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                                                                    EXHIBIT 21.1

SUBSIDIARIES OF THE REGISTRANT

     Carver Bancorp, Inc. (the "Company") is the holding company for Carver
Federal Savings Bank (the "Bank"), a federally chartered stock savings bank. The
Bank, in turn, wholly owns two subsidiaries, CSFB Credit Corp. and CSFB Realty
Corp, both of which are incorporated in the State of New York.

     The Company is the sole stockholder of Alhambra Holding Corp., a Delaware
corporation ("Alhambra"). Alhambra owns 80% of the common stock and 100% of the
preferred stock of Alhambra Realty Corp., a Delaware corporation.