Document:

EXHIBIT 10.19

                              Carver Bancorp, Inc.

                  Compensation Plan for Non-Employee Directors

1.    Purpose of the Plan.

            The purpose of the Compensation Plan for Non-Employee Directors (the
      "Plan") is to strengthen the link of the compensation of non-employee
      directors of Carver Bancorp, Inc., a Delaware corporation or any successor
      corporation (the "Company"), directly with the interests of its
      stockholders.

2.    Participants.

            Participants in the Plan shall consist of directors of the Company
      who are not employees of the Company or any of its subsidiaries (each, a
      "Participant" or "Non-Employee Director"). The term "subsidiary" as used
      in the Plan means a corporation more than 50% of the voting stock of
      which, or an unincorporated business entity more than 50% of the equity
      interest in which, shall at the time be owned directly or indirectly by
      the Company.

3.    Shares Available Under the Plan.

            Subject to the provisions of Section 8 of the Plan, a maximum of
      50,000 shares of common stock, par value $0.01 per share ("Shares"), of
      the Company may be delivered under the Plan. Shares to be delivered under
      the Plan shall be Shares held in treasury acquired through open market
      purchases from time to time or otherwise available to the Company.

4.    Administration of the Plan.

            The Plan shall be administered by the Compensation Committee of the
      Board of Directors of the Company (the "Committee") which shall have the
      authority to designate one of its members and/or the Secretary of the
      Company to take action on behalf of the Committee. The Committee shall
      have authority to interpret the Plan, and to prescribe, amend and rescind
      rules and regulations relating to the administration of the Plan, and all
      such interpretations, rules and regulations shall be conclusive and
      binding on all persons.

5.    Effective Date of the Plan.

            At the March 21, 2000 meeting of the Board of Directors of the
      Company, the Board approved the compensation of the members of the Board
      of Directors, at each director's option, to include compensation in the
      form of common stock or options of the Company. At the April 17, 2000
      meeting of the Board of Directors of Carver Federal Savings Bank (the
      "Bank"), the Bank's Board approved an amendment of the Bank's By-laws to
      permit compensation by the members of the Board of Directors in the form
      of common stock or options of the Company in lieu of cash.

            This Plan shall be submitted to the Board of Directors of the
      Company and the Bank for approval at the meeting to be held on June 25,
      2002, or any adjournment thereof, and, if approved by the directors, shall
      become effective as of July 1, 2001.

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6.    Shares or Options in Lieu of Cash Compensation.

      A. Shares in Lieu of Cash Compensation.

            Each Non-Employee Director may elect ("Share Payment Election") to
      be compensated for all of the (i) cash retainer, (ii) meeting fees and/or
      (iii) other fees to be paid for board, committee or other service to the
      Company or its subsidiaries through the issuance or transfer of Shares,
      valued at the closing price on the American Stock Exchange on the day of
      the month during which each payment of such retainer and/or fee amount
      would otherwise be earned. A Non-Employee Director may make a Share
      Payment Election by submitting a Directors Compensation Election form, in
      the form prescribed by the Committee, to the Secretary of the Company.

            Each Non-Employee Director who makes a Share Payment Election shall
      become a Participant in the Plan effective with respect to fees accruing
      on or after the first day of the calendar month beginning six months after
      the date of such Share Payment Election. Any Share Payment Election
      relating to the cash retainer or meeting fees or other fees shall be one
      hundred percent (100%) of such retainer or meeting or other fees.

            A Participant may change his or her Directors Compensation Election
      form with respect to compensation to be earned and payable thereafter in
      Shares by submitting a modified Directors Compensation Election form to
      the Secretary of the Company, effective with respect to fees or retainer
      earned on or after the first day of the calendar month beginning six
      months after the date such Directors Compensation Election form is filed
      with the Secretary of the Company.

