its five meetings (in person or by phone)
held in fiscal year 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">PM&#038;P reports directly to the Compensation Committee and under the direction of the Committee
may work with management on specific issues or assignments as appropriate. During fiscal year 2010,
PM&#038;P worked with management to complete the compensation tables presented in the following pages
and to insure the Company&#146;s incentive programs continue to be in-line with best practices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Role of Executives in Committee Deliberations</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee occasionally requests one or more members of senior management to
be present at Committee meetings where executive compensation and Company or individual performance
are discussed and evaluated. Executives are free to provide insight, suggestions or
recommendations regarding executive compensation. However, only the Compensation Committee members
are allowed to vote on decisions regarding executive compensation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee meets with the Chief Executive Officer to discuss her own
performance and compensation package, but ultimately decisions regarding her compensation are made
solely based upon the Committee&#146;s deliberations with input from the compensation consultant, as
requested. Decisions regarding executives reporting directly to the Chief Executive Officer are
made by the Compensation Committee considering recommendations from the Chief Executive Officer, as
well as input from the compensation consultant as requested.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Combined Chairman of the Board and Chief Executive Officer Role</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors has appointed Deborah C. Wright to the positions of Chairman of the Board
and President, Chief Executive Officer of Carver Bancorp, Inc. and Carver Federal Savings Bank.
The Board believes that the Company and its shareholders are well served by having her industry
expertise, knowledge and visibility in the combined role. The combining of these positions serves
two purposes: (1)&nbsp;provides a uniform voice to our customers, partners, and shareholders, and (2)
seamlessly promotes development and execution of our corporate strategy. Additionally, the Board
believes the combined role facilitates the information exchange between management and the Board,
which we believe to be critical to effective corporate governance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board will continue to review and evaluate the combined roles of Chairman and Chief Executive
Officer to ensure this is in the best interest of the Company and its shareholders. Since all of
our directors are independent, with the exception of Ms.&nbsp;Wright, and having Mr.&nbsp;Holland serve as
our independent Lead Director, shareholders should be assured that the Board will collectively act
in the best interest of the Company and its shareholders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Total Compensation Program Components</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver&#146;s total compensation program consists of four main components: Base Salary, Annual
Incentives, Long-term Incentives, and Executive Benefits/Perquisites. The following section
summarizes the role of each component, how decisions are made and resulting fiscal year 2010
decisions as they relate to the Named Executive Officers.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Base Salary</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The purpose of base salary is to provide competitive base compensation that recognizes the
executives&#146; role, responsibilities, experience, performance and past and potential contribution to
the Company. The Company targets base salaries at the 50th percentile of the peer group; however,
judgment is exercised in determining each executive&#146;s situation relative to market. As a result,
experienced and/or high performing executives may be paid above the market median and less
experienced or average performing executives may be paid below the market median. With the
exception of fiscal year 2009 when no executive officer received a salary increase, the Bank has
provided salary increases historically at approximately 3% &#151; 4% annually, with limited exceptions
to reflect factors including added responsibilities for an executive or marketplace changes in
compensation for a particular position.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Short-Term Incentives</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The purpose of the Company&#146;s performance-driven Incentive Plan (&#147;the Incentive Plan&#148;) is to
motivate and reward corporate, department and individual performance. Performance goals are set
annually and reviewed by the Board and payouts are based on achievement of the predefined goals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee has determined that the primary goal and driver of incentive pay
awards is achievement of budgeted Net Income based on the fiscal year business plan prepared by
management and approved by the Board at the beginning of each fiscal year. Each fiscal year, a
funding schedule is developed that translates incentive payouts relative to the fiscal year-end Net
Income. If the Company does not achieve a minimum of 80% of target Net Income, the incentive pool
is not funded and executives may not receive an annual cash incentive for that fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The incentive pool at target performance is defined to provide competitive incentives and to
reflect Carver&#146;s desired compensation philosophy to place significant focus on
incentive/performance based rewards that are contingent on achievement of Company goals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At 80% of the Net Income threshold, the corporate incentive pool funds at a reduced payout of
50% of target. At maximum/stretch performance, the corporate pool funds at 150% of target. This
program design provides a payout relationship that rewards high performance and reduces payouts for
lower achievement of goals. Potential payouts and incentive pool funding are modeled each year
relative to projected Net Income performance to ensure the pay-for-performance relationship is
appropriate. However, the Committee can approve discretionary awards outside of the bonus pool on
an individual basis, where the Committee deems it appropriate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Corporate performance, as measured by Net Income, drives between 40% &#151; 60% of the executives&#146;
incentive awards depending on his/her role. The remaining percentage consists of other specific
department/strategic goals that reflect critical measures for the fiscal year. For fiscal year
2010, incentives for the Named Executive Officers are comprised of 40% &#151; 50% corporate performance
and 50% &#151; 60% department/strategic goals. Annual incentives for additional executives are in
similar ranges. The department/strategic goals for the management team in fiscal year 2010
included the following measures:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Organic loan and deposit growth</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Increased fee income or other items leading to improved return on equity</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Improved efficiency ratio</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Deploy New Markets Tax Credit allocation, generating tax savings for the Company</DIV></TD>
</TR>


