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<SEC-DOCUMENT>0000950123-11-011634.txt : 20110210
<SEC-HEADER>0000950123-11-011634.hdr.sgml : 20110210
<ACCEPTANCE-DATETIME>20110210142744
ACCESSION NUMBER:		0000950123-11-011634
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20110207
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110210
DATE AS OF CHANGE:		20110210

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13007
		FILM NUMBER:		11591591

	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>8-K
<SEQUENCE>1
<FILENAME>c12238e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><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>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): February 7, 2011</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CARVER BANCORP, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</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="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD nowrap align="center" valign="top"><B>DELAWARE
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>1-13007
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>13-3904174</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD align="center" valign="top"><B>75 West 125<SUB style="font-size: 85%; vertical-align: text-bottom">th</SUB> Street<BR>
New York, NY
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>10027-4512</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(212) 360-8820</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </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="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On February&nbsp;7, 2011, Carver Bancorp, Inc. (the &#147;Company) and its wholly-owned subsidiary,
Carver Federal Savings Bank (the &#147;Bank&#148;) consented to the Office of Thrift Supervision (&#147;OTS&#148;)
issuing an Order to Cease and Desist against the Company (the &#147;Company Order&#148;) and against the Bank
(the &#147;Bank Order&#148;)(together the &#147;Orders&#148;)
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company Order requires, among other things, the Company to notify and receive the OTS&#146; written permission prior to (i)&nbsp;declaring, making or paying any dividends or other
capital distributions, or repurchasing or redeeming any capital stock; (ii)&nbsp;incurring, issuing,
renewing, repurchasing or rolling over any debt, increasing any current lines of credit or
guaranteeing the debt of any entity; (iii)&nbsp;making certain changes to its directors or senior
executive officers; (v)&nbsp;entering into, renewing, extending or revising any contractual arrangement
related to compensation or benefits with any of its directors or senior executive officers; and
(vi)&nbsp;making any golden parachute payments or prohibited indemnification payments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Bank Order requires, among other things, the Bank (i)&nbsp;attain by April&nbsp;30, 2011, and
maintain, a Tier 1 Core Capital Ratio equal to or greater than nine percent (9%) and a Total
Risk-Based Capital Ratio equal to or greater than thirteen percent (13%); (ii)&nbsp;revise and adhere to
a written plan to identify, monitor and control risk associated with concentrations of assets;
(iii)&nbsp;adhere to a detailed written plan with specific strategies, targets and timeframes to reduce
the Bank&#146;s level of problem assets, which shall include all criticized and classified assets; and
(iv)&nbsp;ensure that the Bank&#146;s financial reports and statements are timely and accurately prepared and
filed. The Bank Order also provides that, unless the Bank first receives prior OTS written
non-objection, the Bank may not (i)&nbsp;originate or purchase, refinance, extend or otherwise modify
any commercial real estate loan as defined in the Order (&#147;CRE Loan&#148;), unless the refinance,
modification or extension meets certain criteria, including improving the credit quality and
collectability of the loan; (ii)&nbsp;increase its asset size in any quarter greater than an amount
equal to the net interest credited on deposit liabilities during the prior quarter; (iii)&nbsp;declare
or pay dividends or make any capital distributions; (iv)&nbsp;make certain changes to its directors or
senior executive officers; (v)&nbsp;enter into, renew, extend or revise any contractual arrangement
related to compensation or benefits with any of its directors or senior executive officers; (vi)
make any golden parachute or prohibited indemnification payments; (vii)&nbsp;enter into certain
transactions with affiliates; and (xiii)&nbsp;enter into any arrangement or contract with a third party
service provider that is significant or outside the normal course of business. Finally, without
prior Federal Deposit Insurance Corporation Approval, the Bank may not roll over or renew any
brokered deposit or accept any new brokered deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foregoing description of the Orders is qualified in its entirety by reference to the
Orders issued to the Company and the Bank, which are attached hereto as Exhibits 10.1 and 10.3,
respectively, and are incorporated by reference into this Item&nbsp;1.01.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On February&nbsp;10, 2011, the Company announced that it has suspended dividend payments on the
Company&#146;s fixed-rate cumulative perpetual preferred stock issued under the Troubled Asset Relief
Program, Capital Purchase Program to the United States Department of Treasury and has deferred
interest payments on the floating rate junior subordinated deferrable interest debentures due 2033,
known as Carver Statutory Trust I debentures. Interest payments may be deferred up to twenty
consecutive quarterly periods. During the suspension period interest will continue to accrue.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</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%">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

</TABLE>
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Order to Cease and Desist with the Company dated February&nbsp;7, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stipulation and Consent to Issuance of Order to Cease and Desist
with the Company dated February&nbsp;7, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Order to Cease and Desist with the Bank dated February&nbsp;7, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stipulation and Consent to Issuance of Order to Cease and Desist
with the Bank dated February&nbsp;7, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press Release</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned duly authorized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DATE: February&nbsp;10, 2011
</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BY:
</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</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">Officer and General Counsel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c12238exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED STATES OF AMERICA<BR>
Before the<BR>
OFFICE OF THRIFT SUPERVISION</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">In the Matter of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Order No.: NE-11-06</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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"><B>CARVER BANCORP, INC.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effective Date: February&nbsp;7, 2011</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">New York, New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">OTS Docket No.&nbsp;H2732
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>ORDER TO CEASE AND DESIST</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>Carver Bancorp, Inc., New York, New York, OTS Docket No.&nbsp;H2732 (Holding Company), by
and through its Board of Directors (Board), has executed a Stipulation and Consent to the Issuance
of an Order to Cease and Desist (Stipulation); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Holding Company, by executing the Stipulation, has consented and agreed to the
issuance of this Order to Cease and Desist (Order) by the Office of Thrift Supervision (OTS)
pursuant to 12 U.S.C. &#167; 18l8(b); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>pursuant to delegated authority, the OTS Regional Director for the Northeast Region
(Regional Director) is authorized to issue Orders to Cease and Desist where a savings and loan
holding company has consented to the issuance of an order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Order to Cease and Desist<BR>
Page 1 of 7

