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       Contact:  David Lilly / Kimberly Kriger     William Gray
                 Kekst and Company                 Carver Bancorp, Inc.
                 (212) 521-4800                    (212) 360-8840

              CARVER BANCORP, INC. REVISES SECOND QUARTER EARNINGS

NEW YORK, NEW YORK, NOVEMBER 15, 2004 - Carver Bancorp, Inc. (the "Company" or
"Carver") (AMEX: CNY), today announced that in conjunction with the filing of
its Form 10-Q it is revising its previously announced results for the
three-month period ending September 30, 2004. These revisions, and others
provided in the tables below, were solely a result of a further decline in the
market value of the 150,000 shares of common stock of Independence Federal
Savings Bank owned by Carver. The revised results are reported below and in the
Company's quarterly report filed on Form 10-Q.

The Company is revising its second quarter net income available to common
stockholders from $434,000 to $206,000, diluted earnings per share from $0.19 to
$0.09 and efficiency ratio from 86.75% to 92.58%. An additional $368,000
impairment charge deemed other than temporary, for a total of $1.5 million for
the second fiscal quarter, was recognized.

The following tables provide revised financial information for the quarter ended
September 30, 2004, based upon the items described above, from the October 28,
2004 earnings release (all amounts are in thousands except per share
information).


   FINANCIAL CONDITION DATA                       Revised         Original
   AT SEPTEMBER 30, 2004                        Information      Information
                                                -----------      -----------

   Total securities                              $ 157,023        $ 157,390
   Total assets                                    580,423          580,790
   Total liabilities                               534,919          535,059
   Total stockholders' equity                    $  45,504        $  45,731

   OPERATIONS DATA FOR THE
   QUARTER ENDED
   SEPTEMBER 30, 2004

   Impairment of securities                      $  (1,472)       $  (1,104)
   Total non-interest income                           830            1,198
   Income before taxes                                 406              774
   Income taxes                                        151              291
   Net income                                          255              483
   Net income available to common stockholders         206              434
   Earnings per share basic                      $    0.09        $    0.19
   Earnings per share diluted                    $    0.09        $    0.19

   PERFORMANCE RATIOS AND YIELDS
   Return on average assets                         0.18%            0.34%
   Return on average equity                         2.23%            4.22%
   Efficiency ratio                                92.58%           86.75%




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Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a
federally chartered stock savings bank. Carver Federal Savings Bank, the largest
publicly-traded African- and Caribbean-American run bank in the United States,
operates seven full-service branches in the New York City boroughs of Brooklyn,
Queens and Manhattan. For further information, please visit the Company's
website at www.carverbank.com.
           ------------------

STATEMENTS CONTAINED IN THIS NEWS RELEASE, WHICH ARE NOT HISTORICAL FACTS ARE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES
ACT OF 1933, AS AMENDED, (THE "SECURITIES ACT"), AND SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (THE "EXCHANGE ACT"). THESE
FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF SUCH WORDS AS
"BELIEVE," "EXPECT," "ANTICIPATE," "INTEND," "SHOULD," "WILL," "WOULD," "COULD,"
"MAY," "PLANNED," "ESTIMATED," "POTENTIAL," "OUTLOOK," "PREDICT," "PROJECT" AND
SIMILAR TERMS AND PHRASES, INCLUDING REFERENCES TO ASSUMPTIONS. FORWARD-LOOKING
STATEMENTS ARE BASED ON VARIOUS ASSUMPTIONS AND ANALYSES MADE BY THE COMPANY IN
LIGHT OF MANAGEMENT'S EXPERIENCE AND ITS PERCEPTION OF HISTORICAL TRENDS,
CURRENT CONDITIONS AND EXPECTED FUTURE DEVELOPMENTS, AS WELL AS OTHER FACTORS
BELIEVED TO BE APPROPRIATE UNDER THE CIRCUMSTANCES. THESE STATEMENTS ARE NOT
GUARANTEES OF FUTURE PERFORMANCE AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND
OTHER FACTORS, MANY OF WHICH ARE BEYOND THE COMPANY'S CONTROL, THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM FUTURE RESULTS EXPRESSED OR IMPLIED BY
SUCH FORWARD-LOOKING STATEMENTS. FACTORS WHICH COULD RESULT IN MATERIAL
VARIATIONS INCLUDE, WITHOUT LIMITATION, THE COMPANY'S SUCCESS IN IMPLEMENTING
ITS INITIATIVES, INCLUDING EXPANDING ITS PRODUCT LINE, ADDING NEW BRANCHES AND
ATM CENTERS, SUCCESSFULLY RE-BRANDING ITS IMAGE AND ACHIEVING GREATER OPERATING
EFFICIENCIES; INCREASES IN COMPETITIVE PRESSURE AMONG FINANCIAL INSTITUTIONS OR
NON-FINANCIAL INSTITUTIONS; LEGISLATIVE OR REGULATORY CHANGES WHICH MAY
ADVERSELY AFFECT THE COMPANY'S BUSINESS OR INCREASE THE COST OF DOING BUSINESS;
TECHNOLOGICAL CHANGES WHICH MAY BE MORE DIFFICULT OR EXPENSIVE THAN WE
ANTICIPATE; CHANGES IN INTEREST RATES WHICH MAY REDUCE NET INTEREST MARGINS AND
NET INTEREST INCOME; CHANGES IN DEPOSIT FLOWS, LOAN DEMAND OR REAL ESTATE VALUES
WHICH MAY ADVERSELY AFFECT THE COMPANY'S BUSINESS; CHANGES IN ACCOUNTING
PRINCIPLES, POLICIES OR GUIDELINES WHICH MAY CAUSE THE COMPANY'S CONDITION TO BE
PERCEIVED DIFFERENTLY; LITIGATION OR OTHER MATTERS BEFORE REGULATORY AGENCIES,
WHETHER CURRENTLY EXISTING OR COMMENCING IN THE FUTURE, WHICH MAY DELAY THE
OCCURRENCE OR NON-OCCURRENCE OF EVENTS LONGER THAN ANTICIPATED; THE ABILITY OF
THE COMPANY TO ORIGINATE AND PURCHASE LOANS WITH ATTRACTIVE TERMS AND ACCEPTABLE
CREDIT QUALITY; AND GENERAL ECONOMIC CONDITIONS, EITHER NATIONALLY OR LOCALLY IN
SOME OR ALL AREAS IN WHICH THE COMPANY DOES BUSINESS, OR CONDITIONS IN THE
SECURITIES MARKETS OR THE BANKING INDUSTRY WHICH COULD AFFECT LIQUIDITY IN THE
CAPITAL MARKETS, THE VOLUME OF LOAN ORIGINATION, DEPOSIT FLOWS, REAL ESTATE
VALUES, THE LEVELS OF NON-INTEREST INCOME AND THE AMOUNT OF LOAN LOSSES. THE
FORWARD-LOOKING STATEMENTS CONTAINED WITHIN HEREIN ARE MADE AS OF THE DATE OF
THIS REPORT, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THESE
FORWARD-LOOKING STATEMENTS TO REFLECT ACTUAL RESULTS, CHANGES IN ASSUMPTIONS OR
CHANGES IN OTHER FACTORS AFFECTING SUCH FORWARD-LOOKING STATEMENTS OR TO UPDATE
THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE
FORWARD-LOOKING STATEMENTS. YOU SHOULD CONSIDER THESE RISKS AND UNCERTAINTIES IN
EVALUATING FORWARD-LOOKING STATEMENTS AND YOU SHOULD NOT PLACE UNDUE RELIANCE ON
THESE STATEMENTS.


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