Carver Bancorp Receives Regulatory Approvals for Community Capital Bank Acquisition

Carver Bancorp, Inc. (AMEX:CNY), the holding company for Carver Federal Savings Bank, today announced that it has received all required regulatory approvals to complete the previously announced strategic acquisition of Community Capital Bank, a Brooklyn-based community bank and leader in providing credit to minority- and women-owned small businesses in its markets.

The acquisition is designed to complement Carver's existing real estate mortgage lending activities with expanded small business and non-profit lending expertise, creating a comprehensive lending platform to serve customers.

Carver has received all necessary approvals from the Office of Thrift Supervision, the Federal Deposit Insurance Corporation and the New York State Banking Department to proceed with completion of the merger. Carver said its integration efforts are moving forward smoothly and that it expects to close the transaction on September 29, 2006.

About Carver Bancorp, Inc.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates eight full-service branches, four 24/7 ATM centers and three 24/7 stand-alone ATM locations in the New York City boroughs of Brooklyn, Queens and Manhattan.

Source:  Carver Bancorp, Inc.