Carver Federal Savings Bank Selects Six Community Organizations to Receive Funds Awarded by U.S. Treasury's BEA Program

NEW YORK, July 18, 2018 /PRNewswire/ -- Carver Federal Savings Bank ("Carver" or the "Bank"), a certified Community Development Fund Institution ("CDFI"), announced today that it has selected six community organizations to receive funds awarded to the Bank under the U.S. Treasury Department's Bank Enterprise Award ("BEA") program. The BEA program distributes funds through federally insured depository institutions that provide credit and financial services to underserved markets and populations, a central part of Carver's mission.

Carver Federal Savings Bank Logo

Carver received approximately $195,000 to award to non-profit organizations located in BEA-qualified areas that provide vital services to low- and moderate-income ("LMI") populations. The six community organizations Carver has selected are:

South Bronx Overall Economic Development Corporation (Bergen Ave., Bronx)
Addicts Rehabilitation Center (Park Ave., Harlem)
Ocean Bay Community Development Corporation (Beach 54^th St., Far Rockaway)
Madison Square Boys & Girls Club (Bradhurst Ave., Harlem)
Bridge Street Development Corporation (Quincy St., Brooklyn)
Comunilife (Rockaway Ave., Brooklyn)

"Carver is pleased to have selected these six fine organizations to receive awards under the Bank Enterprise Award program," remarked Michael T. Pugh, President and Chief Executive Officer of Carver. "Each of these community organizations is performing much-needed work in our communities every day. We are proud to partner with them under this important program, and we are confident that this financial support will be put to good use in programs that make a real difference in the lives of our neighbors, and which positively impact the communities where Carver operates."

Steven Brown, CEO of the South Bronx Overall Economic Development Corporation, said, "SoBro is a local community development non-profit organization in the South Bronx engaged in entrepreneurial development & business assistance, serving over 350 small businesses annually. The BEA grant provided by Carver will support 20 businesses through Credit, Inc. and our Venture Center site, which promotes community revitalization efforts targeting small businesses through workshops, networking events, credit repair services, micro-lending and one-on-one counseling."

Rev. Reginald Williams, President and CEO of Addicts Rehabilitation Center, said, "ARC is the oldest substance abuse program in New York State for individuals challenged with drug and mental health issues, serving about 1,100 people on an annual basis. As part of a wider rehabilitation tied into clinical practices, ARC provides financial empowerment through a workshop series. The BEA grant provided by Carver will fund the workshop component, directly benefiting more than 200 clients, to assure that participants become versed in critical financial issues impacting their lives, reinforcing the importance of sound money management, savings, and budgeting in everyday life."

Patricia Simon, Executive Director of Ocean Bay Community Development Corporation, said, "Ocean Bay's mission is to economically revitalize the Far Rockaway community in South Queens, where we serve over 6,000 people each year. The BEA grant provided by Carver will support our workforce development and placement program, which will directly benefit more than 500 residents of the Ocean Bay Apartments, a NYCHA public housing facility located in the heart of the Far Rockaway community, where many people are in dire need of training and employment opportunities."

Tim McChristian, Executive Director of Madison Square Boys & Girls Club, said, "Madison Square Boys & Girls Club provides targeted programs to more than 5,000 low- and moderate-income young people each year, and the opening of our new Pinkerton Clubhouse in Harlem will serve an additional 1,500 youth. The BEA grant provided by Carver will be used to conduct a series of financial education and empowerment workshops for at least 140 college-bound students. These workshops are designed to educate young people on the importance of financial goal setting, credit, budgeting, savings, and banking relationships, as well as, avoidance of scams and high-interest loans."

Emilio Dorcely, President and CEO of Bridge Street Development Corporation, said, "Bridge Street's mission is to build partnerships with businesses, government, and other community stakeholders to provide civic and economic opportunities to the residents of Central Brooklyn, with a focus on LMI households and small businesses located in underserved neighborhoods. Each year BSDC hosts workshops for hundreds of current and potential entrepreneurs. The BEA grant provided by Carver will be used to support a Small Business Boot Camp, which provides a 7-week training and development workshop series in partnership with the LIU School of Business. Dozens of local small business owners will receive the skills, tools and expertise required for greater competitiveness amid a gentrified and evolving neighborhood and E-commerce environment."

Dr. Rosa M. Gil, President and CEO of Comunilife, said, "Since its founding in 1989, Comunilife has grown into one of NYC's best-respected community-based health and housing service providers, with a rich continuum of care that supports the needs of more than 3,500 low-income and vulnerable New Yorkers. The BEA grant provided by Carver will support the workforce development initiative located at our Dona Rosita II Residence, a supportive housing residence that provides approximately 60 clients with well-maintained individual apartments and a full range of care coordination and supportive services, including job placement to help residents become independent."

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (Nasdaq: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a community development financial institution. Carver is the largest African- and Caribbean-American managed bank in the United States, with nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. For further information, please visit the Company's website at www.carverbank.com.

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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.

Media Contacts:
Michael Herley/Emilee Hanson
Kekst
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michael.herley@kekst.com
emilee.hanson@kekst.com

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