</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>NOW, THEREFORE, IT IS ORDERED that:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Cease and Desist.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;The Holding Company and its directors, officers, employees, and agents shall cease and
desist from any action (alone or with another or others) for or toward causing, bringing about,
participating in, counseling or the aiding and abetting of unsafe or unsound practices that
resulted in inadequate capitalization, deficit earnings results, deteriorating asset quality and
ineffective risk management practices at the Holding Company and its wholly owned subsidiary,
Carver Federal Savings Bank, New York, New York, OTS Docket No.&nbsp;05273 (Association).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Association Oversight.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;Effective immediately, the Holding Company shall ensure the Association&#146;s compliance
with applicable laws, rules, and regulations and all terms and conditions of the Order to Cease
and Desist issued by the OTS against the Association, OTS Order NE-11-05, with an effective date
of February&nbsp;7, 2011 (Association Order).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Capital Maintenance and Augmentation Plan.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;By April&nbsp;30, 2011, the Holding Company shall submit for Regional Director review and
non-objection a written plan to maintain and enhance the capital of the Holding Company and
the Association and to ensure that the Association complies with the capital requirements
imposed by the Association Order (Capital Maintenance and Augmentation Plan). The Capital
Maintenance and Augmentation Plan shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;address the requirements and restrictions imposed by this Order to Cease and
Desist and the Association Order;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;identify the specific sources of additional capital and the timeframes and methods by
which additional capital will be raised and infused into the Association, including specific
target dates and capital levels;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;establish an alternative strategy including, but not limited to, seeking a merger or
acquisition partner for the Holding Company and/or the Association, to be implemented
immediately if the Holding Company&#146;s primary strategy to raise and infuse additional capital
is unsuccessful; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Order to Cease and Desist<BR>
Page 2 of 7

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;require the Board to review, on a monthly basis, the Holding Company&#146;s
compliance with its Capital Maintenance and Augmentation Plan and the Association&#146;s
compliance with its Capital Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;Immediately upon receipt of written non-objection from the Regional Director, the Holding
Company shall implement and adhere to the Capital Maintenance and Augmentation Plan. The Board&#146;s
review of the Capital Maintenance and Augmentation Plan shall be documented in the Board meeting
minutes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Capital Distributions and Stock Repurchases.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4.&nbsp;Effective immediately, the Holding Company shall not declare, make, or pay any dividends
(inclusive of dividends paid on preferred stock) or other capital distributions, or repurchase or
redeem any capital stock without receiving the prior written non-objection of the Regional
Director. The Holding Company&#146;s written request for such non-objection shall be submitted to the
Regional Director at least thirty (30)&nbsp;days prior to the anticipated date of the proposed dividend
payment, capital distribution, or stock redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Debt Limitations.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;Effective immediately, the Holding Company shall not incur, issue, renew, repurchase, or
rollover any debt,<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> increase any current lines of credit, or guarantee the debt of any
entity without receiving the prior written notice of non-objection of the Regional Director. The
Holding Company&#146;s written request for such non-objection shall be submitted to the
Regional Director at least thirty (30)&nbsp;days prior to the anticipated date of any such proposed
action.
</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"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of this Paragraph of the Order, the term &#147;debt&#148; includes, but is not
limited to: loans, bonds, cumulative preferred stock, hybrid capital instruments such as
subordinated debt or trust preferred securities, and guarantees of debt; and does not include:
liabilities that are incurred in the ordinary course of business to acquire goods and services and
that are normally recorded as accounts payable under generally accepted accounting principles.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Order to Cease and Desist<BR>
Page 3 of 7

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Directorate and Management Changes.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">6.&nbsp;Effective immediately, the Holding Company shall comply with the prior notification
requirements for changes in directors and Senior Executive Officers<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> as set forth in 12
C.F.R. Part&nbsp;563, Subpart H.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Employment Contracts/Compensation Arrangements.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;Effective immediately, the Holding Company shall not enter into, renew, extend, or revise
any contractual arrangement relating to compensation or benefits for any Senior Executive Officer
or Director of the Holding Company, unless it first provides the Regional Director with not less
than thirty (30)&nbsp;days prior written notice of the proposed transaction. The notice to the Regional
Director shall include a copy of the proposed employment contract or compensation arrangement, or a
detailed written description of the compensation arrangement to be offered such Officer or
Director, including all benefits and perquisites. The Board shall ensure that any contract,
agreement, or arrangement submitted to the Regional Director fully complies with the requirements
of 12 C.F.R. Part&nbsp;359.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Golden Parachute Payments.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;Effective immediately, the Holding Company shall not make any golden parachute
payment<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> unless, with respect to each such payment, the Holding Company has complied
with the requirements of 12 C.F.R. Part&nbsp;359.
</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"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The term &#147;Senior Executive Officer&#148; is defined at 12 C.F.R. &#167; 563.555.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The term &#147;golden parachute payment&#148; is defined at 12 C.F.R. &#167; 359.1(f).</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Order to Cease and Desist<BR>
Page 4 of 7

</DIV>


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

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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Board Oversight of Compliance with Order</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">9. Effective immediately, the Board shall monitor and coordinate the Holding Company&#146;s compliance
with the provisions of this Order and the completion of all corrective actions required in the 2010
ROE. The Board shall review and adopt all plans, policies and procedures required by this Order
prior to submission to the OTS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">10. Within fifty-five (55)&nbsp;days after the end of each quarter, beginning with the quarter ending
March&nbsp;31, 2011, the Holding Company shall prepare a written compliance progress report for the
Board (Compliance Tracking Report). The Compliance Tracking Report shall, at a minimum:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;separately list each corrective action required by this Order and the 2010 ROE;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;identify the required or anticipated completion date for each corrective action; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;discuss the current status of each corrective action, including the action(s)
taken or to be taken to comply with each corrective action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">11. Within sixty (60)&nbsp;days after the end of each quarter, beginning with the quarter ending March
31, 2011, the Board shall review the Compliance Tracking Report and all reports required to be
prepared by this Order. Following its review, the Board shall adopt a resolution: (a)&nbsp;certifying
that each director has reviewed the Compliance Tracking Report and all required reports; and (b)
documenting any corrective actions adopted by the Board. A copy of the Compliance Tracking Report
and the Board resolution shall be provided to the Regional Director within five (5)&nbsp;days after the
Board meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">12. Nothing contained herein shall diminish the responsibility of the entire Board to ensure the
Holding Company&#146;s compliance with the provisions of this Order.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Order to Cease and Desist<BR>
Page 5 of 7

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Effective Date, Incorporation of Stipulation</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">13. This Order is effective on the Effective Date as shown on the first page. The Stipulation is
made a part hereof and is incorporated herein by this reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Duration</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">14. This Order shall remain in effect until terminated, modified, or suspended by written notice of
such action by the OTS, acting by and through its authorized representatives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Time Calculations</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">15. Calculation of time limitations for compliance with the terms of this Order run from the
Effective Date and shall be based on calendar days, unless otherwise noted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">16. The Regional Director, or an OTS authorized representative, may extend any of the deadlines set
forth in the provisions of this Order upon written request by the Holding Company that includes
reasons in support for any such extension. Any OTS extension shall be made in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Submissions and Notices</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">17. All submissions, including any reports, to the OTS that are required by or contemplated by this
Order shall be submitted within the specified timeframes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Order to Cease and Desist<BR>
Page 6 of 7

