NEW YORK, July 11, 2007 (PRIME NEWSWIRE) -- Carver Bancorp, Inc. (the "Company" or "Carver") (Nasdaq:CARV), the holding company for Carver Federal Savings Bank (the "Bank"), today announced that Strauss Zelnick, a member of its Board of Directors, has resigned from the Board to focus on the growth of ZelnickMedia, LLC, an investment and advisory firm specializing in media and entertainment, which he founded in 2001. Accordingly, the Board voted to reduce the Board's size from 9 members to 8.
"Mr. Zelnick joined Carver's Board of Directors in 2000, during a very challenging period, to help the newly reconstituted Board and management team to reposition the Bank for growth. His contribution to Carver has been immeasurable and, on behalf of every member of the Board, we thank him for his commitment to our institution, its stockholders and our community," said Deborah C. Wright, Chairman and Chief Executive Officer. "For seven years, Carver has had the benefit of Mr. Zelnick's creative leadership and global perspective as a Director and as Chairman of the Compensation Committee. During this time, the Carver team successfully launched our current growth program, boosting assets by 75%, acquired small business lender Community Capital Bank and considerably expanded our retail delivery channels and products to meet our customers' needs."
"While I will miss serving Carver with my colleagues on the Board, I am delighted by the dramatic progress the Bank has made through the hard work of everyone at Carver," said Mr. Zelnick. "I leave with a full appreciation for how much has been accomplished and with the highest confidence in Carver's potential under the leadership of its management team."
In addition, Carver announced the appointment of Board Member Carol Baldwin Moody as Chairman of the Compensation Committee. "We are delighted that Carol Baldwin Moody has agreed to serve as Chairman of the Compensation Committee. Ms. Baldwin Moody brings to this duty extraordinary management experience in compliance, legal and corporate policy," said Ms. Wright.
Ms. Baldwin Moody has been a member of Carver's Board of Directors since 2003, where she serves on the Finance and Audit and Compensation Committees. She is the Chief Compliance Officer of Nationwide Financial Services, Inc., a position she assumed in November 2005. Previously, she was Chief Compliance Officer for TIAA-CREF, Managing Director of TCW/Latin America Partners, LLC. and Head of Compliance/Global Relationship Banking at Citibank where she was responsible for assisting the business in its responsibilities to comply with all applicable laws, regulations, corporate policies and standards in over 90 countries. Ms. Baldwin Moody holds a B.S.E. from the Wharton School of the University of Pennsylvania and a J.D. from Columbia University.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American operated bank in the United States, operates ten full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company's website at www.carverbank.com.
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.