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Carver Bancorp, Inc. Provides Summary of 2015 Annual Meeting

NEW YORK, Sept. 29, 2015 (GLOBE NEWSWIRE) -- Carver Bancorp, Inc. (the "Company") (NASDAQ:CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), today reported that, at its Annual Meeting of Stockholders ("Annual Meeting") held on September 24, 2015, President and Chief Executive Officer Michael T. Pugh, along with Chairman Deborah C. Wright, provided stockholders with a review of fiscal year 2015 and the first quarter of fiscal year 2016, and discussed current initiatives underway at the Bank.

Mr. Pugh said: "These are very exciting times for us at Carver. Over the past 18 months, we have rolled out new business products, introduced an enhanced mobile and online banking platform, and converted to an improved internal banking system to better serve our customers. We now have access to an expanding network of 55,000 ATMs in the U.S., Canada, Mexico, Puerto Rico, U.K., and Australia where customers can withdraw cash from their Carver accounts with no additional fees."

At the Annual Meeting, Robert R. Tarter, Kenneth J. Knuckles, and Ingrid LaMae deJongh were re-elected to the Board of Directors; KPMG LLP was ratified as the independent auditor for the Company for the fiscal year ending March 31, 2016; and shareholders approved the advisory vote on compensation for named executive officers.

Mr. Pugh concluded: "As a community bank in New York City, we take an active approach to lending that strives to make an impact in the communities in which we operate. Indeed, 83 cents of every dollar deposited with Carver is re-invested in the communities we serve, with 60% of our loans being made to borrowers who reside in low- to moderate-income neighborhoods."

A copy of Mr. Pugh's presentation at the Annual Meeting is available on the Investor Relations page of Carver's website at www.carverbank.com.

Additionally, Carver's 2015 Community Impact Video, which was shown during the Annual Meeting, may be viewed at www.youtube.com/watch?v=P48reiKMBg4. This video features real-life stories from small business and not-for-profit customers who have partnered with Carver on a variety of projects that have made a significant impact in local communities.

About Carver Bancorp, Inc.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a Community Development Financial Institution. Carver is the largest African- and Caribbean-American managed bank in the United States, with ten full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. For further information, please visit the Company's website at www.carverbank.com.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management'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.

CONTACT: Michael Herley/Ruth Pachman Kekst and Company (212) 521-4897/4891 michael-herley@kekst.com ruth-pachman@kekst.com David L. Toner Carver Bancorp, Inc. First Senior Vice President and Chief Financial Officer (718) 676-8936 david.toner@carverbank.com

Source:Carver Bancorp, Inc.