updated 10/4/2010 8:45:42 AM ET 2010-10-04T12:45:42

NEW YORK, Oct. 4, 2010 (GLOBE NEWSWIRE) -- Carver Bancorp, Inc. ("Carver") (Nasdaq:CARV), the holding company for Carver Federal Savings Bank ("Carver Federal"), announced today that on Thursday, September 30, 2010, Carver Federal was selected to receive an award of $375,950 from the Community Development Financial Institutions ("CDFI") Fund, a division of the United States Department of the Treasury.

The award is being made by the Bank Enterprise Award Program ("BEA"), a competition among CDFI financial institutions. The BEA encourages private investment in low-income and economically distressed communities across the nation.

"We are very proud to be one of 69 CDFI nationally -- and one of only 3 in New York -- to be selected to receive a BEA award," said Deborah C. Wright, Carver's Chairman and CEO. "These grant dollars will enable us to fund initiatives to expand affordable financial products and services for minority and women owned small businesses, as well as residents who are underbanked, in the communities that we serve."

About Carver Bancorp, Inc.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates nine 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 .

About the BEA Program

The BEA Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase either their level of support to certified CDFI or increase their provision of loans, investments, and financial services in distressed communities, such as opening new savings accounts, providing mortgages or investing in local small businesses, or both. CDFI are specialized community-based financial institutions that are able to respond to gaps that exist in their local markets.

2010 awards were made to 69 depository institutions which increased their loans and investments in distressed communities by over $276 million; increased their loan, deposits, and technical assistance to community development financial institutions (CDFI) by over $53 million; and increased the provision of financial services in distressed communities by over $13 million.

About the CDFI Fund

Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to CDFI, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award program, and the Native American CDFI Assistance program. In addition, the CDFI Fund has allocated $26 billion in tax credit authority to community development entities through the New Markets Tax Credit Program.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties. More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.

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