On August 28, 2019, the Boards of Directors of Carver Bancorp, Inc. (the “Company”) and Carver Federal Savings Bank (the “Bank”), following receipt of supervisory non-objection by the Office of the Comptroller of the Currency, appointed Jillian E. Joseph to the Boards of Directors of the Company and the Bank.

Jillian E. Joseph is Managing Director and Associate General Counsel at Nuveen, a TIAA Company, where she supports domestic real estate business across the transaction spectrum, including mortgage financings, property acquisitions and dispositions, joint ventures and asset management. Prior to Nuveen, Ms. Joseph was Executive Counsel for GE Capital’s Real Estate Business, responsible for North East, South East & Mid-Atlantic debt origination, asset management, debt fund, and real estate owned programs.

The Company’s Board of Directors has appointed Ms. Joseph to serve until the 2020 Annual Meeting of Stockholders. Ms. Joseph has been appointed to the Finance and Audit Committee and the Institutional Strategy Committee.

Ms. Joseph is not a party to any transaction with the Company or the Bank that would require disclosure under Item 404(a) of Regulation S-K.

About CARVER BANCORP, INC. (NASDAQ:CARV)

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank (Carver Federal or the Bank), a federally chartered savings bank. The Company conducts business as a unitary savings and loan holding company, and the business of the Company consists of the operation of its subsidiary, Carver Federal. Carver Federal serves African-American communities whose residents, businesses and institutions had limited access to mainstream financial services. It engages in a range of consumer and commercial banking services. It provides deposit products, such as demand, savings and time deposits for consumers, businesses, and governmental and quasi-governmental agencies in its market area within New York City. It offers other consumer and commercial banking products and services, such as debit cards, online banking, online bill pay and telephone banking. It also offers a suite of products and services for unbanked and underbanked consumers, branded as Carver Community Cash.