Exhibit 99.1




CARVER BANCORP, INC.                                   FOR IMMEDIATE
                                                       RELEASE


Contacts:   David Lilly / Kimberly Kriger
            Kekst and Company
            (212) 521-4800


                   CARVER BANCORP ANNOUNCES MANAGEMENT CHANGES


NEW YORK, NEW YORK, FEBRUARY 1, 2005 - Carver Bancorp, Inc. (AMEX: CNY) today
announced that Catherine A. Papayiannis has resigned her position as Executive
Vice President and Chief Operating Officer effective January 28, 2005, to pursue
a new career opportunity in sales. She will remain as a consultant to the
Company until March 31, 2005.

"I want to thank Cathy, on behalf of the entire Carver team, for her dedication
in helping Carver transition from our successful turnaround effort to the next
stage of our strategic plan, namely growing the Company's revenues, product line
and delivery channels," said Deborah C. Wright, President and Chief Executive
Officer. "Since she joined Carver in June of 2002, Cathy hired key professionals
to take charge of new business responsibilities in retail and lending. Working
with Cathy, this team grew the balance sheet, increased revenues, developed new
products and launched new branches and ATM centers. Cathy also worked to
strengthen internal controls and administrative systems during her tenure. We
all wish her the very best in this new stage of her career."

Carver also said that as a result of this change, it will be redistributing the
COO's duties to other members of the senior management team to allow the CEO to
focus on accelerating execution of Carver's growth strategy and profitability.
David A. Hargraves, who joined Carver in October as Chief Retail Officer, is
responsible for new business opportunities in retail, particularly increasing
core deposits and fee income. Mr. Hargraves joined Carver from Citibank, where
he held positions including President of the Eastern Queens Division and was
responsible for 32 branches and a $1 billion portfolio of deposits and
investments. He joins James Bason, Chief Lending Officer, who is responsible for
expanding the Company's new business effort in lending.

Frank J. Deaton, formerly Carver's Chief Auditor, has assumed the newly created
position of Senior Vice President of Operations, focusing on customer service
improvements and greater efficiency. He will oversee Loan Servicing, Branch
Operations Accounting Control, Information Technology and Facilities. Carmelo
Felix, who joined Carver as Chief Auditor on January 3, 2005, has assumed Mr.
Deaton's previous responsibilities. Mr. Felix has a 26 year history in auditing,
most recently as the Deputy General Manager and Regional Internal Auditor of
Korea Exchange Bank. He has held senior posts in similar capacities at Rabobank
International and The Yasuda Trust and Banking Co., Ltd.

In addition, Carver announced the appointment of a new Chief Information
Officer. Fred Benedicto, a 27 year veteran of the technology industry, joined
Carver on January 3, 2005, having been an eight




                                                                               2


year veteran of the Dime Savings Bank. This was followed by a series of
consulting assignments at institutions including PriceWaterhouseCoopers.

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 eight
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.


