<SEC-DOCUMENT>0001104659-25-107107.txt : 20251105
<SEC-HEADER>0001104659-25-107107.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105171701
ACCESSION NUMBER:		0001104659-25-107107
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARVER BANCORP INC
		CENTRAL INDEX KEY:			0001016178
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		ORGANIZATION NAME:           	02 Finance
		EIN:				133904174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13007
		FILM NUMBER:		251455158

	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>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">WASHINGTON, D.C. 20549</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<FONT STYLE="text-decoration: underline">November 5,
2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><FONT STYLE="text-decoration: underline">CARVER BANCORP, INC.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Identification No.)</P></TD></TR>
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    <TD STYLE="text-align: left; vertical-align: bottom; width: 50%"><FONT STYLE="text-decoration: underline">75 West 125th Street, New York, NY</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Registrant&#8217;s telephone number, including area code: <FONT STYLE="text-decoration: underline">(212)
360-8820</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 (<I>see</I> General Instruction
A.2. below):</P>

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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 registered</FONT></B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&#167;240.12b-2 of this chapter).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231F20">Emerging growth company
<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 63pt"><B>Item&#160;8.01</B></TD><TD STYLE="text-align: justify"><B>Other Events.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 5, 2025, Carver Bancorp, Inc. (the
 &#8220;Company&#8221;), the parent company of Carver Federal Savings Bank, issued a press release announcing the Company&#8217;s board
modernization initiative. A copy of the press release is filed as Exhibit 99.1 hereto and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Current Report on Form 8-K may contain certain
 &#8220;forward-looking statements&#8221; that represent the Company&#8217;s current expectations or beliefs concerning future events.&#160;Forward-looking
statements can be identified by the use of words such as &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221;
 &#8220;anticipate,&#8221; &#8220;assume,&#8221; &#8220;plan,&#8221; &#8220;seek,&#8221; &#8220;expect,&#8221; &#8220;will,&#8221; &#8220;may,&#8221;
 &#8220;should,&#8221; &#8220;indicate,&#8221; &#8220;would,&#8221; &#8220;believe,&#8221; &#8220;contemplate,&#8221; &#8220;continue,&#8221;
 &#8220;target&#8221; and words of similar meaning. Forward-looking statements are, by their nature, subject to numerous risks and uncertainties.
Certain factors that could cause actual results to differ materially from expected results include changes in general economic conditions,
changes in the interest rate environment, changes in prevailing depository institution stock prices, the evolution of the depository institution
merger market, changes to the Company&#8217;s strategic plan, legislative and regulatory changes that adversely affect the business of
the Company and its wholly-owned subsidiary, Carver Federal Savings Bank, and changes in the securities markets. Because of the risks
and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included
in this Current Report on Form 8-K or made elsewhere from time to time by the Company or on its behalf.&#160;The Company disclaims any
obligation to update such forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where to Find it</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company intends to file with the SEC a definitive
proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the Company&#8217;s
2025 Annual Meeting of Stockholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR
SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND
IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies
of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at&#160;<FONT STYLE="text-decoration: underline">www.sec.gov</FONT>.
Copies of the documents filed by the Company are also available free of charge by accessing the Company&#8217;s website at&#160;<FONT STYLE="text-decoration: underline">www.carverbank.com</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This communication is neither a solicitation of
a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, the Company,
its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation
of proxies with respect to a solicitation by the Company. Information about the Company&#8217;s executive officers and directors is available
in Amendment No. 1 to the Company&#8217;s Annual Report on Form 10-K for the year ended March 31, 2025, which was filed with the SEC on
July 29, 2025 and in its proxy statement for the 2024 Annual Meeting of Shareholders, which was filed with the SEC on October 31, 2024.
To the extent holdings by our directors and executive officers of the Company&#8217;s securities reported in the proxy statement for the
2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5
filed with the SEC. These documents are or will be available free of charge at the SEC&#8217;s website at&#160;<FONT STYLE="text-decoration: underline">www.sec.gov</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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    <TD STYLE="width: 1in"><A HREF="tm2530395d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="width: 0.25in">&#160;</TD>
    <TD><A HREF="tm2530395d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release dated November 5, 2025</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>104</TD>
    <TD>&#160;</TD>
    <TD>Cover Page Interactive Data File (embedded within the Inline XBRL document)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.25in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.25in"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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, hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;<IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carver Bancorp, Inc. Announces Board Modernization
Initiative with </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Comprehensive Governance Enhancements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Governance changes are designed to align Carver&rsquo;s board policies with
leading companies, reinforcing the board&rsquo;s fiduciary commitment to all shareholders. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The modernization plan includes a 75% turnover rate among directors over
the next 3 years and the implementation of enhanced skills-based recruitment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Restructured equity-based compensation preserves capital flexibility while
aligning directors&rsquo; interests with long-term value creation and increased ownership stakes.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The initiative builds on the recent appointment of Jason Sisack, former OCC
Assistant Deputy Comptroller, with more than 25 years of regulatory expertise in governance and risk management, as an advisor to the
Chief Executive Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NEW YORK, November 05, 2025 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq:
CARV), the holding company for Carver Federal Savings Bank, a certified Community Development Financial Institution (CDFI) and designated
Minority Depository Institution (MDI), today announced a comprehensive board modernization initiative as Carver accelerates its transformation
into a modern urban community bank, bringing renewed momentum to its mission of financially empowering everyday New Yorkers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Our modernization initiative demonstrates the Board&rsquo;s
