Robert R. Tarter To Become Non-Executive Chairman of Carver Bancorp; Deborah C. Wright Retires from Board

NEW YORK, Dec. 16, 2016 /PRNewswire/ -- Carver Bancorp, Inc. (the "Company") (NASDAQ: CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), today announced that Deborah C. Wright will retire from the Board of Directors of Carver Bancorp, Inc. and Carver Federal Savings Bank, effective January 1, 2017.  Ms. Wright is the current non-executive Chairman of the Board and has served as a director since 1999.

Ms. Wright will be succeeded as non-executive Chairman by Robert R. Tarter, who is currently Chairman of the Finance and Audit Committee and has served as a director since 2006.

"Bob's professional insights and deep experience in banking have brought considerable value to our Board, and I believe his leadership will be a great asset for Carver in the years ahead," said Carver's President and CEO Michael T. Pugh.

"Carver's Board and management team are grateful to Debbie for her many years of exceptional service to Carver as CEO and as Chairman, and her numerous contributions to the communities served by Carver," said Mr. Tarter. 

Mr. Pugh concluded, "Debbie's presence will continue to be strongly felt at our organization and in our neighborhoods for many years to come.  She is an exceptional person, and we wish her all the best."

Robert R. Tarter Bio 
Mr. Tarter is a retired Executive Vice President and former head of North America Master Trust and Public Funds, the group managing the custody and recordkeeping business for institutional investor clients at State Street Corporation. He also managed the Relationship Management Group, the organization managing the firm's largest customer relationships worldwide. Mr. Tarter joined State Street in 1994 as Senior Vice President and Director of Sales and Marketing for the Master Trust and Public Funds business. Prior to joining State Street, Mr. Tarter was with Bankers Trust for over 20 years and during his time with Bankers Trust, he held a number of senior positions, both in the U.S. and in overseas locations. He has managed teams responsible for institutional sales and client service of investment and commercial banking products in the U.S., Latin America, the Far East, Europe, the Middle East and Africa. In addition, Mr. Tarter has been a member of several boards, including The Partnership, Inc., CitiStreet, LLC, The Immokalee Foundation, The Shelter for Abused Women and Children and is a past member of the Executive Leadership Council. Mr. Tarter is a 1970 graduate of the Wharton School at the University of Pennsylvania.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank.  Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services.  In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a community development financial institution.  Carver is the largest African- and Caribbean-American managed bank in the United States, with nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens.  For further information, please visit the Company's website at www.carverbank.com. 

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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 Contacts: 
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SOURCE Carver Bancorp, Inc.