EXHIBIT 99.1



         FOR IMMEDIATE
         RELEASE



         Contact:  David Lilly / Ruth Pachman        William Gray
                   Kekst and Company                 Carver Bancorp, Inc.
                   (212) 521-4800                    (212) 876-4747, ext. 174


                          CARVER BANCORP, INC. APPROVES

                      OPEN MARKET SHARE REPURCHASE PROGRAM

NEW YORK, NEW YORK, AUGUST 6, 2002 - Carver Bancorp, Inc. (the "Company" or
"Carver") (AMEX: CNY), the holding company for Carver Federal Savings Bank (the
"Bank"), announced that the Company has approved a stock repurchase program of
its common stock, $0.01 par value per share, which it may implement from time to
time.

The Company is authorized to repurchase up to 10% of the outstanding shares of
its common stock or approximately 231,635 of its outstanding shares. This
repurchase program is being instituted primarily because the Company desires to
provide a mechanism to fund its obligations under its various benefit and
compensation plans but may be used for any other purpose the Board of Directors
of the Company deems advisable in compliance with applicable law. In addition,
the beneficial impact on return on equity of this repurchase program and the
relatively low price-to-book value ratio of its common stock make repurchase of
the Company's common stock a desirable investment.

The Company intends to conduct its repurchases from stockholders through
registered broker-dealers in open market transactions. The Company intends to
hold the shares repurchased as treasury shares.

THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WHICH MAY BE IDENTIFIED
BY THE USE OF SUCH WORDS AS "BELIEVE," "EXPECT," "ANTICIPATE," "SHOULD,"
"PLANNED," "ESTIMATED," AND "POTENTIAL." EXAMPLES OF FORWARD-LOOKING STATEMENTS
INCLUDE, BUT ARE NOT LIMITED TO, ESTIMATES WITH RESPECT TO THE FINANCIAL
CONDITION, RESULTS OF OPERATIONS AND BUSINESS OF THE COMPANY AND THE BANK THAT
ARE SUBJECT TO VARIOUS FACTORS WHICH COULD CAUSE THE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THESE ESTIMATES. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO,
THE COMPANY'S SUCCESS IN IMPLEMENTING ITS INITIATIVES, INCLUDING EXPANDING ITS
PRODUCT LINE, ACHIEVING GREATER OPERATING EFFICIENCIES AND ITS NEW BRANCH
OPENING, CHANGES IN GENERAL, ECONOMIC AND MARKET, LEGISLATIVE AND REGULATORY
CONDITIONS AND THE DEVELOPMENT OF AN ADVERSE INTEREST RATE ENVIRONMENT THAT
ADVERSELY EFFECTS THE INTEREST RATE SPREAD OR OTHER INCOME ANTICIPATED FROM THE
COMPANY'S OPERATIONS AND INVESTMENTS. THE COMPANY AND THE BANK ASSUME NO
OBLIGATION TO UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT THE ACTUAL
RESULTS, CHANGES IN ASSUMPTIONS OR CHANGES IN OTHER FACTORS AFFECTING SUCH
FORWARD-LOOKING STATEMENTS.

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