Deborah C. Wright's Carver Bancorp, Inc. Announces Third Quarter 2008 Results

Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, today announced its third quarter 2008 results.

"I'm pleased to report that our business remains solid despite the most challenging banking environment in decades, namely the persistent flat-to-inverted yield curve, credit issues impacting many parts of our nation, and the threat of a recession. During this challenging quarter, our net interest margin improved slightly with steady progress in our lending and retail units. We were spared the brunt of the turbulent credit environment, given our limited exposure to loan and investment products of concern to the financial markets," said Deborah C. Wright, Carver Bancorp's Chairman and CEO.

Carver Bancorp, Inc., reported net income of $1.6 million and diluted earnings per share of $0.62 for the third quarter of fiscal 2008, compared to net income of $1.4 million and diluted income per share of $0.54 for the third quarter of fiscal 2007. For the nine month period ended December 31, 2007, the Company reported net income of $3.5 million, or $1.36 per diluted share, compared to net income of $1.3 million, or $0.50 per diluted share, for the prior year period.

Ms. Wright also announced that on February 13, 2008, the Company's Board of Directors declared a cash dividend on its common stock of ten cents ($0.10) per share for the quarter ended December 31, 2007. The dividend will be payable on March 13, 2008 to stockholders of record at the close of business on February 28, 2008.