</TABLE>
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</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In addition to corporate and department goals, the Plan&#146;s design includes an individual
modifier that allows incentive awards to be modified (up or down) to reflect overall individual
performance and contributions. As such, an individual incentive award can be increased by 30% for
exceptional performance or reduced to 0% for poor performance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For fiscal year 2010, the Company&#146;s annual target incentive ratios for the Named Executive
Officers were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Potential Range</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Target Incentive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(with additional</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">30% upside</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(as % of salary)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">potential)</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Executive Officer, Deborah C. Wright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">0% - 97.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Financial Officer, Chris A. McFadden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">0% - 58.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Risk Officer and General Counsel, Mark A. Ricca</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">0% - 58.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Lending Officer, James Bason, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">0% - 48.8</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Annual incentives when awarded are not fixed compensation, must be re-earned each year and are
based on actual performance. The Compensation Committee reviews the Incentive Plan each year and,
if necessary, resets the specific goals and targets for executives to align with business needs and
the desired compensation philosophy.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As discussed earlier, for 2010, the Company used the Net Income metric to determine
achievement of fiscal year goals and the annual incentive pool. After careful review of the
Company&#146;s performance, the Committee determined that the Company did not meet its fiscal year 2010
Net Income goal and, as in fiscal year 2009, did not award any bonuses to the Named Executive
Officers pursuant to the Company&#146;s Incentive Plan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Long-Term Incentive Compensation</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company believes strongly in the importance of aligning executive incentives with the
long-term performance of the Company and interests of stockholders. The purpose of the Company&#146;s
long-term incentive plan (the &#147;Plan&#148;) is to promote the Company&#146;s growth and profitability, to
provide certain officers with an incentive to achieve corporate objectives, to attract and retain
individuals of outstanding competence and to provide initial grants to new non-employee directors
of the Company. The Plan is also designed to align participants&#146; interests with stockholders of
the Company and serves as a retention tool for key members of management.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee reviews the Plan each year and insures specific goals and targets
for executives are aligned with business objectives and the Company&#146;s compensation philosophy. As
a demonstration of the Company&#146;s desire for long-term shareholder alignment, the Committee selected
Return on Equity (&#147;ROE&#148;) as the performance measure for allocating and vesting awards. Similar to
the annual incentive plan, if the Company does not achieve threshold performance, or 80% of goal,
no long-term incentive awards are granted for that fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Long-term incentives may be in the form of cash, stock options and/or restricted stock. Due
to the size of the Company, limited trading and low volatility of the Company&#146;s stock, and the
Company&#146;s desire to manage shareholder dilution carefully, the Committee diligently takes steps
each year to adjust
the Company&#146;s programs to remain consistent with industry practice. The Committee will
continue to review and adjust, if needed, the effectiveness of its strategy and payout mix each
fiscal year.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Regardless of the type of award (stock options, restricted stock, or cash), under the
Company&#146;s current long-term incentive plan, the awards vest over a five-year period, at 20% each
year on the anniversary of the grant date with accelerated vesting in years three or four if the
Company meets or exceeds the current peer group&#146;s average three-year ROE.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The long-term incentive plan payout ratios for fiscal year 2010 for the Named Executive
Officers are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Target</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Award</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deborah C. Wright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Chairman and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris A. McFadden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark A. Ricca</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Executive Vice President, Chief Risk Officer and General Counsel</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James H. Bason, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Senior Vice President and Chief Lending Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As discussed above, the Company used the ROE metric to determine achievement of fiscal year
goals and the long-term incentives. After careful review of the Company&#146;s performance, the
Committee determined that the Company did not meet its fiscal year 2010 ROE goal and, as in fiscal
year 2009, the Company did not award long-term incentives to the Named Executive Officers pursuant
to the Company&#146;s Long-term Incentive Plan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Executive Officer Compensation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s current compensation structure includes three integrated parts: (1)&nbsp;a grading
structure based on the employee&#146;s corporate level; (2)&nbsp;an annual cash bonus target and a long-term
incentive target based on a recommended performance measure; and (3)&nbsp;an individual performance
modifier based on a manager&#146;s assessment of an individual&#146;s performance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At each fiscal year-end, a model is used to calculate bonuses as a percentage of base pay for
bonus-eligible officers and takes into account the officer&#146;s grade level, corporate performance,
departmental performance against goals, and individual performance. Departmental and individual
performance goals are defined and communicated to managers and employees during the budget and
performance appraisal processes, which occur at the beginning of each fiscal year. Long-term
incentives are provided to executive officers in the form of restricted stock, stock options or
cash. Awards are granted under the plan in effect at the time of the award.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Committee determined it is in the Company&#146;s best interest to recognize exemplary services
and to encourage those services to continue to be performed by awarding certain employees
restricted stock that would vest over a five-year period in equal allotments. In this connection,
the Committee determined it is in the Company&#146;s best interest to award on July&nbsp;22, 2010 the Named
Executive Officers Chris A. McFadden and Mark A. Ricca, each 7,500 shares of restricted stock that
vests over a five-year period commencing July&nbsp;22, 2011 in equal allotments of 1,500 shares per
year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On January&nbsp;16, 2009, the Company completed a financing transaction with the United States
Treasury under TARP. As a result of the passage of the American Recovery and Reinvestment Act of
2009, all participants in TARP transactions are required to comply with substantial restrictions on
executive compensation. These restrictions impact the terms of the Named Executive Officers&#146;
employment agreements and other agreements affecting potential payments upon termination or change
in
control. See &#147;Recent Legislation and its Impact on Executive Compensation&#148; discussed later in
this document.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Compensation of Executive Officers and Directors</B>
</DIV>