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">18. Except as otherwise provided herein, all submissions, requests, communications, consents,
or other documents relating to this Order shall be in writing and sent by first class U.S. mail (or
by reputable overnight carrier, electronic facsimile transmission, or hand delivery by messenger)
addressed 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the OTS:<br>
Michael E. Finn, Regional Director<br>
Office of Thrift Supervision<br>
Harborside Financial Center Plaza Five<br>
Suite&nbsp;1600<br>
Jersey City, New Jersey 07311</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the Holding Company:<br>
Deborah C. Wright, Chairman of the Board<br>
Carver Bancorp, Inc.<br>
75 West 125th Street<br>
New York, New York 10027-4512<br></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>No Violations Authorized</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">19. Nothing in this Order or the Stipulation shall be construed as allowing the Holding Company,
its Board, officers, or employees to violate any law, rule, or regulation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>IT IS SO ORDERED.</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>OFFICE OF THRIFT SUPERVISION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Michael E. Finn&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Regional Director, Northeast Region<br><br>
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">
Date: See Effective Date on page 1&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Order to Cease and Desist<BR>
Page 7 of 7

</DIV>

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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>c12238exv10w2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED STATES OF AMERICA<BR>
Before the<BR>
OFFICE OF THRIFT SUPERVISION</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="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&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" colspan="3"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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">In the Matter of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Order No.: NE-11-06
</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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"><b>CARVER BANCORP, INC.</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effective Date: February&nbsp;7, 2011</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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">New York, New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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">OTS Docket No.&nbsp;H2732
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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" colspan="3"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>STIPULATION AND CONSENT TO ISSUANCE OF ORDER TO CEASE AND DESIST</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Office of Thrift Supervision (OTS), acting by and through its Regional Director
for the Northeast Region (Regional Director), and based upon information derived from the exercise
of its regulatory and supervisory responsibilities, has informed Carver Bancorp, Inc., New York,
New York, OTS Docket No.&nbsp;H2732 (Holding Company), that the OTS is of the opinion that grounds exist
to initiate an administrative proceeding against the Holding Company pursuant to 12 U.S.C. &#167;
1818(b);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Regional Director, pursuant to delegated authority, is authorized to issue Orders
to Cease and Desist where a savings and loan holding company has consented to the issuance of an
order; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 1 of 6

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Holding Company desires to cooperate with the OTS to avoid the time and expense
of such administrative cease and desist proceeding by entering into this Stipulation and Consent
to the Issuance of Order to Cease and Desist (Stipulation) and, without admitting or
denying that such grounds exist, but only admitting the statements and conclusions in Paragraphs 1
through 3 below concerning Jurisdiction, hereby stipulates and agrees to the following terms:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Jurisdiction.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;The Holding Company is a &#147;savings and loan holding company&#148; within the meaning of
12 U.S.C. &#167; 1813(w)(3) and 12 U.S.C. &#167; 1467a. Accordingly, the Holding Company is a
&#147;depository institution holding company&#148; as that term is
defined in 12 U.S.C. &#167; 1813(w)(1).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;Pursuant to 12 U.S.C. &#167; 1818(b)(9), the &#147;appropriate Federal banking agency&#148; may
initiate cease and desist proceedings against a savings and loan holding company in the same
manner and to the same extent as a savings association for regulatory violations and unsafe or
unsound acts or practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;Pursuant to 12 U.S.C. &#167; 1813(q), the Director of the OTS is the &#147;appropriate Federal
banking agency&#148; with jurisdiction to maintain an administrative enforcement proceeding against
a savings and loan holding company. Therefore, the Holding Company is subject to the
authority of the OTS to initiate and maintain an administrative cease and desist proceeding
against it pursuant to 12 U.S.C. &#167; <font style="white-space: nowrap">1818(b).</font>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>OTS Findings of Fact.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4. Based
on its April&nbsp;26, 2010 examination of the Holding Company, the OTS finds that the
Holding Company has engaged in unsafe or unsound practices that resulted in inadequate
capitalization, deficit earnings results, deteriorating asset quality and ineffective risk
management practices at the Holding Company and its wholly owned subsidiary, Carver Federal
Savings Bank, New York, New York, OTS Docket No.&nbsp;05273 (Association).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 2 of 6

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Consent.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">5. The Holding Company consents to the issuance by the OTS of the accompanying Order
to Cease and Desist (Order). The Holding Company further agrees to comply with the terms of
the Order upon the Effective Date of the Order and stipulates that the Order complies with all
requirements of law.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Finality.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">6. The Order is issued by the OTS under 12 U.S.C. &#167; 1818(b). Upon the Effective Date, the
Order shall be a final order, effective, and fully enforceable by the OTS under the provisions of
12 U.S.C. &#167;18180(i).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Waivers.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;The Holding Company waives the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;the right to be served with a written notice of the OTS&#146;s charges against it as
provided by 12 U.S.C, &#167; 1818(b)and 12 C.F.R. Part&nbsp;509;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;the right to an administrative hearing of the OTS&#146;s charges as provided by 12
U.S.C. &#167; 1818(b)and 12 C.F.R. Part&nbsp;509;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;the right to seek judicial review of the Order, including, without limitation, any
such right provided by 12 U.S.C. &#167; 1818(h), or otherwise to challenge the validity of the
Order; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;any and all claims against the OTS, including its employees and agents, and any
other governmental entity for the award of fees, costs, or expenses related to this OTS
enforcement matter and/or the Order, whether arising under common law, federal
statutes, or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 3 of 6

