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Carver Bancorp, Inc. Announces $25 Million New Markets Tax Credit Allocation

NEW YORK, Feb. 28, 2011 (GLOBE NEWSWIRE) -- Carver Bancorp, Inc. (the "Company") (Nasdaq:CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), announced today that Carver Community Development Corporation ("Carver CDC"), a wholly owned subsidiary of Carver, was awarded $25 Million in New Markets Tax Credits ("NMTC") by the Community Development Financial Institutions Fund ("CDFI"), which is administered by the U.S. Department of the Treasury.

Deborah C. Wright, the Company's Chairman and CEO, said: "We are proud to be one of only nine financial institutions headquartered in New York City to be awarded these tax credits. These awards will be utilized to further drive our investments in the local community and will help to create jobs throughout New York City. This is Carver CDC's third allocation and we have used each of the prior awards to generate significant benefit in the communities we serve, as well as to generate significant fee income for the Company.

"The tax benefits achieved by our two prior allocations of $65 million in 2010 and $59 million in 2006 were used to provide below market loans to non-profit organizations, small businesses and real estate developers serving low-income communities located in New York City, Newark, NJ and adjoining communities. Taken as a whole, our allocations are expected to assist in the creation of approximately 600 permanent, full-time jobs and another 500 temporary construction jobs.  We also utilized our most recent allocation to invest in a small business loan fund in Newark, NJ.

Ms. Wright continued: "On behalf of the communities we serve, I'd like to express my deep appreciation to U.S. Department of the Treasury Secretary Timothy Geithner and Donna Gambrell, Director of the CDFI Fund, for their continued support of this important program. We are honored to be selected as an award recipient."

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