<!-- link1 "SUMMARY COMPENSATION TABLE AT FISCAL YEAR-END 2010" -->
<DIV align="left"><A NAME="C13259008"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SUMMARY COMPENSATION TABLE AT FISCAL YEAR-END 2010</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table presents compensation information regarding the Company&#146;s Chief Executive
Officer, Chief Financial Officer, Chief Risk Officer and Chief Lending Officer who served in such
capacities at fiscal year end March&nbsp;31, 2010 (collectively, the
<I>&#147;Named Executive Officers&#148;</I>).
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Change in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pension Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Nonqualified</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>3/31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top"><B>(5)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top"><B>(5)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Earnings</B> <SUP style="font-size: 85%; vertical-align: text-top"><B>(6)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top"><B>(7)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD rowspan="3"><DIV style="margin-left:0px; text-indent:-0px">Deborah C. Wright <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP><br>
Chairman and Chief<br>Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">385,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">88,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">486,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">376,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">458,699</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">104,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">308,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">859,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Mark A. Ricca <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">208,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD rowspan="1"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President,<br>Chief Risk Officer and<br>General Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris M. McFadden <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,231</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">141,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">141,731</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James H. Bason, Jr. <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">198,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Vice President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">176,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Lending Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">268,397</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Ms.&nbsp;Wright: Other compensation includes $9,800 401k plan match; 9,014 ESOP shares valued at $8.75 per share on March&nbsp;31, 2010.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mr.&nbsp;Ricca joined the Company on November&nbsp;20, 2008. Other compensation for Mr.&nbsp;Ricca includes $8,028 401k plan match.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Ms.&nbsp;McFadden joined the Company on September&nbsp;14, 2009</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mr.&nbsp;Bason: Other compensation includes 2,388 ESOP shares valued at $8.75 per shares on 3/31/2010.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amounts in columns (e)&nbsp;and (f)&nbsp;reflect the value of the awards on the date granted in the respective fiscal year ended March&nbsp;31. Stock
awards are based on the closing price on the grant date Option values are based on their Black-Scholes value, based on the assumptions set
forth in Note 13 to the Financial Statements set forth in the Company&#146;s Form 10-K for the fiscal year ended March&nbsp;31, 2010. Values
reported previously were based on the dollar amount recognized for financial statement purposes and included amounts from awards granted in
and prior to the respective fiscal year.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The significant change in the present value of the pension plan benefit is due to using a different rate to calculate the value. In the
past an 8% rate was used which coincided with what was used for FAS 35 measurement. This year, the FASB 87 disclosure rate of 5.645% was
used to comply with the SEC requirement that a plan sponsor must use the assumptions it uses for generally accepted accounting principles.
But for the change in rates, the change in value would have been $1,305.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company does not currently offer additional perquisites, which in the aggregate exceed $10,000 per year for any Named Executive Officer.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During fiscal year 2010, no plan-based awards were granted to any of our named executive
officers.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth information regarding stock awards, stock options and similar
equity compensation outstanding at March&nbsp;31, 2010, whether granted during fiscal year 2010 or
earlier. No awards have been transferred.
</DIV>