</DIV>


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

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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>OTS Authority Not Affected</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;Nothing in this Stipulation or accompanying Order shall inhibit, estop, bar, or otherwise
prevent the OTS from taking any other action affecting the Holding Company if, at any time, the
OTS deems it appropriate to do so to fulfill the responsibilities placed upon the OTS by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Other Governmental Actions Not Affected</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;The Holding Company acknowledges and agrees that its consent to the issuance of the Order is
solely for the purpose of resolving the matters addressed herein, consistent with Paragraph&nbsp;8
above, and does not otherwise release, discharge, compromise, settle, dismiss, resolve, or in any
way affect any actions, charges against, or liability of the Holding Company that arise pursuant to
this action or otherwise, and that may be or have been brought by any governmental entity other
than the OTS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Miscellaneous</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">10.&nbsp;The laws of the United States of America shall govern the construction and validity of this
Stipulation and of the Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">11.&nbsp;If any provision of this Stipulation and/or the Order is ruled to be invalid, illegal, or
unenforceable by the decision of any Court of competent jurisdiction, the validity, legality, and
enforceability of the remaining provisions hereof shall not in any way be affected or impaired
thereby, unless the Regional Director in his or her sole discretion determines otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">12.&nbsp;All references to the OTS in this Stipulation and the Order shall also mean any of the
OTS&#146;s predecessors, successors, and assigns.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 4 of 6
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">13.&nbsp;The section and paragraph headings in this Stipulation and the Order are for
convenience
only and shall not affect the interpretation of this Stipulation or the Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">14.&nbsp;The terms of this Stipulation and of the Order represent the final agreement of the parties
with respect to the subject matters thereof, and constitute the sole agreement of the parties with
respect to such subject matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">15.&nbsp;The Stipulation and Order shall remain in effect until terminated, modified, or suspended in
writing by the OTS, acting through its Regional Director or other authorized representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Signature of Directors/Board Resolution</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">16.&nbsp;Each Director signing this Stipulation attests that he or she voted in favor of a Board
Resolution authorizing the consent of the Holding Company to the issuance of the Order and the
execution of the Stipulation. This Stipulation may be executed in counterparts by the directors
after approval of the execution of the Stipulation at a duly called board meeting. A copy of the
Board Resolution authorizing the execution of this Stipulation shall be delivered to the OTS, along
with the executed original(s) of this Stipulation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;Remainder of Page Intentionally Left Blank&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc.<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 5 of 6
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>WHEREFORE, </B>the Holding Company, by its directors, executes this Stipulation.
</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Accepted by:</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>
    <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 colspan="3" valign="top" align="left"><B>CARVER BANCORP, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>OFFICE OF THRIFT SUPERVISION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left"><B>New York, New York</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><!-- 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>
    <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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 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>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</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">Deborah C. Wright
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael E. Finn</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">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional Director, Northeast Region</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>
    <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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">Date: See Effective Date on page 1</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>
    <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/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Samuel J. Daniel, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><!-- 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>
    <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/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert Holland, Jr.,
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><!-- 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>
    <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/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Pazel G. Jackson, Jr., Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><!-- 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>
    <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/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Colbert Narcisse, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><!-- 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>
    <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/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Janet Rolle, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><!-- 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>
    <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/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert R. Tarter, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><!-- 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>
    <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/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Susan Tohbe, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Carver Bancorp, Inc.<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 6 of 6
</DIV>


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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>c12238exv10w3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED STATES OF AMERICA<BR>
Before the<BR>
OFFICE OF THRIFT SUPERVISION</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="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">In the Matter of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Order No.: NE-11-05</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>CARVER FEDERAL SAVINGS BANK</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effective Date: February&nbsp;7, 2011</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">New York, New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">OTS Docket No.&nbsp;05273
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>ORDER TO CEASE AND DESIST</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>Carver Federal Savings Bank, New York, New York, OTS Docket No.&nbsp;05273
(Association), by and through its Board of Directors (Board), has executed a Stipulation and
Consent to the Issuance of an Order to Cease and Desist (Stipulation); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Association, by executing the Stipulation, has consented and agreed to the
issuance of this Order to Cease and Desist (Order) by the Office of Thrift Supervision (OTS)
pursuant to 12 U.S.C. &#167; 1818(b); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>pursuant to delegated authority, the OTS Regional Director for the Northeast Region
(Regional Director) is authorized to issue Orders to Cease and Desist where a savings association
has consented to the issuance of an order.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 1 of 13

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW, THEREFORE, IT IS ORDERED that:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Cease and Desist.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;The Association, its institution-affiliated parties,<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> and its successors and
assigns, shall cease and desist from any action (alone or with others) for or toward causing,
bringing about, participating in, counseling, or the aiding and abetting the unsafe or unsound
banking practices that resulted in:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;operating the Association with an inadequate level of capital protection for the
volume, type, and quality of assets held by the Association;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;operating the Association with an excessive level of adversely classified assets;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;operating the Association with inadequate earnings to augment capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;The Association, its institution-affiliated parties, and its successors and assigns,
shall also cease and desist from any action (alone or with others) for or toward causing, bringing
about, participating in, counseling, or the aiding and abetting violations of the following
regulations:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;12
C.F.R. &#167; 560.160 (requiring evaluation and accurate classification of assets);
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;12 C.F.R. &#167;&#167;562.1(b); 562.2 and 563.180(a) (requiring accurate regulatory
reports).
</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"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The term &#147;institution-affiliated party&#148; is defined
at 12 U.S.C. &#167; 1813(u).</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 2 of 13

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Capital.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;By April&nbsp;30, 2011, the Association shall have and maintain a Tier 1 (Core) Capital Ratio
equal to or greater than nine percent (9%) and a Total Risk-Based Capital Ratio equal to or
greater than thirteen percent (13%).<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4. By February&nbsp;2, 2011, the Association shall submit a written plan to achieve and maintain
the Association&#146;s capital at the levels prescribed in Paragraph&nbsp;3 (Capital Plan) that is acceptable
to the Regional Director. The Capital Plan shall detail the Association&#146;s capital preservation and
enhancement strategies with specific narrative goals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">5. Upon receipt of written notification from the Regional Director that the Capital Plan is
acceptable, the Association shall adopt, implement, and adhere to the Capital Plan. A copy of
the Capital Plan and the Board meeting minutes reflecting the Board&#146;s adoption thereof shall be
provided to the Regional Director within ten (10)&nbsp;days after the Board meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">6. The Association shall submit a written Contingency Plan that is acceptable to the
Regional Director, within fifteen (15)&nbsp;days after: (a)&nbsp;the Association fails to meet the capital
requirements prescribed in Paragraph&nbsp;3; (b)&nbsp;the Association fails to comply with the Capital Plan
prescribed in Paragraph&nbsp;4; or (c)&nbsp;any written request from the Regional Director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;The Contingency Plan shall detail the actions to be taken, with specific time frames, to
achieve one of the following results by the later of the date of receipt of all required regulatory
approvals or sixty (60)&nbsp;days after the implementation of the Contingency Plan: (a)&nbsp;merger with, or
acquisition by, another federally insured depository institution or holding company thereof; or (b)
voluntary dissolution by filing an appropriate application with the OTS in conformity with
applicable laws, regulations, and regulatory guidance.
</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"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The requirement in Paragraph&nbsp;3 to have and maintain a specific capital level means
that the Association may not be deemed to be
&#147;well-capitalized&#148; for purposes of 12 U.S.C. &#167;1831o and
12 C.F.R. Part&nbsp;565, pursuant to 12 C.F.R. &#167;565.4(b)(l)(iv).</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 3 of 13

