Common Stock Dividend

6 Months Ended

Sep. 30, 2011

COMMON STOCK DIVIDEND [Abstract]

Stockholders' Equity, Policy [Policy Text Block]

STOCK DIVIDENDS

As previously disclosed in a Form 8-K filed with the SEC on October 29, 2010, the Company’s Board of Directors announced that, based on highly uncertain economic conditions and the desire to preserve capital, Carver was suspending payment of the quarterly cash dividend on its common stock. In accordance with the Orders, the Bank and Company are also prohibited from paying any dividends without prior regulatory approval, and, as such, suspended the regularly quarterly cash dividend payments on the Company's Series B preferred stock issued under the Trouble Asset Relief Program Capital Purchase Program ("TARP CPP") to the United States Department of Treasury ("Treasury") and deferred Carver Statutory Trust I debenture interest payments. There are no assurances that the payments of dividends on the common stock will resume.

On October 18, 2011 Carver received approval from the Federal Reserve Bank to pay all outstanding dividend payments on the Company's Series B preferred stock issued under the TARP CPP.

On October 28, 2011 the Treasury exchanged the CDCI Series B preferred stock for 2,321,286 shares of Carver common stock and the Series C preferred stock converted into 1,208,039 shares of Carver common stock and 45,118 shares of Series D preferred stock.