<!-- link1 "OUTSTANDING EQUITY AWARDS at FISCAL YEAR-END 2010" -->
<DIV align="left"><A NAME="C13259009"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OUTSTANDING EQUITY AWARDS at FISCAL YEAR-END 2010</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>incentive plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>incentive plan</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>awards: market</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unearned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>or payout value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>shares, units or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of unearned</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>other rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>shares, units or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that have not</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>other rights</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>vested</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that have not</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date of Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>price($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>expiration date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>vested ($)(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deborah C. Wright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/01/2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/30/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">113,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8/22/2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8/20/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/12/2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/09/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/24/2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/21/2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/24/2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/22/2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/09/2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/07/2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/20/2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/17/2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/11/2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/11/2017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James H. Bason, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2/5/2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2/02/2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/24/2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/22/2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/09/2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/07/2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/04/2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Unvested shares value is based on Carver&#146;s stock price at close of business on March&nbsp;31,
2010 of $8.75.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent:8%">Grant dates and vesting schedules for unvested shares are shown below for each Named Executive
Officer.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Grant Date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Vesting Dates of Unvested Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Vested Schedule</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deborah Wright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/09/2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/09/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>10% yrs 1-4; 60% year 5</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/20/2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/14/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/14/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">20% per year</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/11/2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/11/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/11/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/11/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">20% per year</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">20% per year</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Total Unvested</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James Bason</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/09/2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/09/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/20/2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/14/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/14/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/04/2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/04/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/04/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/04/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/11/2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Total Unvested</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Nonqualified Deferred Compensation Plans</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The Company did not have any non-qualified deferred compensation plans in fiscal year 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Benefits Plans</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Pension Plan</I><B><I>. </I></B>The Carver Federal Savings Bank Retirement Income Plan is a noncontributory,
tax-qualified defined benefit plan (the &#147;Pension Plan&#148;). The Pension Plan was amended such that
future benefit accruals ceased as of December&nbsp;31, 2000. Since that date, no new participants were
eligible to enter into the Pension Plan and participants as of such date have not been credited
with additional years of service or increased compensation. Active employees with at least one
year of service on December&nbsp;31, 2000 are eligible to receive a benefit under the Plan should the
Plan be terminated. The amount of the benefit will be calculated based on age, credited years of
service and pay at the time the plan was frozen. Employees with more than five years of service on
December&nbsp;31, 2000 who reach retirement age before the Plan is terminated are eligible for a benefit
calculated based on the Plan&#146;s definitions of earnings and eligibility. Ms.&nbsp;Wright is the only
Named Executive Officer in the plan. The present value of Ms.&nbsp;Wright&#146;s accumulated benefit in the
plan is $27,886.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>4</I><I>01(k)</I><I> Savings Plan. </I>The Company maintains a 401(k) Savings Plan (&#147;401(k) Plan&#148;) with a
profit sharing feature for all eligible employees of the Company. The Company matches
contributions to the 401(k) Plan equal to 100% of pre-tax contributions made by each employee up to
a maximum of 4% of their pay, subject to IRS limitations. All such matching contributions are
fully vested and non-forfeitable at all times regardless of the years of service with the Bank. To
be eligible for the matching contribution, the employee must be 21&nbsp;years of age and have completed
at least three months of service. Under the profit-sharing feature, the Company has the discretion
to make a contribution. If the Bank achieves a minimum of 70% of its fiscal year performance goal,
the Compensation Committee may authorize an a non-elective contribution to the 401(k) Plan on
behalf of each eligible employee of up to 2% of the employee&#146;s annual pay, subject to IRS
limitations. This non-elective contribution, if made, is awarded regardless of whether the
employee makes voluntary contributions to the 401(k) Plan. Non-elective Company contributions vest
20% each year for the first five years of employment and are fully vested thereafter. To be
eligible for the non-elective company contribution, the employee must be 21&nbsp;years of age, have
completed at least one year of service and be employed on the last day of the plan year, currently
December&nbsp;31, or have terminated employment for death, disability or retirement. The Company did
not award a non-elective contribution for the 401(k) Plan year that ended December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Employee Stock Ownership Plan. </I>Effective upon conversion to a publicly traded company, an
Employee Stock Ownership Plan (&#147;ESOP&#148;) was established for all eligible employees. The ESOP used
proceeds from a term loan obtained from a third-party institution to purchase shares of Carver&#146;s
common stock in the initial public offering to pledge as collateral for the loan. In June&nbsp;2004,
the loan was paid off and the Bank continued to make discretionary contributions to the ESOP by
purchasing shares in the open market. This was in accordance with Carver&#146;s common stock repurchase
program where shares are held in a suspense account for future allocation among the participants
based on compensation, as described by the Plan, in the year of allocation. In May&nbsp;2006, the
Compensation Committee approved management&#146;s recommendation and voted to freeze the ESOP.
Discretionary contributions ceased and no new participants were eligible to enter the ESOP after
December&nbsp;31, 2006.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Employment and Other Agreements with Executive Officers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of June&nbsp;1, 1999, both Carver and Carver Federal entered into employment agreements to
secure the services of Deborah C. Wright as President and Chief Executive Officer. The employment
agreements are intended to set forth the aggregate compensation and benefits payable to Ms.&nbsp;Wright
for
all services rendered to them and any of their subsidiaries. Both employment agreements
provided for an initial term of three years beginning June&nbsp;1, 1999 and, pursuant to the terms of
the employment agreements, each year thereafter have been extended an additional year following a
review of Ms.&nbsp;Wright&#146;s performance by the Compensation Committee and the Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In addition, the employment agreements provide for an annual incentive payment based on the
achievement of certain performance goals, future grant of stock awards, a supplemental retirement
benefit, additional life insurance protection and participation in the various employee benefit
plans maintained by Carver and Carver Federal from time to time. The agreements also provide
customary corporate indemnification and errors and omissions insurance coverage throughout the term
