Carver Bancorp, Inc. (Carver) is the holding company for Carver Federal Savings Bank (the Bank), a federally chartered savings bank. Carver conducts business as a unitary savings and loan holding company. The principal business of Carver consists of the operation of its wholly owned subsidiary, the Bank. The Bank is engaged in a range of consumer and commercial banking services. It provides deposit products, including demand, savings and time deposits for consumers, businesses, and governmental and quasi-governmental agencies in its market area within New York City. In addition to deposit products, it offers a number of other consumer and commercial banking products and services, including debit cards, online banking, including online bill pay, and telephone banking. The other active subsidiary of Carver is Carver Statutory Trust I (the Trust) formed for the purpose of issuing trust preferred securities and investing the proceeds in an amount of subordinated debentures of the Company.