Own Your Community Bank And You'll Be Investing In Your Community

Everyone Profits With The Carver Shares Program

Carver's Board of Directors believes that community ownership of our shares is important to the success of our institution and the communities we serve. That's why we established the Carver Shares Program which provides a simple, convenient and economical way to invest in our stock.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank. To obtain a Prospectus, please contact American Stock Transfer & Trust Company or your broker. Carver's stock is traded on the NASD under the symbol CARV.

Call 1-800-278-4353 or visit ASTTC's Website at:
www.investpower.com

This advertisement is neither an offer to sell nor the solicitation of an offer to buy nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful under securities laws of such state. Offers to purchase Carver common stock are made only by the Prospectus. The shares of common stock offered by the Prospectus for the Shares Program are not savings accounts or savings deposits, are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency, are not guaranteed by Carver Federal Savings Bank and are subject to investment risk. Shares offered through the Shares Program will be purchased on the open market, except shares may be purchased from Carver if there are insufficient shares to satisfy participant demand.