of the agreements and for six years thereafter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver may terminate Ms.&nbsp;Wright&#146;s employment at any time for cause as defined in the
employment agreements. In the event that Carver terminates Ms.&nbsp;Wright&#146;s employment for reasons
other than for cause, she would be entitled to a severance benefit equal in value to the cash
compensation, retirement and other fringe benefits she would have earned had she remained employed
for the remaining term of the agreements. The same severance benefits would be available if Ms.
Wright resigns during the term of the employment agreements following a loss of title, office or
membership on the Board; a material reduction in her duties, functions or responsibilities;
involuntary relocation of her principal place of employment by over 30 miles from its location as
of June&nbsp;1, 1999, other material breaches of contract by Carver that are not cured within 30&nbsp;days;
or, in certain circumstances, a change in control. In the event of a change in control, the
remaining term of Ms.&nbsp;Wright&#146;s agreement with Carver at any point in time will be three years
unless written notice of non-renewal is given by the Board or Ms.&nbsp;Wright.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">A portion of the severance benefits payable to Ms.&nbsp;Wright under her employment agreements in
the event of a change in control might constitute &#147;excess parachute payments&#148; under current federal
tax laws. Federal tax laws impose a 20% excise tax, payable by the executive, on excess parachute
payments. In the event that any amounts paid to Ms.&nbsp;Wright following a change of control would
constitute &#147;excess parachute payments&#148;<I>, </I>Ms.&nbsp;Wright&#146;s employment agreement with Carver provides that
she will be indemnified for any excise taxes imposed due to such excess parachute payments, and any
additional income and employment taxes imposed as a result of such indemnification of excise taxes.
Any excess parachute payments and indemnification amounts paid will not be deductible compensation
expenses for the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U><I>Letter Agreements.</I></U> The Company entered into letter employment agreements with Ms.
McFadden and Messrs Bason and Ricca. Generally, each letter employment agreement provides for
&#147;at-will&#148; employment and compensation in the form of base salary and benefits continuation based on
length of service and in certain instances, a one-time payment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U><I>Change in Control Arrangements</I></U>. In the event of a change in control, pursuant to her
employment agreement, Ms.&nbsp;Wright is eligible for three years of base salary and benefits
continuation. Pursuant to their letter agreements, as of March&nbsp;31, 2010, Ms.&nbsp;McFadden and Messrs
Ricca and Bason are eligible for 39&nbsp;weeks of base salary and benefits continuation.
Notwithstanding their change in control arrangements, the Company&#146;s senior executive officers have
agreed in writing to accept the ARRA standards discussed earlier in this document. Under ARRA,
during the period in which the Treasury holds an equity position in the Company, the Company is
prohibited from paying severance resulting from termination for any reason, except for payments for
services performed or benefits accrued.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Recent Legislation and Its Impact On Executive Compensation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On January&nbsp;16, 2009, the Company completed a financing transaction with the United States
Treasury under the TARP. The Company is therefore subject to these restrictions, and would be
unable to make any of the payments described above under the caption &#147;Potential Payments Upon
Termination or Change in Control.&#148; To comply with these restrictions, Ms.&nbsp;Wright, Ms.&nbsp;McFadden,
Mr.&nbsp;Ricca and Mr.&nbsp;Bason have signed agreements waiving their respective rights to severance
payments for so long as the Company is legally prohibited from making such payments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Under ARRA, all institutions that have received government investments under the TARP are
required to comply with new executive compensation restrictions. Among other things, these
restrictions prohibit the payment of severance to the Company&#146;s senior executive officers upon
their departure from the institution for any reason. In addition, for institutions like the
Company that have received less than $25&nbsp;million under the TARP, the institution&#146;s highest paid
executive officer may not receive a cash bonus, but may receive a bonus in the form of restricted
stock provided that (i)&nbsp;the restricted stock does not vest until the Treasury&#146;s investment is
redeemed, and (ii)&nbsp;the value of the restricted stock does not exceed one-third of the officer&#146;s
annual compensation. These restrictions remain in place for so long as the government&#146;s investment
in the institution is outstanding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In February&nbsp;2010, the U.S. Treasury announced the creation of the TARP Community Development
Capital Initiative (&#147;CDCI&#148;), in recognition of the unique role of Community Development Financial
Institutions (&#147;CDFI&#146;s&#148;) as lenders in disadvantaged communities. Carver, as a CDFI, applied to
participate in the CDCI program. On August&nbsp;27, 2010, Carver completed an exchange of TARP CCP
capital for CDCI capital. All restrictions on executive compensation that applied under TARP CPP
remain in force under the CDCI program.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Director Compensation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Chairman of the Board of Directors is currently the Chief Executive Officer and does not
receive any additional compensation for serving as the Board Chairman. The Company&#146;s outside
directors are paid an annual cash retainer of $10,000 to serve as a Director of both Carver and
Carver Federal and receive a meeting fee of $600 for Board Meetings attended and $700 per Executive
Committee meeting attended. The chairs of the Asset Liability and Interest Rate Risk Committee
(<I>&#147;ALCO&#148;</I>) and Audit committees receive an annual retainer of $7,500 and $5,000, respectively, and a
meeting fee of $650<I>. </I>The chairs of the remaining committees receive an annual retainer of $1,500
and all committee members including the chairs thereof receive $475 per committee meeting attended.
The Compensation Committee may approve a grant of 1,000 shares of restricted stock and 1,000 stock
options, which vest pursuant to the Company&#146;s incentive plan in effect at the time of the grant.
In 2010, after a competitive study of Non-Employee Director Compensation conducted by PM&#038;P, the
Compensation Committee decided to grant annual restricted stock awards in the amount of $5,000 to
each non-employee director. Such grants are effective as of the date of each annual meeting of
stockholders. All other compensation elements would remain unchanged.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth information regarding compensation earned by the non-employee
directors of the Company during the last fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>DIRECTOR COMPENSATION AT FISCAL YEAR-END 2010</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change In</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Pension</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Earned</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Value And</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">or</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-Equity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Nonqualified</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Paid In</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Stock</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Option</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Incentive Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Deferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">All Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Cash</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Compensation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Compensation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Compensation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Total</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Earnings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Carol Baldwin Moody</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Samuel Daniel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David L. Hinds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Holland, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pazel G. Jackson Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward B. Ruggiero</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Tarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,525</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Impact of Accounting and Tax on the Form of Compensation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee and the Company consider the accounting and tax (individual and
corporate) consequences of the compensation plans prior to making changes to the plans. The
Compensation Committee has considered the impact of the Financial Accounting Standards Board
(&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC&#148;) Topic 718 (formerly &#147;SFAS No.&nbsp;123R&#148;), on the
Company&#146;s use of equity incentives as a key retention tool.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As part of its role, the Compensation Committee also reviews and considers sections of the
Internal Revenue Code (&#147;IRC&#148;), including but not limited to, Golden Parachutes Under IRC Section
280(g) and the deductibility of executive compensation under Section 162(m) which limits deduction
of compensation paid to Named Executive Officers to $1,000,000 unless the compensation is
<I>&#147;performance-based&#148;</I>. This applies to base salary, all cash incentive plans and equity grants other
than stock options. During fiscal year 2010, no employee received taxable compensation in excess
of $1,000,000 and therefore, deductibility of compensation was not limited by these sections of the
IRC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Option Granting Practices</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The timing of the Company&#146;s option grants has historically been and continues to be determined