      B. Stock Options in Lieu of Cash Compensation.

            Each Non-Employee Director may elect ("Option Payment Election") to
      be compensated for all of the (i) cash retainer, (ii) meeting fees and/or
      (iii) other fees otherwise payable to him or her for any and all service
      to be paid for board, committee or other service to the Company or its
      subsidiaries through the award of options to purchase common stock of the
      Company. The number of such options granted to a Participant shall be
      determined by an independent compensation consultant using a generally
      accepted stock option pricing model, such as Black-Scholes option pricing
      model, and shall be granted with an exercise price equal to the average of
      the closing price of a share of common stock of the Company on the
      American Stock Exchange over the period for which such payment is
      calculated. Such options shall vest six months from the date of grant,
      which shall be the Effective Date (as defined below), if the Participant
      remains a Director on such date and shall be immediately vested in the
      case of the Participant's death or disability. If a Participant leaves the
      Board prior to any vesting event (other than by reason of death or
      disability), the Participant shall forfeit the non-vested portion of the
      option. The option shall have a ten year term. Once the option has vested,
      a Participant (or the beneficiary in the event of the Participant's death)
      may exercise it at any time prior to its expiration date whether or not
      the Participant remains on the Board. A Non-Employee Director may make an
      Option Payment Election by submitting a Directors Compensation Election
      form, in the form prescribed by the Committee, to the Secretary of the
      Company.

            Each Non-Employee Director who makes an Option Payment Election
      shall become a Participant in the Plan effective with respect to fees
      accruing on or after the first day of the calendar month beginning six
      months after the date of such Option Payment Election ("Effective Date").
      Any Option Payment Election relating to retainer or meeting fees or other
      fees shall be one hundred percent (100%) of such retainer or meeting or
      other fees.

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            A Participant may change his or her Directors Compensation Election
      form with respect to compensation to be earned and payable thereafter in
      options by submitting a modified Directors Compensation Election form to
      the Secretary of the Company, effective with respect to fees or retainer
      earned on or after the first day of the calendar month beginning six
      months after the date such Directors Compensation Election form is filed
      with the Secretary of the Company.

      C. Directors Compensation Election Form

            Each Participant shall indicate on the Directors Compensation
      Election form (i) whether meeting and other fees are to be paid in cash,
      Shares or options and (ii) the Participant's beneficiary or beneficiaries.
      A Participant shall be permitted at any time to modify his or her
      beneficiary or beneficiaries, effective as of the date such modified
      Directors Compensation Election form is received by the Secretary of the
      Company. The term "beneficiary" shall mean any person or entity designated
      as such in a Directors Compensation Election form submitted to the
      Secretary of the Company, or if no designated beneficiary survives the
      Non-Employee Director or is in existence on the date of the Non-Employee
      Director's death, the beneficiary shall be the Non-Employee Director's
      estate.

7.    Restriction on Transfer of Shares.

            No Shares or options received by a Participant under Section 6 of
      the Plan may be sold, assigned, transferred, pledged or otherwise
      encumbered or disposed of for a period of six months after receipt of
      those Shares, except in the case of the Participant's death or disability
      during that six-month period.

8.    Adjustments Upon Changes In Capitalization.

            If there shall be any change in or affecting Shares on account of
      any merger, consolidation, reorganization, recapitalization,
      reclassification, stock dividend, stock split or combination, or other
      distribution to holders of Shares or options (other than a cash dividend),
      there shall be made or taken such amendments to the Plan and such
      adjustments and actions thereunder as the Board of Directors of the
      Company may deem appropriate under the circumstances.

9.    Government and Other Regulations.

            The obligations of the Company to deliver Shares under Section 6 of
      the Plan shall be subject to (i) all applicable laws, rules and
      regulations and such approvals by any governmental agencies as may be
      required, including, without limitation, compliance with the Securities
      Act of 1933, as amended, and (ii) the condition that such Shares shall
      have been duly listed on the American Stock Exchange.

10.   Amendment and Termination of the Plan.

            The Plan may be amended by the Board of Directors of the Company in
      any respect. The Plan may also be terminated at any time by the Board of
      Directors of the Company. Upon termination of the Plan, the amounts then
      due to each Non-Employee Director shall be paid in accordance with the
      Directors Compensation Election form then in effect.

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11.   Adoption of Procedures.

            The Secretary of the Company shall have the authority to adopt such
      procedures as are appropriate to administer the Plan.

12.   Miscellaneous.

      A.    Nothing contained in this Plan shall be deemed to confer upon any
            person any right to continue as a director of or to be associated in
            any other way with the Company.

      B.    To the extent that Federal laws do not otherwise control, the Plan
            and all determinations made and actions taken pursuant hereto shall
            be governed by the law of the State of Delaware.

