Carver Bancorp, Inc. announced that it has entered into investment agreement with returning investor, National Community Investment Fund to issue 378,788 common shares at an issue price of $2.64 per share for a gross proceeds of $1,000,000.32 on July 19, 2023. The Investment Agreement contains representations, warranties, and covenants of the company and investor that are customary in private placement transactions. The company shall reimburse Investor for Investor?s reasonable and documented out of pocket costs and expenses incurred in connection with the negotiation and execution of this Agreement and the transactions contemplated hereby, up to $30,000 in the aggregate.

The minimum investment accepted from any outside investor is $1,000,000. The common shares were issued in the transaction are exempt from registration pursuant to under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D of the rules and regulations promulgated thereunder .