Brooklyn's Progress
October 2002

Carver Bancorp, Inc. (the "Company" or "Carver") (Amex: CNY), the holding company for Carver Federal Savings Bank, recently re-dedicated its Bedford-Stuyvesant Branch in a ceremony led by City Comptroller William Thompson, Brooklyn Borough President Marty Markowitz, the Rev. Dr. Harry S. Wright, Senior Pastor of Cornerstone Baptist Church, and Deborah C. Wright, President and CEO of Carver. They were joined by Congressman Edolphus Towns, State Assembly members Annette Robinson and William Boyland, City Council member Al Vann, Rev. Gary Simpson, Senior Pastor of the Concord Baptist Church, Roy Hastick, President & CEO of the Caribbean Chamber of Commerce and other community leaders. The re-dedication ceremony celebrated three new enhancements for Carver customers: first, the opening of a new 24/7 ATM Center, located at the Bed-Stuy Branch on Fulton Street near Nostrand Avenue in Brooklyn; second, the launch of www.CarverBank.com, Carver's new online banking website; and third, the unveiling of Carver's new corporate logo and advertising campaign. "I congratulate Carver Federal Savings on the opening of its new 24/7 ATM Center and the launch of its online banking website," said William Thompson, Comptroller of the City of New York. "It is gratifying that this 54 year old institution, which has meant so much to the urban communities it serves, continues to invest in its future and a new generation of New Yorkers. I look forward to further celebrations as Carver continues to grow and expand the services it provides to its customers." "I am so pleased that Carver Federal Savings continues to play such a vital role in the economic renaissance going in Bedford-Stuyvesant and all over Brooklyn," said Brooklyn Borough President Marty Markowitz. "This new 24/7ATM Center is a perfect example of how this neighborhood continues to grow and prosper thanks to this dedicated financial institution. Carver Federal Savings has a long history of helping its customers make their dreams come true and that is what Brooklyn is all about. I applaud them!" Carver's new 24/7 ATM Center features three ATMs, each of which sells U.S. Postage Stamps and MTA MetroCards®, in addition to offering a full range of convenient banking services 24 hours per day, 7 days per week. Other new additions to the Bed-Stuy Branch include a night deposit box for business and church customers, and Carver Phones, which provides direct access to the customer service center. Carver also officially launched its new online banking website, www.CarverBank.com. The website provides customers with a full suite of online banking tools, making the closest Carver branch as near as any Internet connection. The website enables Carver customers to access their accounts, pay bills and transfer funds. However, the site has been designed with special features targeted to the communities Carver serves. For example, the website features sections including "Our Community" which links visitors to information about the history, activities and institutions in the communities in which they live, from Brooklyn to Harlem. "Financial Empowerment" provides quick information on managing bank accounts, credit and wealth planning. And "Financial News" provides direct access to local business news. An electronic banking kiosk providing direct access to the website was unveiled at the Bed-Stuy Branch as part of the re-dedication. Carver is introducing similar kiosks in each of its branches. Capping the re-dedication program, Carver unveiled a new corporate logo design featuring interlocking yet open "C's", derived from the traditional African symbol for unity, updated with a distinctive, modern approach that reflects Carver's focus on the future. The symbol reflects the Company's origins and continuing connection and commitment to the urban communities of New York City's boroughs. The logo is the first phase of a corporate re-branding and advertising effort to be launched in October. The brand campaign will include print, radio, outdoor and in- branch advertising, and will feature the tagline: "Building Wealth Block by Block". "Today we announce further milestones in Carver's business strategy to add convenient delivery channels and new products and services in New York City's urban communities, thereby enhancing value to our shareholders, customers and the communities we serve. Our most recent investment in a 24/7 ATM Center at the Bedford-Stuyvesant Branch will provide greater access to financial services in the community and recognizes the importance of Brooklyn in our Company's growth strategy," said Deborah C. Wright, President and Chief Executive Officer of Carver. "I'm pleased that new products such as the Carver Debit Card and Relationship Banking have been successfully launched, and that we recently celebrated a record year in our lending department, having originated more than $60 million in loans, virtually all of which are mortgages on properties in neighborhoods Carver serves. Ms. Wright continued: "Urban communities have experienced an unprecedented financial rebirth in the last decade, yet these communities remain "underbanked". Founded 54 years ago by community clergy and business people in Harlem, Carver has a long history of addressing the financial needs of urban residents in Harlem, Brooklyn and Queens. Our historic roots in these communities and a legacy of commitment to financial literacy make Carver uniquely positioned to partner with residents and institutions to help every member of the community build wealth and thereby benefit from the community's rebirth. We are committed to showing our community how to make the financial markets work for them by providing assistance in homeownership, saving for current and future needs, and accessing the power of technology, including the Internet." The re-branding and advertising campaign was produced in conjunction with Blur Advertising and M Media Group. The 24/7 ATM Center at the Bedford-Stuyvesant Branch was designed by The Phillips Group and Jack Travis Architects with design elements celebrating the unique culture of the African-American community within a state-of-the-art electronic banking center. Carver Bancorp, Inc., is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest independent African-and Caribbean-American run financial institution in the United States, operates five full service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For more information about products, visit the Company's new website at: www.CarverBank.com, call 718-230-7900, or visit any branch. This press release contains forward-looking statements which may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward- looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of the Company and the Bank that are subject to various factors which could cause the actual results to differ materially from these estimates. These factors include, but are not limited to, the Company's success in implementing its initiatives, including expanding its product line, achieving greater operating efficiencies and its new branch opening, changes in general, economic and market, legislative and regulatory conditions and the development of an adverse interest rate environment that adversely effects the interest rate spread or other income anticipated from the Company's operations and investments. The Company and the Bank assume no obligation to update these forward-looking statements to reflect the actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. # # #