upon appointment to the Board, upon hire, or in conjunction with incentive grants after the
Company&#146;s fiscal year end and approved by the Compensation Committee. In fiscal year 2010, no
options were granted to Named Executive Officers. When granted, however, grants vest pursuant to
the Company&#146;s incentive plan in effect at the time of the grant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Ownership Guidelines</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company regularly reviews the ownership levels of its directors and officers and has not
established minimum stock ownership guidelines as the Company&#146;s directors and the Named Executive
Officers collectively own a significant amount of Company Stock.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Conclusion</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Compensation Committee retains the discretion to decrease all forms of incentive payouts
based on significant individual or Company performance shortfalls. Likewise, the Committee retains
the discretion to increase payouts and/or consider special awards for significant achievements,
including but not limited to superior asset management, investment or strategic accomplishment
and/or consummation of beneficial acquisitions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Overall, the level and mix of compensation that is finally decided upon is considered within
the context of both the objective data from Carver&#146;s competitive assessment of compensation and
performance, as well as discussion of the subjective factors as outlined above. The Compensation
Committee believes that each executive&#146;s compensation is within the competitive range of practices
when compared to the objective comparative data and reasonable given Company and individual
performance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Securities Authorized for Issuance Under Equity Compensation Plans</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth information about the shares of Voting Stock authorized by
Carver for issuance under equity compensation plans as of March&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>remaining</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>available for future</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>issued upon</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>issuance under</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>exercise price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>compensation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>plans (excluding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>warrants and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>warrants and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>securities reflected</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Plan Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>in column (a))</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation plans approved by security holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,046</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation plans not approved by security
holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,046</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s Stock Incentive Plans do not provide for re-pricing of stock options, which is
the cancellation of shares in consideration of the exchange for other stock options to be issued at
a lower price, and the Company has not acted to re-price stock options.
</DIV>
<!-- link1 "ADDITIONAL INFORMATION" -->
<DIV align="left"><A NAME="C13259010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Date for Submission of Stockholder Proposals</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In accordance with SEC rules and Carver&#146;s Bylaws, any stockholder wishing to have a proposal
considered for inclusion in Carver&#146;s proxy statement and proxy card relating to the annual meeting
of stockholders to be held in the fiscal year ending March&nbsp;31, 2012, must, in addition to other
applicable requirements, set forth such proposal in writing and file it with the Secretary of
Carver within a reasonable time before Carver begins to print and mail its proxy materials.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Notice of Business to be Conducted at Annual Meeting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Carver&#146;s Bylaws provide an advance notice procedure for a stockholder to properly bring
business before an annual meeting or to nominate any person for election to Carver&#146;s Board of
Directors. The stockholder must be a stockholder of record and have given timely notice thereof in
writing to the Secretary of Carver. To be timely, a stockholder&#146;s notice must be delivered to or
received by the Secretary not later than the following dates: (1)&nbsp;with respect to an annual meeting
of stockholders, 60&nbsp;days in advance of such meeting, if such meeting is to be held on a day which
is within 30&nbsp;days preceding the anniversary of the previous fiscal year&#146;s annual meeting, or 90
days in advance of such meeting if such meeting is to be held on or after the anniversary of the
previous fiscal year&#146;s annual meeting; and (2)&nbsp;with respect to an annual meeting of stockholders
held at a time other than within the time periods set forth in the immediately preceding clause,
the close of business on the 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date on which notice of such meeting
is first given to stockholders. Notice shall be deemed to be first given to stockholders when
disclosure of such date of the meeting of stockholders is first made in a press release reported to
Dow Jones News Services, Associated Press or comparable national news service, or in a document
publicly filed by Carver with the SEC pursuant to Section&nbsp;13, 14 or 15(d) of the Exchange Act. A
stockholder&#146;s notice to the Secretary of Carver shall set forth such information as required by the
Bylaws of Carver. Nothing in this paragraph shall be deemed to require Carver to include in its
proxy statement and proxy card relating to an annual meeting any stockholder proposal or nomination
that does not meet all of the requirements for inclusion established by the SEC in effect at the
time such proposal or nomination is received. See &#147;Date for Submission of Stockholder Proposals.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Householding of Proxy Materials</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The SEC has adopted rules that permit companies and intermediaries (e.g., brokers) to satisfy
the delivery requirements for proxy statements and annual reports with respect to two or more
stockholders sharing the same address by delivering a single proxy statement addressed to those
stockholders. This process, which is commonly referred to as &#147;householding,&#148; potentially means
extra convenience for stockholders and cost savings for companies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This year, Carver expects that a number of brokers with account holders who are our
stockholders will be &#147;householding&#148; its proxy materials. A single proxy statement will be
delivered to multiple stockholders sharing an address unless contrary instructions have been
received from the affected stockholders. Once you have received notice from your broker that they
will be &#147;householding&#148; communications to your address, &#147;householding&#148; will continue until you are
notified otherwise or until you revoke your consent. If, at any time, you no longer wish to
participate in &#147;householding&#148; and would prefer to receive a separate proxy statement and annual
report, please notify your broker. Stockholders who currently receive multiple copies of the proxy
statement and annual report at their address and would like to request &#147;householding&#148; of their
communications should contact their broker. In addition, Carver will promptly deliver, upon
written or oral request to its address or telephone number below, a separate copy of the proxy
materials and annual report to a stockholder at a shared address to which a single copy of the
documents was delivered. Direct your written request to Carver at Carver Bancorp Inc., 75 West
125<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, New York, New York 10027; Attention: Secretary, or contact us at (718)
230-2900.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Other Matters</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of the date of this proxy statement, the Board of Directors does not know of any other
matters to be brought before the stockholders at the Annual Meeting. If, however, any other
matters not now known are properly brought before the Annual Meeting, the persons named in the
accompanying proxy card will vote the shares represented by all properly executed proxies on such
matters using their best judgment.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Annual Report to Stockholders</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">A copy of the Annual Report to Stockholders for the fiscal year ended March&nbsp;31, 2010 (&#147;2010
Annual Report&#148;), containing financial statements as of March&nbsp;31, 2010 and March&nbsp;31, 2009 and for
each of the years in the three-year period ended March&nbsp;31, 2010 prepared in conformity with
generally accepted accounting principles, accompanies this proxy statement. The consolidated
financial statements have been audited by KPMG LLP whose report thereon is included in the 2010
Annual Report.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The 2010 Annual Report includes a copy of Carver&#146;s annual report on Form 10-K for fiscal year
2009 filed with the SEC. Stockholders may obtain, free of charge, a copy of such annual report
(excluding exhibits) by writing to Mark A. Ricca, Executive Vice President, Chief Risk Officer and
General Counsel, Carver Bancorp, Inc., 75 West 125th Street, New York, New York 10027, or by
telephoning (718)&nbsp;230-2900. The annual report on Form 10-K for fiscal year 2010 is also available
on Carver&#146;s website at <U>www.carverbank.com</U> and on the SEC website at <U>www.sec.gov</U>.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Order of the Board of Directors,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark A. Ricca</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark A. Ricca
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief Risk Officer and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">New York, New York<BR>
February&nbsp;28, 2011

