NEW YORK ( TheStreet) -- Shares of Carver Bancorp ( CARV) recovered 6% early Friday, trading for $1.88 in heavy volume, after dropping 18% Thursday following an annoucement it had entered into two cease and desist orders with the Office of Thrift Supervision. Under the first order, main subsidiary Carver Federal Savings Bank was required to achieve and maintain a Tier 1 leverage ratio of at least 9% and a total risk-based capital ratio of at least 13% by April 30. These ratios need to be at least 5% and 10% for most banks and thrifts to be considered well-capitalized by regulators. According to preliminary fourth-quarter regulatory data, the thrift's Tier 1 leverage ratio was 6.36% and its total risk-based capital ratio was 10.82% as of December 31. Carver Federal had $744 million in total assets as of year-end and posted a net loss of $7.8 million during the fourth quarter. The thrift's nonperforming assets - including nonaccrual loans, less government-guaranteed balances) totaled $83.9 million, or 11.28% of total assets as of December 31. The thrift didn't report any repossessed assets. Carver Federal was also required to submit a capital plan, along with a contingency plan to eventually merge with another institution or undergo a voluntary dissolution with regulatory approval, if it is unable to raise the required capital. The first order also requires the thrift to improve its credit quality, credit administration and internal auditing functions, as well as cease commercial real estate lending and entering into third-party contracts without OTS approval. Carver Federal also agreed restrictions on making "any golden parachute payment" to employees and not enter into any new contracts with executives without OTS approval. Carver Federal's personnel expenses declined to $2.6 million during the fourth quarter, from $2.9 the previous quarter and $3.1 million a year earlier, according to its Thrift Financial Reports filed with the OTS.. The second C&D requires the holding company to improve its oversight of the thrift, submit a plan to raise capital and stop making any dividend payments or capital distributions including share repurchases without OTS approval. As in the first order to the thrift, the holding company is barred from making golden parachute payments or entering into new contracts with executives without approval from the regulator.