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;Upon receipt of written notification from the Regional Director, the Association
immediately shall implement and adhere to the Contingency Plan. The Association shall provide
the Regional Director with written status reports detailing the Association&#146;s progress in
implementing the Contingency Plan by no later than the first
(1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) and fifteenth
(15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) of each
month following implementation of the Contingency Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Concentrations of Assets.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;Within thirty (30)&nbsp;days, the Association shall revise, and thereafter implement and adhere
to, its written program for identifying, monitoring, and controlling risks associated with
concentrations of assets (Assets Concentration Program) to address the corrective actions set
forth in the April&nbsp;26, 2010 Report of Examination (2010 ROE) relating to concentrations of
assets. The Assets Concentration Program shall comply with all applicable laws, regulations and
regulatory guidance. The Board&#146;s review of the Assets Concentration Program shall be
documented in the Board meeting minutes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">10.&nbsp;Within sixty (60)&nbsp;days after the end of each quarter, beginning with the quarter ending
March&nbsp;31, 2011, the Board shall review the appropriateness of the Association&#146;s concentration
limits given current conditions and the Association&#146;s compliance with its Assets Concentration
Program. The Board&#146;s review of the Assets Concentration Program shall be documented in the
Board meeting minutes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 4 of 13

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Restrictions on Lending.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">11.&nbsp;Effective immediately, the Association shall not originate or purchase, refinance, extend,
or otherwise modify any commercial real estate loan (CRE Loan)<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> without the prior
written non-objection of the Regional Director. A request for non-objection must be received by OTS at
least fifteen (15)&nbsp;days before a response is needed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">12.&nbsp;Notwithstanding the restriction at Paragraph&nbsp;11 above, the Association may refinance,
modify, or extend any existing CRE Loan where (i)&nbsp;refinancing by a third party is not
reasonably
feasible, (ii)&nbsp;no new funds are advanced by the Association, and (iii)&nbsp;the Association
improves
the credit quality and collectability of the loan through receipt of a material principal
pay-down,
new guarantees, or new collateral and fully documents and supports the improved credit quality
and collectability of the loan in the loan file. If the Association cannot obtain a material
principal pay-down, new guarantees, or new collateral to support the refinance, modification,
or extension, then the Association, at a minimum, must document at the time of loan maturity that
the existing borrower has demonstrated the ability to make timely payments on the loan and on
other debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Internal Asset Review and Classification.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">13.&nbsp;Within thirty (30)&nbsp;days, the Association shall revise, and thereafter implement and adhere
to, its written internal asset review (IAR)&nbsp;and classification program (IAR Program) to address all
corrective actions set forth in the 2010 ROE relating to internal asset review and classification
and to comply with all applicable laws, regulations and regulatory guidance. At a minimum, the IAR
Program revisions shall include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;consolidation of all existing IAR guidance into one stand-alone policy;
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; font-size: 10pt">(b)&nbsp;clear identification of who is responsible for performing the IAR and loan
grading process and how it will be conducted;
</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"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The term &#147;Commercial Real Estate Loan&#148; includes: (a)&nbsp;Acquisition, Development,
Construction or Land Loans; (b)&nbsp;Multifamily (5 or more) Loans;
and (c)&nbsp;Nonresidential Real
Estate Loans, except for loans secured by owner-occupied nonfarm
nonresidential properties
where the primary or significant source of repayment is the cash flow from ongoing operations
and activities conducted by the party, or affiliate of the party, who owns the property.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 5 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;procedures designed to ensure that the IAR function is implemented independent of the
lending function; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;procedures requiring a written presentation to, and Board approval of, any
instances where management rejects or proposes different asset classifications or
designations than those recommended by personnel performing the IAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Problem Assets.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">14.&nbsp;By March&nbsp;31, 2011, the Association shall develop, and thereafter implement and adhere to, a
detailed, written plan with specific strategies, targets and timeframes to reduce<SUP style="font-size: 85%; vertical-align: text-top">4</SUP> the
Association&#146;s level of problem assets<SUP style="font-size: 85%; vertical-align: text-top">5</SUP> (Problem Asset Reduction Plan). The Problem Asset
Reduction Plan, at a minimum, shall include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;quarterly targets for the level of problem assets as a percentage of Tier 1 (Core)
capital plus ALLL;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;a description of the methods for reducing the Association&#146;s level of problem
assets to the established targets; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;all relevant assumptions and projections.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Board&#146;s review of the Problem Asset Reduction Plan shall be documented in the Board
meeting minutes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></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"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of this Paragraph, &#147;reduce&#148; means to collect, sell, charge off, or
improve the quality of an asset sufficient to warrant its removal from adverse criticism or
classification.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The term &#147;problem assets&#148; shall include all: (i)&nbsp;classified assets, (ii)&nbsp;assets
designated special mention, and (iii)&nbsp;nonperforming assets.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 6 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt">15.&nbsp;Within forty-five (45)&nbsp;days, the Association shall develop individual written
specific
workout plans for each problem asset of Five Hundred Thousand Dollars ($500,000) or greater (Asset
Workout Plans). Thereafter, the Association shall immediately develop Asset Workout Plans for any
newly identified problem asset. The Asset Workout Plans shall comply with all applicable laws,
regulations and regulatory guidance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">16.&nbsp;Within sixty (60)&nbsp;days after the end of each quarter, beginning with the quarter
ending March&nbsp;31, 2011, the Association shall submit a quarterly written asset status report
(Quarterly Asset Report) to the Board. The Board&#146;s review of the Quarterly Asset Report shall be
documented in the Board meeting minutes. The Quarterly Asset Report shall include, at a minimum:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;the current status of all Asset Workout Plans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;a comparison of problem assets to Tier 1 (Core) capital plus ALLL and Total Risk-Based
capital;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;a comparison of problem assets at the current quarter end with the preceding quarter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;a breakdown of problem assets by type and risk factor (e.g. Acquisition, Development,
Construction and Land Loans, Multifamily Loans and Nonresidential Real Estate Loans);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(e)&nbsp;an assessment of the Association&#146;s compliance with the Problem Asset Reduction Plan;
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; font-size: 10pt">(f)&nbsp;a discussion of the actions taken during the preceding quarter to reduce the
Association&#146;s level of problem assets; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(g)&nbsp;any recommended revisions or updates to the Problem Asset Reduction Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 7 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt">17.&nbsp;Within sixty-five (65)&nbsp;days after the end of each quarter, a copy of the Quarterly Asset
Report shall be provided to the Regional Director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Financial Reporting.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">18.&nbsp;Effective immediately, the Association shall ensure that its financial reports and statements
are timely and accurately prepared and filed in compliance with applicable laws, regulations, and
regulatory guidance including, but not limited to, 12 C.F.R. Part&nbsp;562 and the Thrift Financial
Report (TFR)&nbsp;instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">19.&nbsp;Within thirty (30)&nbsp;days, the Association&#146;s internal audit function shall: (a)&nbsp;perform a special
review of the Association&#146;s information and data gathering system surrounding the preparation of
TFR&#146;s, with a particular focus on the reporting deficiencies identified in the 2010 ROE, and (b)
prepare and present to the Board a report summarizing its findings, together with recommended
corrective actions to address identified deficiencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">20.&nbsp;Beginning with its independent audit for the fiscal year ending March&nbsp;31, 2011, and for each
successive fiscal year end, the Association shall comply with the requirements of: (i)&nbsp;12 C.F.R. &#167;
363.2(b)(3) (component of management report requiring assessment and statement of internal control
structure and procedures) and (ii)&nbsp;12 C.F.R. &#167; 363.3(b) (examination attestation, and report
separately on the assertion of management concerning the effectiveness of the institution&#146;s
internal control structure and procedures for financial reporting) as if its total assets exceeded
$1&nbsp;billion. The Association shall specify, as part of the audit engagement letter, that the
independent auditors will provide such services as part of the independent audit report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 8 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Growth.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">21.&nbsp;Effective immediately, the Association shall not increase its total assets during any quarter
in excess of an amount equal to net interest credited on deposit liabilities during the prior
quarter without the prior written notice of non-objection of the
Regional Director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Dividends and Other Capital Distributions.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">22.&nbsp;Effective immediately, the Association shall not declare or pay dividends or make any other
capital distributions, as that term is defined in 12 C.F.R. &#167; 563.141, without receiving the prior
written approval of the Regional Director in accordance with applicable regulations and regulatory
guidance. The Association&#146;s written request for approval shall be submitted to the Regional
Director at least thirty (30)&nbsp;days prior to the anticipated date of the proposed declaration,
dividend payment or distribution of capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Brokered Deposits.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">23.&nbsp;Effective immediately, the Association shall comply with the requirements of 12 C.F.R. &#167;
337.6(b). The Association shall provide to the Regional Director a copy of any waiver request
submitted to the Federal Deposit Insurance Corporation (FDIC).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Transactions with Affiliates.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">24.&nbsp;Effective immediately, the Association shall not engage in any new transaction with an
affiliate unless, with respect to each such transaction, the Association has complied with the
notice requirements set forth in 12 C.F.R. &#167; 563.41(c)(4), which shall include the information set
forth in 12 C.F.R. &#167; 563.41(c)(3). The Board shall ensure that any transaction with an affiliate
for which notice is submitted pursuant to this Paragraph, complies with the requirements of 12
C.F.R. &#167; 563.41 and Regulation&nbsp;W, 12 C.F.R. Part&nbsp;223.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 9 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Third Party Contracts.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">25.&nbsp;Effective immediately, the Association shall not enter into any arrangement or contract
with a third party service provider that is significant to the overall operation or financial
condition of the Association<SUP style="font-size: 85%; vertical-align: text-top">6</SUP> or outside the Association&#146;s normal course of business
unless, with respect to each such contract, the Association has: (a)&nbsp;provided the Regional
Director with a minimum of thirty (30)&nbsp;days prior written notice of such arrangement or contract
and a written determination that the arrangement or contract complies with the standards and
guidelines set forth in Thrift Bulletin 82a (TB 82a); and (b)&nbsp;received written notice of
non-objection from the Regional Director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Directorate and Management Changes.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">26.&nbsp;Effective immediately, the Association shall comply with the prior notification requirements
for changes in directors and Senior Executive
Officers<SUP style="font-size: 85%; vertical-align: text-top">7</SUP> set forth in 12 C.F.R. Part&nbsp;563,
Subpart H.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Golden Parachute Payments.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">27.&nbsp;Effective immediately, the Association shall not make any golden parachute payment<SUP style="font-size: 85%; vertical-align: text-top">8
</SUP>unless, with respect to each such payment, the Association has complied with the requirements
of 12 C.F.R. Part&nbsp;359.
</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"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A contract will be considered significant to the overall operation or financial
condition of the Association where the annual contract amount equals or exceeds two percent (2%) of
the Association&#146;s total capital, where there is a foreign service provider, or where it involves
information technology that is critical to the Association&#146;s daily operations without regard to the
contract amount.</TD>
</TR>