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>To Assure That Your Shares Are Represented at the Annual Meeting,<BR>
Please Sign, Date, and Promptly Return the Accompanying<BR>
Proxy Card in the Enclosed Postage-Paid Envelope or Use<BR>
Telephone Voting as Described in the Proxy Statement</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C13259toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="MARGIN-TOP: 18pt; FONT-SIZE: 12pt" align=center><B>ANNUAL MEETING OF SHAREHOLDERS OF</B></DIV>
<DIV style="MARGIN-TOP: 18pt; FONT-SIZE: 24pt" align=center><B>CARVER BANCORP, INC.</B> </DIV>
<DIV style="MARGIN-TOP: 18pt; FONT-SIZE: 10pt" align=center><B>April 4, 2011
</B> </DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 10pt" border="0" cellSpacing="0" cellPadding="5" width="100%"><!-- Begin Table Head -->

  <TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR valign="bottom">
    <TD valign="top">
      <DIV style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER: #000000 1px solid" bgColor=#d1cdcd valign="top" nowrap align="center"><B>PROXY VOTING INSTRUCTIONS</B> </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR><!-- End Table Body --></TABLE></DIV>
<P></P>
<DIV style="POSITION: relative; WIDTH: 50%; FLOAT: left">


<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 15pt; FONT-SIZE: 10pt" align="justify"><U><B>INTERNET</B></U> <B>-</B> Access &#147;<b>www.voteproxy.com</b>&#148; and follow the on-screen instructions. Have your proxy card available when you access the web page.
 </DIV>


<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 15pt; FONT-SIZE: 10pt" align="justify"><U><B>TELEPHONE</B></U> <B>-</B>
Call toll-free <b>1-800-PROXIES</b> (1-800-776-9437) in the United States or
 <b>1-718-921-8500</b> from foreign countries from any touch-tone telephone and
follow the instructions. Have your proxy card available when you call.
</DIV>

<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 15pt; FONT-SIZE: 10pt" align="justify">Vote online/phone until 11:59 PM EST the day before the meeting.

 </DIV>

<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 15pt; FONT-SIZE: 10pt" align="justify"><U><B>MAIL</B></U> <B>-</B> Sign, date and mail your proxy card in the envelope provided as soon as possible.</DIV>

<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 15pt; FONT-SIZE: 10pt" align="justify"><U><B>IN PERSON</B></U> <B>-</B> You may vote your shares in person by attending the Annual Meeting.</DIV></DIV>


<DIV style="POSITION: relative; WIDTH: 47%; FLOAT: right">
<P>
<DIV align=center>
<TABLE style="FONT-SIZE: 10pt" border="0" cellSpacing="0" cellPadding="0" width="100%">
<!-- Begin Table Head -->

  <TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR valign="bottom">
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" valign="top" nowrap align="center">
      <DIV style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><BR><B>COMPANY
      NUMBER</B><BR><BR></DIV></TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="1%">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" valign="top" align="center">
      <DIV style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><BR><B>ACCOUNT
      NUMBER</B><BR><BR></DIV></TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="1%">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    bgColor=#d1cdcd width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" bgColor=#d1cdcd valign="top">
      <DIV style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><BR><BR><BR></DIV></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#d1cdcd>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="1%">&nbsp;</TD></TR>
  <TR style="FONT-SIZE: 1px" valign="bottom">
    <TD style="BORDER-TOP: #000000 1px solid" colspan=6 nowrap
    align="left">&nbsp;</TD></TR><!-- End Table Body --></TABLE></DIV>
</DIV><BR clear=all><BR>
<P></P>

<DIV style="BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid; PADDING-BOTTOM: 9px; PADDING-LEFT: 9px; WIDTH: 100%; PADDING-RIGHT: 9px; MARGIN-LEFT: 15pt; BORDER-TOP: black 1px solid; MARGIN-RIGHT: 15pt; BORDER-RIGHT: black 1px solid; PADDING-TOP: 9px">
<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 15pt; FONT-SIZE: 10pt" align="center"><u><b>NOTICE OF INTERNET AVAILABILITY
OF PROXY MATERIAL</b></u>: The Notice of meeting, proxy statement and proxy card are available at www.carverbank.com/proxy
</DIV></DIV>

<DIV style="MARGIN-TOP: 18pt; FONT-SIZE: 8pt" align=center><FONT face=Wingdings>&#234;</FONT>&nbsp;&nbsp;Please detach along perforated line and mail
in the envelope provided <U>IF</U> you are not voting via telephone or the
Internet.&nbsp;&nbsp; <FONT face=Wingdings>&#234;</FONT> </DIV>
<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 15pt; FONT-SIZE: 12pt" align="left"><FONT style="WIDTH: 2%; BORDER-BOTTOM: #000000 11px solid">&nbsp;</FONT> &nbsp;&nbsp;&nbsp;20333000000000000000 &nbsp;&nbsp;6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;040411</DIV>

