Carver Bancorp announces comprehensive board modernization initiative

Carver Bancorp (CARV), the holding company for Carver Federal Savings Bank, a certified Community Development Financial Institution and designated Minority Depository Institution, announced a comprehensive board modernization initiative as Carver accelerates its transformation into a modern urban community bank, bringing renewed momentum to its mission of financially empowering everyday New Yorkers. The Board of Directors has adopted the following modernization measures with immediate effect: 75% of directors will transition within the next 12 quarters, subject to any required regulatory approvals; Implementation of an enhanced comprehensive director skills matrix for board recruitment, reviewed and updated annually; Annual individual director assessments and full board evaluations; directors subject to enhanced re-evaluation at each term en; 50% reduction in cash compensation with the addition of an equity retainer; elimination of per-meeting fees. Other modernization measures, subject to Shareholder Approval: Fifteen-year maximum service effective April 2026, with current directors permitted to complete current terms; Directors may serve until age 75, with those reaching 75 permitted to complete current terms.