commitment to implementing proven governance practices aligned with leading companies and making the necessary decisions to compete more
effectively in a dynamic and demanding marketplace,&rdquo; said <B>Lewis P. Jones III, Chairman of the Board</B>. &ldquo;The refresh ensures
we have the appropriate combination of expertise and experience on our Board to drive sustained profitability for the organization.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors has adopted the following modernization measures
with immediate effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Modernization Measures - Effective Immediately</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Board
                                            Refresh </I>- 75% of directors will transition within the next 12 quarters, subject to any
                                            required regulatory approvals</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Skills-Based
                                            Recruitment </I>- Implementation of an enhanced comprehensive director skills matrix for
                                            board recruitment, reviewed and updated annually</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Performance
                                            Management </I>- Annual individual director assessments and full board evaluations; directors
                                            subject to enhanced re-evaluation at each term end </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Equity-Aligned
                                            Compensation </I>- 50% reduction in cash compensation with the addition of an equity retainer;
                                            elimination of per-meeting fees</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Modernization Measures - Subject to Shareholder Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Tenure
                                            Limits</I> - Fifteen-year maximum service effective April 2026, with current directors permitted
                                            to complete current terms</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Age
                                            Limits</I> - Directors may serve until age 75, with those reaching 75 permitted to complete
                                            current terms</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Best Practices - Already in Place</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Director Independence </I>- All directors are to be independent, with
the exception of the CEO if elected to the board</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Chair Independence</I> - Independent non-executive chair</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The governance enhancements build on the Company&rsquo;s recent strengthening
of its leadership team, with the appointment of Jason Sisack, former Assistant Deputy Comptroller at the Office of the Comptroller of
the Currency (OCC) with greater than 25 years of regulatory expertise, as Senior Enterprise Risk Management Advisor to the CEO. Mr. Sisack&rsquo;s
extensive, senior-level experience in governance, financial and non-financial risk management, and community banking strategies provides
invaluable guidance as Carver implements these board modernization measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;These governance enhancements represent an inflection point
in our strategic evolution&mdash;assembling the expertise, frameworks, and disciplines necessary to advance this institution into a modern
urban community bank,&rdquo; said <B>Donald Felix, President and CEO of Carver Bancorp, Inc</B>. &ldquo;This is not a single moment of
change, but part of a continuous journey toward operational excellence. Each decision reinforces our commitment to setting a new standard
for how a community bank can more effectively serve its shareholders and financially empower everyday New Yorkers who are working hard
to get ahead. I want to recognize our current board members who have embraced the needed fundamental transformation required at this time,
not just to compete, but to establish the foundation for long-term, sustainable profitability.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Carver Bancorp, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver
Federal Savings Bank, a Harlem-based community bank committed to meeting the financial needs of everyday New Yorkers who are working hard
to get ahead and supporting the vitality of the neighborhoods it serves by delivering accessible financial services to individuals and
small- to mid-sized businesses. Through its online banking platform and physical branches, Carver serves customers across nine states,
from Massachusetts to Virginia, including Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Founded in 1948 to address barriers to financial access, Carver has
a long-standing legacy of serving historically under-resourced communities. The U.S. Department of the Treasury has designated Carver
as both a Community Development Financial Institution (CDFI) and a Minority Depository Institution (MDI) in recognition of its leadership
in advancing financial inclusion and local economic empowerment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For further information, please visit the Company&rsquo;s website
at&nbsp;<FONT STYLE="color: Blue"><U>www.carverbank.com</U></FONT>. Be sure to connect with Carver on&nbsp;<FONT STYLE="color: Blue"><U>Facebook</U></FONT>,
<FONT STYLE="color: Blue"><U>LinkedIn</U></FONT>, and <FONT STYLE="color: Blue"><U>Instagram</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Certain statements in this press release are &ldquo;forward-looking
statements&rdquo; within the meaning of the Private Securities Litigation Reform Act. These statements are based on management&rsquo;s
current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included
in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties
is contained in our filings with the Securities and Exchange Commission.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where to Find it</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company intends to file with the SEC a definitive proxy statement
on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the Company&rsquo;s 2025 Annual
Meeting of Stockholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents
and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at&nbsp;<U>www.sec.gov</U>.
Copies of the documents filed by the Company are also available free of charge by accessing the Company&rsquo;s website at&nbsp;<U>www.carverbank.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication is neither a solicitation of a proxy or consent
nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, the Company, its directors and executive
officers and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to
a solicitation by the Company. Information about the Company&rsquo;s executive officers and directors is available in Amendment No. 1
to the Company&rsquo;s Annual Report on Form 10-K for the year ended March 31, 2025, which was filed with the SEC on July 29, 2025 and
in its proxy statement for the 2024 Annual Meeting of Shareholders, which was filed with the SEC on October 31, 2024. To the extent holdings
by our directors and executive officers of the Company&rsquo;s securities reported in the proxy statement for the 2024 Annual Meeting
have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC.
These documents are or will be available free of charge at the SEC&rsquo;s website at&nbsp;<U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media:<BR>
</B>Michael Herley&nbsp;for Carver<BR>
203.308.1409<BR>
<FONT STYLE="color: Blue"><U>mediainquiries@carverbank.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors:<BR>
</B><FONT STYLE="color: Blue"><U>ir@carverbank.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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