      C.    Headings are given to sections of the Plan solely as a convenience
            to facilitate reference. The reference to any statute, regulation,
            or other provision of law shall be construed to refer to any
            amendment or successor to such provision of law.EXHIBIT 10.20

                              AMENDMENT NUMBER ONE

                                       TO

                           CARVER FEDERAL SAVINGS BANK

                             RETIREMENT INCOME PLAN

            (As Amended and Restated Effective as of January 1, 1997
                 and as Further Amended Through January 1, 2001)

      Pursuant to Section 14.1 of Carver Federal Savings Bank Retirement Income
Plan as amended and restated effective January 1, 1997 and further amended and
restated through January 1, 2001 ("Plan"), the Plan is amended effective as
follows:

1.    Preamble
      --------

      The following amendments to the Plan are adopted to reflect certain
      provisions of the Economic Growth and Tax Relief Reconciliation Act of
      2001 ("EGTRRA"). The amendments are intended as good faith compliance with
      the requirements of EGTRRA and are to be construed in accordance with
      EGTRRA and guidance issued thereunder. Except as otherwise provided, the
      amendments shall be effective as of the first day of the first Plan Year
      beginning after December 31, 2001.

      These amendments shall supersede the provisions of the Plan to the extent
      Plan provisions are inconsistent with the provisions of the following
      amendments.

2.    Earnings (Plan Section 1.1(J))
      ------------------------------

      For Plan Years beginning after December 31, 2001, the first sentence of
      the second paragraph of Section 1.1(J) is restated in its entirety, to
      read as follows:

            "The amount of Compensation taken into account for a Plan Year
            consisting of twelve (12) months for Plan Years commencing on and
            after January 1, 1997, shall not exceed one hundred sixty thousand
            dollars ($160,000) for the 1997, 1998 and 1999 Plan Years, one
            hundred seventy thousand dollars ($170,000) for the 2000 and 2001
            Plan Years and two hundred thousand dollars ($200,000) for the 2002
            Plan Year, thereafter adjusted in multiples of five thousand dollars
            ($5,000) for increases in the cost-of-living as prescribed by the
            Secretary of the Treasury under Section 401(a)(17)(B) of the Code."

3.    Section 415 Limitations on Benefits (Plan Section 6.1)
      ------------------------------------------------------

      Section 6.1(A)(8) is restated as follows, effective for Limitation Years
      ending after December 31, 2001:

            (8)   "MAXIMUM PERMISSIBLE DOLLAR AMOUNT" - one hundred sixty
                  thousand dollars ($160,000). Such amount shall be adjusted in
                  accordance with the provisions of Section 6.1(C).

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      Section 6.1(A)(10) is amended by the addition of the following new
      paragraph at the end thereof, effective for Limitation Years ending after
      December 31, 2001:

                  Benefit increases resulting from the increase in the Maximum
                  Permissible Dollar Amount for Limitation Years ending after
                  December 31, 2001 shall be provided to all current and former
                  Participants who have an Accrued Benefit on the last day of
                  the Limitation Year immediately prior to the Limitation Year
                  ending after December 31, 2001 (other than an Accrued Benefit
                  resulting from a benefit increase solely as a result of the
                  increase in the Maximum Permissible Dollar Amount for
                  Limitation Years ending after December 31, 2001).

      Section 6.1(C)(6) is restated as follows, effective for Limitation Years
      ending after December 31, 2001:

            (6)   A Participant's benefit which commences after attainment of
                  age 65 may exceed the Maximum Permissible Dollar Amount,
                  provided the Actuarial Equivalent of such annual benefit
                  commencing at age 65 satisfies such Maximum Permissible Dollar
                  Amount actuarially adjusted to the date of retirement. The
                  actuarial equivalent of the Maximum Permissible Dollar Amount
                  commencing at an age after age 65 shall be determined as the
                  lesser of: (1) the Actuarial Equivalent annual benefit
                  calculated using the interest rate and mortality table (or
                  tabular factors) as set forth in Appendix A of the Plan for
                  purposes of determining the Actuarial Equivalent for a
                  Postponed Retirement Benefit, and (2) the equivalent annual
                  benefit calculated using a five percent (5%) interest rate
                  assumption and the GATT Applicable Mortality Table as set
                  forth in Table A. For these purposes, mortality between age 65
                  and the age at which benefits commence shall be ignored.

