Item 1.02 Termination of a Material Definitive Agreement.

On January 18, 2023, the Office of Comptroller of the Currency ("OCC") notified Carver Federal Savings Bank (the "Bank"), the wholly-owned subsidiary of Carver Bancorp, Inc. (the "Company"), that the Formal Agreement between the Bank and the OCC dated May 24, 2016 (the "Agreement") was terminated, effective immediately.

The Individual Minimum Capital Ratio letter issued by the OCC, which requires the Bank to maintain minimum regulatory capital levels of 9% for its Tier 1 leverage ratio and 12% for its total risk-based capital ratio, remains in effect, as do the Company's resolutions requiring, among other things, written approval from the Federal Reserve Bank of Philadelphia prior to the declaration or payment of dividends, any increase in debt by the Company, or the redemption of Company common stock.

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