Carver Bancorp, Inc. Successfully Completes $1,000,000 Private Placement with National Community Investment Fund

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Carver Bancorp, Inc. (CARV) Announces Private Placement with National Community Investment Fund, Acquiring 378,788 Shares for $1.0M - The holding company for Carver Federal Savings Bank, a certified CDFI and MDI, entered into a private placement with NCIF, the largest private-sector investor in the U.S. mission-oriented banking industry. The net proceeds will be used for general corporate purposes.

NEW YORK, Aug. 3, 2023 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV) (the "Carver"), the holding company for Carver Federal Savings Bank (the "Bank"), a certified Community Development Financial Institution ("CDFI") and designated Minority Depository Institution ("MDI"), announced today that it recently entered into a private placement with National Community Investment Fund ("NCIF"), the largest private-sector investor in the U.S. mission-oriented banking industry. Under the terms of the agreement, NCIF acquired 378,788 shares of Carver Bancorp, Inc's common stock for approximately $1.0 million in gross proceeds.

The Bank intends to use the net proceeds of the private placement for general corporate purposes.

"Carver is one of the most important African-American and minority-focused CDFI and MDIs in the New York area that NCIF has supported over the years," said Saurabh Narain, President and CEO of NCIF. "We are excited to participate in its growth as it serves diverse and low-income minority communities. As the largest investor in CDFI and MDI banks, we're always evaluating institutions for their mission-aligned impact and growth potential."

"We are thrilled to have one of the most respected impact investors in the financial services industry, National Community Investment Fund, further invest in Carver Bancorp, Inc.," said Michael T. Pugh, President and Chief Executive Officer of Carver. "NCIF is a pioneer in supporting and investing in CDFIs across the U.S. that spur economic empowerment in local communities. Indeed, it is a testament to our success in delivering community-driven finance for Minority and Women Business Entrepreneurs ("MWBEs") and overall communities of color by having NCIF as a shareholder. We thank NCIF and its Board of Trustees for their commitment to Carver's mission and look forward to NCIF being a long-term investor."

About National Community Investment Fund
(NCIF; www.ncif.org) is an impact investor and national nonprofit CDFI formed in 1996 with a mission to increase access to responsible financial products and services in underserved communities. NCIF's Theory of Change revolves around catalyzing impact in partnership with mission-oriented financial institutions (MOFIs: which include CDFI Banks, Minority Depository Institutions and other institutions with an impact mission) that often act as anchors in underserved markets. NCIF achieves its mission via three complementary business lines - equity investing, deployment of New Markets Tax Credits and lending. NCIF pioneered Social Performance Metrics for banks (www.bankimpact.org) to increase flow of capital to the sector. Since inception, NCIF has invested in or worked with over 45 banks and credit unions and has catalyzed projects greater than $1.3 billion that have created over 16,000 direct jobs.

For more information, please visit our website at www.ncif.org and follow us on LinkedIn and Twitter.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, DC. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.

Media:
Michael Herley for Carver
203.308.1409
mediainquiries@carverbank.com

Stacey Gardner for NCIF
312.662.6096
administration@ncif.org

Investors:
ir@carverbank.com

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SOURCE Carver Bancorp, Inc.

FAQ

What is the purpose of the private placement between Carver Bancorp, Inc. and National Community Investment Fund?

The purpose of the private placement is for NCIF to acquire 378,788 shares of Carver Bancorp, Inc's common stock for approximately $1.0 million in gross proceeds, with the net proceeds intended for general corporate purposes.

What is Carver Bancorp, Inc.'s relationship with NCIF?

Carver is one of the most important African-American and minority-focused CDFI and MDIs in the New York area that NCIF has supported over the years.

What will the net proceeds of the private placement be used for?

The net proceeds of the private placement will be used for general corporate purposes.