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

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The term &#147;Senior Executive Officer&#148; is defined at 12 C.F.R. &#167; 563.555.</TD>
</TR>

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

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The term &#147;golden parachute payment&#148; is defined at 12 C.F.R. &#167; 359. l(f).</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 10 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Employment Contracts and Compensation Arrangements.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">28.&nbsp;Effective immediately, the Association shall not enter into, renew, extend, or revise any
contractual arrangement relating to compensation or benefits for any Senior Executive Officer or
director of the Association, unless it first provides the Regional Director with not less than
thirty (30)&nbsp;days prior written notice of the proposed transaction. The notice to the Regional
Director shall include a copy of the proposed employment contract or compensation arrangement or a
detailed, written description of the compensation arrangement to be offered to such officer or
director, including all benefits and perquisites. The Board shall ensure that any contract,
agreement or arrangement submitted to the Regional Director fully complies with the requirements
of 12 C.F.R. Part&nbsp;359, 12 C.F.R. &#167;&#167; 563.39 and 563.161(b), and 12 C.F.R. Part&nbsp;570 &#151; Appendix&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Board Oversight of Compliance with Order.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">29.&nbsp;Effective immediately, the Board shall monitor and coordinate the Association&#146;s compliance with
the provisions of this Order and the completion of all corrective actions required in the 2010 ROE.
The Board shall review and adopt all plans, policies and procedures required by this Order prior to
submission to the OTS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">30.&nbsp;Within fifty-five (55)&nbsp;days after the end of each quarter, beginning with the quarter ending
March&nbsp;31, 2011, the Association shall prepare a written compliance progress report for the Board
(Compliance Tracking Report). The Compliance Tracking Report shall, at a minimum:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;separately list each corrective action required by this Order and the 2010 ROE;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;identify the required or anticipated completion date for each corrective action; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;discuss the current status of each corrective action, including the action(s) taken or
to be taken to comply with each corrective action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 11 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt">31.&nbsp;Within sixty (60)&nbsp;days after the end of each quarter, beginning with the quarter ending March
31, 2011, the Board shall review the Compliance Tracking Report and all reports required
to be prepared by this Order. Following its review, the Board shall adopt a resolution: (a)
certifying that each director has reviewed the Compliance Tracking Report and all required
reports; and (b)&nbsp;documenting any corrective actions adopted by the Board. A copy of the Compliance
Tracking Report and the Board resolution shall be provided to the Regional Director within five
(5)&nbsp;days after the Board meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">32.&nbsp;Nothing contained herein shall diminish the responsibility of the entire Board to ensure the
Association&#146;s compliance with the provisions of this Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Violations of Law.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">33.&nbsp;Within sixty (60)&nbsp;days, the Association shall ensure that all violations of law and/or
regulation discussed in the 2010 ROE are corrected and that adequate policies, procedures and
systems are established or revised and thereafter implemented to prevent future violations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Effective
Date, Incorporation of Stipulation.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">34.&nbsp;This Order is effective on the Effective Date as shown on the first page. The Stipulation is
made a part hereof and is incorporated herein by this reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Duration.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">35.&nbsp;This Order shall remain in effect until terminated, modified, or suspended by written
notice of such action by the OTS, acting by and through its authorized representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Time Calculations.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">36.&nbsp;Calculation of time limitations for compliance with the terms of this Order run from the
Effective Date and shall be based on calendar days, unless otherwise noted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">37.&nbsp;The Regional Director, or an OTS authorized representative, may extend any of the deadlines set
forth in the provisions of this Order upon written request by the Association that includes reasons
in support for any such extension. Any OTS extension shall be made in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 12 of 13