<DIV align=center>
<TABLE style="FONT-SIZE: 8pt" cellSpacing="0" cellPadding="0" width="100%" border="0">
<!-- Begin Table Head -->
  <TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
  <TR valign="middle">
    <TD  style="border-bottom: 1px solid #000000; border-top: 1px solid #000000" valign="middle" align="center" colspan=21>
     <DIV style="FONT-SIZE: 7pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><BR><B>THE
      BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; ALL NOMINEES IN ITEM 1
AND &#147;FOR&#148; THE PROPOSALS IN ITEM 2 AND ITEM 3. <BR>PLEASE SIGN, DATE AND
      RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR
      BLACK INK AS SHOWN HERE <FONT face=Wingdings>&#120;</FONT></B>
  <BR><BR></DIV>
</TD>
</TR>
  <TR style="font-size: 3pt">
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
  <TR style="FONT-SIZE: 6pt" valign="bottom">
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">FOR </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">AGAINST </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">ABSTAIN</TD></TR>
  <TR valign="bottom">
    <TD valign="top" align="left" colspan="8" nowrap>&nbsp;&nbsp;1. ELECTION OF DIRECTORS TO A THREE YEAR TERM.
</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>2.</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD valign="top" align="left" colspan=2 rowspan=3>Ratification of the appointment of KPMG LLP as independent auditors for
the fiscal year ending March 31, 2011.</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center"><FONT style="FONT-SIZE: 16pt"
      face=Wingdings>o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center"><FONT style="FONT-SIZE: 16pt"
      face=Wingdings>o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center"><FONT style="FONT-SIZE: 16pt"
      face=Wingdings>o</FONT></TD></TR>
  <TR valign="bottom">
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" colspan=3><B>NOMINEES:</B></TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top" rowspan=2>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="middle" nowrap align="left" rowspan=2><b>FOR ALL NOMINEES</b></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left"><FONT face=Wingdings>&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align="left">Pazel G. Jackson, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" nowrap
    align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="left"><FONT face=Wingdings>&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align="left">Susan M. Tohbe</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>3.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top" align="left" colspan=2 rowspan=2>Advisory (non-binding) approval of compensation of named executive officers.</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center" rowspan=2><FONT style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center" rowspan=2><FONT style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center" rowspan=2><FONT style="FONT-SIZE: 16pt" face=Wingdings>o</FONT></TD></TR>
  <TR valign="bottom">
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align="left"><b>WITHHOLD AUTHORITY<BR>FOR ALL NOMINEES</b>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left"><FONT face=Wingdings>&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">Debroah C. Wright</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left"><b>FOR ALL EXCEPT</b><BR>(See instructions below) </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD valign="top" align="left" colspan=2 rowspan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center"><FONT style="FONT-SIZE: 16pt" face=Wingdings>&nbsp;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center"><FONT style="FONT-SIZE: 16pt" face=Wingdings>&nbsp;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center"><FONT style="FONT-SIZE: 16pt" face=Wingdings>&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" rowspan=2>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD></TR>
  <TR valign="bottom"><!-- Blank Space -->
    <TD valign="top">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom" style="font-size: 7pt">
    <TD valign="top" align="left" colspan=9>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; MARGIN-LEFT: 88px; TEXT-INDENT: -75px; BORDER-BOTTOM: #000000 0px solid"><B><U>INSTRUCTIONS</U>:</B>
      To withhold authority to vote for any individual nominee(s), mark &#147;<B>FOR ALL
      EXCEPT</B>&#148; and fill in the circle next to each nominee you wish to withhold,
      as shown here: <FONT style="FONT-SIZE: 10pt" face=Webdings>&#061;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="bottom" align="left" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top" align="left" colspan=9>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; MARGIN-LEFT: 3%">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align="center" colspan=11>&nbsp;</TD></TR>
  <TR valign="bottom">
    <TD valign="top" colspan=7>
      <DIV
      style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 1px solid; MARGIN-LEFT: 3%; BORDER-BOTTOM: #000000 1px solid">To
      change the address on your account, please check the box at right and
      indicate your new address in the address space above. Please note that
      changes to the registered name(s) on the account may not be submitted via
      this method.</DIV></TD>
    <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 1px solid; MARGIN-LEFT: 3%; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    valign="middle" align="center"><FONT style="FONT-SIZE: 16pt"
      face=Wingdings>o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap align=right>&nbsp;</TD>
    <TD valign="top" align=right>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"
align="left">&nbsp;</TD></TR><!-- End Table Body --></TABLE></DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 8pt" cellSpacing="0" cellPadding="0" width="100%" border="0"><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width=1>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR valign="bottom">
    <TD nowrap align=right colspan=2>
      <DIV style="MARGIN-LEFT: 1%; TEXT-INDENT: 0px">&nbsp;Signature of
      Shareholder&nbsp;&nbsp; </DIV></TD>
    <TD style="FONT-SIZE: 12pt" valign="top" align="left" colspan=2>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>
    <TD align="left">&nbsp;Date:&nbsp;&nbsp; </TD>
    <TD style="FONT-SIZE: 12pt" valign="top" align="left" colspan=2>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>
    <TD nowrap align="left" colspan=3>&nbsp;Signature of Shareholder&nbsp;&nbsp;
    </TD>
    <TD style="FONT-SIZE: 12pt" valign="top" align="left" colspan=2>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>
    <TD align="center">&nbsp;Date:&nbsp;&nbsp; </TD>
    <TD style="FONT-SIZE: 12pt" valign="top" align="left" colspan=2>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD></TR><!-- End Table Body --></TABLE></DIV>

<DIV align=center>
<TABLE style="FONT-SIZE: 10pt" cellSpacing="0" cellPadding="0" width="100%" border="0">
<!-- Begin Table Head -->
  <TR style="FONT-SIZE: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
  <TR valign="bottom">
    <TD valign="bottom" align=right><FONT style="WIDTH: 50%; BORDER-BOTTOM: #000000 11px solid">&nbsp;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 6pt" valign="top" align="left"><B>Note:</B> </TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 6pt" valign="top" align="left">
      <DIV align=justify>Please sign exactly as your name or names appear on
      this Proxy. When shares are held jointly, each holder should sign. When
      signing as executor, administrator, attorney, trustee or guardian, please
      give full title as such. If the signer is a corporation, please sign full
      corporate name by duly authorized officer, giving full title as such. If
      signer is a partnership, please sign in partnership name by authorized
      person. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="bottom" align=right><FONT style="WIDTH: 50%; BORDER-BOTTOM: #000000 11px solid">&nbsp;</FONT> </TD>
</TR>
<!-- End Table Body --></TABLE></DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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