STATEMENTS CONTAINED IN THIS NEWS RELEASE, WHICH ARE NOT HISTORICAL FACTS ARE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES
ACT OF 1933, AS AMENDED, (THE "SECURITIES ACT"), AND SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (THE "EXCHANGE ACT"). THESE
FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF SUCH WORDS AS
"BELIEVE," "EXPECT," "ANTICIPATE," "INTEND," "SHOULD," "WILL," "WOULD," "COULD,"
"MAY," "PLANNED," "ESTIMATED," "POTENTIAL," "OUTLOOK," "PREDICT," "PROJECT" AND
SIMILAR TERMS AND PHRASES, INCLUDING REFERENCES TO ASSUMPTIONS. FORWARD-LOOKING
STATEMENTS ARE BASED ON VARIOUS ASSUMPTIONS AND ANALYSES MADE BY THE COMPANY IN
LIGHT OF MANAGEMENT'S EXPERIENCE AND ITS PERCEPTION OF HISTORICAL TRENDS,
CURRENT CONDITIONS AND EXPECTED FUTURE DEVELOPMENTS, AS WELL AS OTHER FACTORS
BELIEVED TO BE APPROPRIATE UNDER THE CIRCUMSTANCES. THESE STATEMENTS ARE NOT
GUARANTEES OF FUTURE PERFORMANCE AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND
OTHER FACTORS, MANY OF WHICH ARE BEYOND THE COMPANY'S CONTROL, THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM FUTURE RESULTS EXPRESSED OR IMPLIED BY
SUCH FORWARD-LOOKING STATEMENTS. FACTORS WHICH COULD RESULT IN MATERIAL
VARIATIONS INCLUDE, WITHOUT LIMITATION, THE COMPANY'S SUCCESS IN IMPLEMENTING
ITS INITIATIVES, INCLUDING EXPANDING ITS PRODUCT LINE, ADDING NEW BRANCHES AND
ATM CENTERS, SUCCESSFULLY RE-BRANDING ITS IMAGE AND ACHIEVING GREATER OPERATING
EFFICIENCIES; INCREASES IN COMPETITIVE PRESSURE AMONG FINANCIAL INSTITUTIONS OR
NON-FINANCIAL INSTITUTIONS; LEGISLATIVE OR REGULATORY CHANGES WHICH MAY
ADVERSELY AFFECT THE COMPANY'S BUSINESS OR INCREASE THE COST OF DOING BUSINESS;
TECHNOLOGICAL CHANGES WHICH MAY BE MORE DIFFICULT OR EXPENSIVE THAN WE
ANTICIPATE; CHANGES IN INTEREST RATES WHICH MAY REDUCE NET INTEREST MARGINS AND
NET INTEREST INCOME; CHANGES IN DEPOSIT FLOWS, LOAN DEMAND OR REAL ESTATE VALUES
WHICH MAY ADVERSELY AFFECT THE COMPANY'S BUSINESS; CHANGES IN ACCOUNTING
PRINCIPLES, POLICIES OR GUIDELINES WHICH MAY CAUSE THE COMPANY'S CONDITION TO BE
PERCEIVED DIFFERENTLY; LITIGATION OR OTHER MATTERS BEFORE REGULATORY AGENCIES,
WHETHER CURRENTLY EXISTING OR COMMENCING IN THE FUTURE, WHICH MAY DELAY THE
OCCURRENCE OR NON-OCCURRENCE OF EVENTS LONGER THAN ANTICIPATED; THE ABILITY OF
THE COMPANY TO ORIGINATE AND PURCHASE LOANS WITH ATTRACTIVE TERMS AND ACCEPTABLE
CREDIT QUALITY; AND GENERAL ECONOMIC CONDITIONS, EITHER NATIONALLY OR LOCALLY IN
SOME OR ALL AREAS IN WHICH THE COMPANY DOES BUSINESS, OR CONDITIONS IN THE
SECURITIES MARKETS OR THE BANKING INDUSTRY WHICH COULD AFFECT LIQUIDITY IN THE
CAPITAL MARKETS, THE VOLUME OF LOAN ORIGINATION, DEPOSIT FLOWS, REAL ESTATE
VALUES, THE LEVELS OF NON-INTEREST INCOME AND THE AMOUNT OF LOAN LOSSES. THE
FORWARD-LOOKING STATEMENTS CONTAINED WITHIN HEREIN ARE MADE AS OF THE DATE OF
THIS REPORT, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THESE
FORWARD-LOOKING STATEMENTS TO REFLECT ACTUAL RESULTS, CHANGES IN ASSUMPTIONS OR
CHANGES IN OTHER FACTORS AFFECTING SUCH FORWARD-LOOKING STATEMENTS OR TO UPDATE
THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE
FORWARD-LOOKING STATEMENTS. YOU SHOULD CONSIDER THESE RISKS AND UNCERTAINTIES IN
EVALUATING FORWARD-LOOKING STATEMENTS AND YOU SHOULD NOT PLACE UNDUE RELIANCE ON
THESE STATEMENTS.


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