</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="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Submissions and Notices.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">38.&nbsp;All submissions, including any reports, to the OTS that are required by or contemplated by
this Order shall be submitted within the specified timeframes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">39.&nbsp;Except as otherwise provided herein, all submissions, requests, communications, consents or
other documents relating to this Order shall be in writing and sent by first class U.S. mail (or
by reputable overnight carrier, electronic facsimile transmission or hand delivery by messenger)
addressed 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the OTS:<br>
Michael E. Finn, Regional Director<br>
Office of Thrift Supervision<br> Harborside
Financial Center Plaza Five <br>Suite&nbsp;1600<br>
Jersey City, New Jersey 07311</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the Association:<br>
Deborah C. Wright, Chairman of the Board<BR>
Carver Federal Savings Bank<br>
75 West 125th Street<br>
New York, New York 10027-4512</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>No Violations Authorized.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">40.&nbsp;Nothing in this Order or the Stipulation shall be construed as allowing the Association,
its Board, officers, or employees to violate any law, rule, or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>IT IS SO ORDERED.</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>OFFICE OF THRIFT SUPERVISION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Michael E. Finn&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Regional Director, Northeast Region<br><br>
Date: See Effective Date on page 1&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Order to Cease and Desist<BR>
Page 13 of 13

</DIV>


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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>c12238exv10w4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED STATES OF AMERICA<BR>
Before the<BR>
OFFICE OF THRIFT SUPERVISION</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top" style="border-top: 1px solid #000000" colspan="3"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="3" style="border-top: 0px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">In the Matter of
</DIV></TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Order No.: NE-11-05</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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"><B>CARVER FEDERAL SAVINGS BANK</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effective Date: February&nbsp;7, 2011</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">New York, New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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">OTS Docket No.&nbsp;05273
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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" style="border-bottom: 1px solid #000000" colspan="3"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</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"><U><B>STIPULATION AND CONSENT TO ISSUANCE OF ORDER TO CEASE AND DESIST</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Office of Thrift Supervision (OTS), acting by and through its Regional Director
for the Northeast Region (Regional Director), and based upon information derived from the exercise
of its regulatory and supervisory responsibilities, has informed Carver Federal Savings Bank, New
York, New York, OTS Docket No.&nbsp;05273 (Association), that the OTS is of the opinion that grounds
exist to initiate an administrative proceeding against the Association pursuant to 12 U.S.C. &#167;
1818(b);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Regional Director, pursuant to delegated authority, is authorized to issue Orders
to Cease and Desist where a savings association has consented to the issuance of an order; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver
Federal Savings Bank<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 1 of 6

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Association desires to cooperate with the OTS to avoid the time and expense of
such administrative cease and desist proceeding by entering into this Stipulation and Consent to
the Issuance of Order to Cease and Desist (Stipulation) and, without admitting or
denying that such grounds exist, but only admitting the statements and conclusions in
Paragraphs 1 and 2 below concerning Jurisdiction, hereby stipulates and agrees to the following
terms:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Jurisdiction.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;The Association is a &#147;savings association&#148; within the meaning of 12 U.S.C. &#167; 1813(b) and 12
U.S.C. &#167; 1462(4). Accordingly, the Association is &#147;an insured depository institution&#148; as that term
is defined in 12 U.S.C. &#167; 1813(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;Pursuant to 12 U.S.C. &#167; 1813(q), the Director of the OTS is the &#147;appropriate Federal banking
agency&#148; with jurisdiction to maintain an administrative enforcement proceeding against a savings
association. Therefore, the Association is subject to the authority of the OTS to initiate and
maintain an administrative cease and desist proceeding against it pursuant to 12 U.S.C. &#167; 1818(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>OTS Findings of Fact.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;Based on its April&nbsp;26, 2010 examination of the Association (2010 ROE), the OTS finds that the
Association has engaged in unsafe or unsound banking practices including:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;operating the Association with an inadequate level of capital protection for the
volume, type, and quality of assets held by the Association;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;operating the Association with an excessive level of adversely classified assets; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;operating the Association with inadequate earnings to augment capital.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 2 of 6

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4.&nbsp;Based on its 2010 ROE of the Association, the OTS finds that the Association has engaged
in violations of regulation, including:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;12 C.F.R. &#167; 560.160 (requiring evaluation and accurate classification of
assets); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;12 C.F.R. &#167;&#167;562.1(b), 562.2 and 563.180(a) (requiring accurate regulatory reports).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Consent.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;The Association consents to the issuance by the OTS of the accompanying Order to Cease and
Desist (Order). The Association further agrees to comply with the terms of the Order upon the
Effective Date of the Order and stipulates that the Order complies with all requirements of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><U>Finality.</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">6.&nbsp;The Order is issued by the OTS under 12 U.S.C. &#167; 1818(b). Upon the Effective Date, the Order
shall be a final order, effective, and fully enforceable by the OTS under the provisions of 12
U.S.C &#167; 1818(i).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Waivers.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;The Association waives the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;the right to be served with a written notice of the OTS&#146;s charges against it as
provided by 12 U.S.C. &#167; 1818(b) and 12 C.F.R. Part&nbsp;509;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;the right to an administrative hearing of the OTS&#146;s charges as provided by 12 U.S.C. &#167;
1818(b) and 12 C.F.R. Part&nbsp;509;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;the right to seek judicial review of the Order, including, without limitation, any such
right provided by 12 U.S.C. &#167; 1818(h), or otherwise to challenge the validity of the Order;
and
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 3 of 6

