The program aims to provide an avenue for substantial personal growth and development for Carver employees and a pathway to expand the pool of African-American and Latinx managerial talent in the New York tri-state region.

"This newfound affiliation between the historic Harlem-based Carver and the student-focused graduate business school at Touro represents a vital alliance between the professional and academic world right here in the financial capital of the world, New York City," said Kenneth J. Knuckles, Esq., vice chairman of the New City Planning Commission, and Carver vice chairman. "It is a further sign that New York is back and open for business. I applaud both institutions on creating this partnership that will further develop minority business talent."

Employees can choose from a range of programs at GSB, including an MBA in 7 different areas of concentration, M.S. in Accounting, M.S. in International Business Finance, M.S. in Healthcare Management, M.S. in Human Resource Management and Advanced Certificates in Real Estate Entrepreneurship, Healthcare Management and Human Resource Management.

Dr. Mary Louise Lo Re, the dean of the Touro Graduate School of Business in New York City, remarked: "This collaboration offers Carver employees the opportunity to cultivate the real-life skills necessary to take their careers to the next level and further fulfill the Bank's mission without compromising their day-to-day work responsibilities by having to enroll in a full-time graduate business program. GSB aims to make quality business education affordable and accessible to working professionals who lead busy lives. On behalf of Touro, our faculty and the student body, I thank Michael T. Pugh and Carver for their friendship."

"Our partnership with the Touro Graduate School of Business provides Carver with a powerful tool to help recruit and retain top banking and managerial talent who are committed to deepening their financial acumen and management prowess through advanced graduate training," said Michael T. Pugh, president and CEO of Carver. "Carver pays its mission forward through facilitating financial education, community engagement and by reinvesting approximately $0.80 of each deposited dollar back into the diverse neighborhoods it operates in. On behalf of Carver, I want to express my thanks to the Touro Graduate School in Business, which is helping us to realize our mission further. We look forward to working with Dean Lo Re and Touro's talented faculty in providing an enriching experience and enhanced career opportunities for our employees."

Dr. Lo Re concluded: "We anticipate growing our partnership with Carver over the coming semesters and look forward to the meaningful contributions that the Bank's employees will make to Touro and society at large as they undertake their graduate business studies with our esteemed faculty."

About Carver Bancorp, Inc.

Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American communities whose residents, businesses and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution (CDFI) because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com.