Carver Federal Savings Bank Implements Chexar Networks, Inc.

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The largest African- and Caribbean-American operated bank in the United States chooses Chexar to offer full service check cashing services in the NYC market.

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John Spencer, Carver’s Chief Retail Officer added that “Carver conducted a formal Request For Proposal (“RFP”) process and we selected Chexar after thoroughly evaluating all of our options in the marketplace.

Chexar Networks, Inc. (“CHEXAR®”), a nationwide leader in check cashing and guarantee solutions, announces the implementation of an exclusive contract with Carver Federal Savings Bank (“Carver”) to offer Full Service Check Cashing services in New York City.

Chexar CEO Drew Edwards said “we couldn’t be prouder to be selected as the risk management partner for this hallmark financial institution with a 60 year old heritage for serving under-banked consumers in New York City. Carver was one of the earliest financial institutions to reach out to underserved consumers and we are proud that they decided to partner with Chexar. Initially, their innovative suite of services includes our one of a kind full service check cashing and check-to-card solution. ”

John Spencer, Carver’s Chief Retail Officer added that “Carver conducted a formal Request For Proposal (“RFP”) process and we selected Chexar after thoroughly evaluating all of our options in the marketplace. Our decision was heavily influenced by Chexar’s strong technology which gives us the best opportunity to say yes to our customer. We have launched the Chexar solution in all nine branches and are extremely pleased with both the service and our consumer experience. ”

Chexar began in 2001 as the operating platform for El Banco de Nuestra Comunidad®. El Banco was one of the first and many believe the most successful Hispanic focused under-banked initiatives in the nation. Chexar sold the El Banco assets to a financial institution in 2007 and retained the technology to become a partner for other retailers and financial institutions looking to offer services to reach 100 million under-banked consumers.

About Chexar

CHEXAR® is the national leader for technology and solutions to enable clients to cash any check. Chexar’s solutions provide its clients with the ability to truly serve the nation’s under-banked population now estimated to be almost 100 million people. The gating factor for these consumers is their need to change all types of checks into cash or value before they can acquire any other services including bill pay, money transfers, savings, or investments.

Chexar’s solutions enable any business to convert ANY type and ANY size of check to cash or to immediate value loads onto Prepaid Cards or other prepaid products. The company’s one-of-a-kind solution combines multiple national databases, rules engines, and proprietary technology with redundant 24/7 risk management centers to achieve the industry’s highest automated and overall approval rates on any check. Chexar’s solutions are deployed across multiple platforms including turnkey point of sale solutions, assisted and self-service kiosk solutions, and full XML integrations. The solutions include optional full Remote Deposit Capture (Check 21) integration. For more information, please visit http://www.chexar.com.

About Carver Bancorp, Inc. (Nasdaq – CARV)

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank, founded in 1948 to serve African-American communities whose residents, businesses and institutions had limited access to mainstream financial services. Carver, the largest African- and Caribbean-American run bank in the United States, operates 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 http://www.carverbank.com.

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Chez Echeverri
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