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;any and all claims against the OTS, including its employees and agents, and any
other governmental entity for the award of fees, costs, or expenses related to this OTS
enforcement matter and/or the Order, whether arising under common law, federal statutes, or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>OTS Authority Not Affected.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;Nothing in this Stipulation or accompanying Order shall inhibit, estop, bar, or otherwise
prevent the OTS from taking any other action affecting the Association if at any time the OTS deems
it appropriate to do so to fulfill the responsibilities placed upon the OTS by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Other Governmental Actions Not Affected.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;The Association acknowledges and agrees that its consent to the issuance of the Order is solely
for the purpose of resolving the matters addressed herein, consistent with Paragraph&nbsp;8 above, and
does not otherwise release, discharge, compromise, settle, dismiss, resolve, or in any way affect
any actions, charges against, or liability of the Association that arise pursuant to this action or
otherwise, and that may be or have been brought by any governmental entity other than the OTS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Miscellaneous.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">10.&nbsp;The laws of the United States of America shall govern the construction and validity of this
Stipulation and of the Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">11.&nbsp;If any provision of this Stipulation and/or the Order is ruled to be invalid, illegal, or
unenforceable by the decision of any Court of competent jurisdiction, the validity, legality, and
enforceability of the remaining provisions hereof shall not in any way be affected or impaired
thereby, unless the Regional Director in his or her sole discretion determines otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 4 of 6

</DIV>


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

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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">12.&nbsp;All references to the OTS in this Stipulation and the Order shall also mean any of the
OTS&#146;s predecessors, successors, and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">13.&nbsp;The section and paragraph headings in this Stipulation and the Order are for convenience only
and shall not affect the interpretation of this Stipulation or the Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">14.&nbsp;The terms of this Stipulation and of the Order represent the final agreement of the parties
with respect to the subject matters thereof, and constitute the sole agreement of the parties with
respect to such subject matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">15.&nbsp;The Stipulation and Order shall remain in effect until terminated, modified, or suspended in
writing by the OTS, acting through its Regional Director or other authorized representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Signature of Directors/Board Resolution.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">16.&nbsp;Each Director signing this Stipulation attests that he or she voted in favor of a Board
Resolution authorizing the consent of the Association to the issuance of the Order and the
execution of the Stipulation. This Stipulation may be executed in counterparts by the directors
after approval of execution of the Stipulation at a duly called board meeting. A copy of the Board
Resolution authorizing execution of this Stipulation shall be delivered to the OTS, along with the
executed original(s) of this Stipulation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;Remainder of Page Intentionally Left Blank&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 5 of 6

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>WHEREFORE, </B>the Association, by its directors, executes this Stipulation.
</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Accepted by:</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 colspan="3" valign="top" align="left"><B>CARVER FEDERAL SAVINGS BANK <BR>
New York, New York</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>OFFICE OF THRIFT SUPERVISION</B></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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Deborah C. Wright
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael E. Finn
</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">Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional Director, Northeast Region</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>
    <TD>&nbsp;</TD>
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Samuel J. Daniel, Director
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Robert Holland, Jr., Director
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Pazel G. Jackson, Jr., Director
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Colbert Narcisse, Director
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Janet Rolle, Director
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Robert R. Tarter, Director
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Susan Tohbe, Director
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<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carver Federal Savings Bank<BR>
Stipulation and Consent to Issuance of Order to Cease and Desist<BR>
Page 6 of 6

</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>c12238exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c12238c1223801.gif" alt="(CARVER BANCORP, INC. LOGO)">
</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="5%">&nbsp;</TD>
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<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contact:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"  NOWRAP>Ruth Pachman/Michael Herley
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Ricca</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">Kekst and Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"  NOWRAP>Carver Bancorp, Inc.</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">(212) 521-4891/4897&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(212) 360-8820&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CARVER BANCORP, INC. AGREES TO IMPLEMENT ENHANCED CAPITAL AND<BR>
ASSET QUALITY MEASURES UNDER OTS ORDERS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>&#151; Suspends TARP and Trust Preferred Dividends &#151;</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">NEW YORK, February&nbsp;10, 2011 &#151; Carver Bancorp, Inc. (the &#147;Company&#148;) (Nasdaq:CARV), the holding
company for Carver Federal Savings Bank (&#147;Carver&#148; or the &#147;Bank&#148;), today announced that the Company
and the Bank have consented to the Office of Thrift Supervision (&#147;OTS&#148;) issuing formal cease and
desist orders (the &#147;Orders&#148;) under which the Company and the Bank will implement enhanced capital
and asset quality measures to strengthen the Bank&#146;s balance sheet and loan portfolio.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;The Orders are an outgrowth of discussions we have been having with the OTS to address the need to
significantly raise our capital ratios in light of our current asset quality and earnings level,&#148;
said Deborah C. Wright, the Company&#146;s Chairman and CEO. &#147;While we continue to meet the regulatory
definition of a well capitalized bank, the Orders formalize the additional work we need to do and
establish the timeframe for doing so.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ms.&nbsp;Wright added, &#147;Anyone following the news about our economy is fully aware of the challenging
conditions in communities across our nation, particularly in inner city markets, where unemployment
rates are higher than national averages. As a result, Carver has been grappling, as are many small
banks across the country, with higher delinquencies and downward valuations in real estate assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;We are working with an independent advisor to bring in additional capital and are making progress.
We also continue to rebalance our loan portfolio and have aggressively reduced our level of real
estate loans. The successful implementation of our recapitalization and portfolio realignment
strategies is designed to better position us to continue to serve our communities with essential
products that build on the strength of our core capabilities and franchise.&#148;
</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">&nbsp;</H5><P>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Robert Holland, Lead Independent Director of the Board of Directors of the Company, said, &#147;The
Board is committed, along with the management team, to working closely with the Company&#146;s
regulators to implement all necessary changes required to protect the Bank and keep it safe and
sound for generations to come. We are fully aware of the unique role that minority banks have
played in providing capital to businesses and
institutions in Harlem, Bedford-Stuyvesant, Crown Heights, St. Albans and many New York City
communities. We also take seriously the legacy Carver has built over more than 60&nbsp;years with the
tremendous support of our loyal customers.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company said that customer deposits continue to receive FDIC insurance coverage and all
branches continue to provide full customer service.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Orders include the requirement that the Bank attain and maintain a Tier 1 (Core) Capital Ratio
of 9% and a Total Risk Based Capital Ratio of 13% by April&nbsp;30, 2011. A more thorough description
of the Orders may be found in the Company&#146;s Form 8-K being filed with this release.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under the Orders, the Bank and Company are also prohibited from paying any dividend without prior
OTS approval and, as such, the Company has suspended quarterly cash dividend payments on the
Company&#146;s fixed-rate cumulative perpetual preferred stock issued under the Troubled Asset Relief
Program (TARP)&nbsp;Community Development Capital Initiative to the United States Department of Treasury
and is deferring Carver Statutory Trust I trust preferred dividends.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">About Carver Bancorp, Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered
stock savings bank, founded in 1948 to serve African-American communities whose residents,
businesses and institutions had limited access to mainstream financial services. Carver, the
largest African- and Caribbean-American run bank in the United States, operates nine full-service
branches in the New York City boroughs of Brooklyn, Manhattan and Queens. For further information,
please visit the Company&#146;s website at <U>www.carverbank.com</U>.
</DIV>


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

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



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