      Section 6.1(C)(7)(c) is restated as follows, effective for Limitation
      Years ending after December 31, 2001:

            (c)   If a Participant's benefit commences prior to attainment of
                  age 62, the Maximum Permissible Dollar Amount shall be equal
                  to a benefit commencing at age 62, reduced to the actuarial
                  equivalent of such benefit determined as of the benefit
                  commencement date. In determining the actuarial equivalent of
                  a benefit commencing prior to age 62, such benefit shall be
                  determined as the lesser of: (1) the Actuarial Equivalent
                  annual benefit calculated using the interest rate and
                  mortality table (or tabular factors) as set forth in Appendix
                  A of the Plan, and (2) the equivalent annual benefit
                  calculated using a five percent (5%) interest rate assumption
                  and the GATT Applicable Mortality Table as set forth in Table
                  A of the Plan. Any decrease in the Maximum Permissible Dollar
                  Amount determined hereunder shall not reflect a mortality
                  decrement if benefits are not forfeited upon the death of a
                  Participant. If any benefits are forfeited upon death, the
                  full mortality decrement is taken into account.

4.    Modification of Top-Heavy Plan Provisions (Section 6.2)

      This Section shall apply for purposes of determining whether the Plan is a
      top-heavy plan under Section 416(g) of the Code for Plan Years beginning
      after December 31, 2001, and whether the Plan satisfies the minimum
      benefits requirements of Section 416(c) of the Code for such years. This
      Section amends Section 6.2 of the Plan.

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<PAGE>

      Determination of top-heavy status

      Key Employee. Key Employee means any Employee or former Employee
      (including any deceased Employee) who at any time during the Plan Year
      that includes the Determination Date was an officer of the Employer having
      annual Compensation greater than one hundred thirty thousand dollars
      ($130,000) (as adjusted under Section 416(i)(1) of the Code for Plan Years
      beginning after December 31, 2002), a 5-percent owner of the Employer, or
      a 1-percent owner of the Employer having Annual Compensation of more than
      one hundred fifty thousand dollars ($150,000). For this purpose, "Annual
      Compensation" means compensation within the meaning of Section 415(c)(3)
      of the Code. The determination of who is a Key Employee will be made in
      accordance with Section 416(i)(1) of the Code and the applicable
      regulations and other guidance of general applicability issued thereunder.

      Determination of present values and amounts. The following subparagraphs
      (a) and (b) shall apply for purposes of determining the present values of
      Accrued Benefits of Employees as of the Determination Date.

            (a)   Distributions during year ending on the Determination Date.
                  The present values of Accrued Benefits of an Employee as of
                  the Determination Date shall be increased by the distributions
                  made with respect to the Employee under the Plan and any plan
                  aggregated with the Plan under Section 416(g)(2) of the Code
                  during the 1-year period ending on the Determination Date. The
                  preceding sentence shall also apply to distributions under a
                  terminated plan which, had it not been terminated, would have
                  been aggregated with the Plan under Section 416(g)(2)(A)(i) of
                  the Code. In the case of a distribution made for a reason
                  other than separation from service, death, or disability, this
                  provision shall be applied by substituting "5-year period" for
                  "1-year period."

            (b)   Employees not performing services during year ending on the
                  Determination Date. The Accrued Benefits of any individual who
                  has not performed services for the Employer during the 1-year
                  period ending on the Determination Date shall not be taken
                  into account.

      Top-Heavy Earnings. Top-Heavy Earnings means, for any year, an
      individual's annual compensation as defined under Section 414(q)(4) of the
      Code, up to a maximum of two hundred thousand dollars ($200,000), adjusted
      in multiples of five thousand dollars ($5,000) for increases in the
      cost-of-living as prescribed by the Secretary of the Treasury under
      Section 401(a)(17)(B) of the Code.

      Minimum benefits

      For purposes of satisfying the minimum benefit requirements of Section
      416(c)(1) of the Code and the Plan, in determining years of service with
      the Employer, any service with the Employer shall be disregarded to the
      extent that such service occurs during a Plan Year when the Plan benefits
      (within the meaning of Section 410(b) of the Code) no key employee or
      former key employee.

5.    Direct Rollover of Eligible Rollover Distributions (Plan Section 8.4)

      Modification of definition of "Eligible Retirement Plan." Effective with
      Plan distributions made after December 31, 2001, for purposes of the
      direct rollover provision in Plan Section 8.4, an

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<PAGE>

      Eligible Retirement Plan shall also mean an annuity contract described in
      Section 403(b) of the Code and an eligible plan under Section 457(b) of
      the Code which is maintained by a state, political subdivision of a state,
      or any agency or instrumentality of a state or political subdivision of a
      state and which agrees to separately account for amounts transferred into
      such plan from this Plan. The definition of Eligible Retirement Plan shall
      also apply in the case of a distribution to a surviving spouse, or to a
      spouse or former spouse who is the alternate payee under a qualified
      domestic relations order, as defined in Section 414(p) of the Code.

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