Carver Bancorp Inc

Carver Bancorp, Inc. (the “Registrant”) was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the period ended March 31, 2024 (the “Annual Report”) by the July 1, 2024 filing date applicable to smaller reporting companies due to a delay experienced by the Registrant in completing its financial statements and other disclosures in the Annual Report. As a result, the Registrant is still in the process of compiling required information to complete the Annual Report. The Registrant expects that it will file the Annual Report no later than the fifteenth calendar day following the prescribed filing date

Carver Bancorp, Inc. (the “Registrant”) was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the period ended March 31, 2022 (the “Annual Report”) by the June 29, 2022 filing date applicable to smaller reporting companies due to a delay experienced by the Registrant in completing its financial statements and other disclosures in the Annual Report. As a result, the Registrant is still in the process of compiling required information to complete the Annual Report. The Registrant expects that it will file the Annual Report no later than the fifteenth calendar day following the prescribed filing date

As previously reported, Carver Bancorp, Inc. (the “Company”) became aware of a possible fraud incident involving the unauthorized use of a borrower’s account through a third-party vendor’s online cash management system. The Company’s preliminary investigation of this matter indicates that unauthorized wires totaling $2.1 million were fraudulently withdrawn from the borrower’s money market account at Carver Bank from May 12, 2021 through June 1, 2021. The preliminary investigation indicates that an unauthorized person or entity gained access to the borrower’s account through a third- party online banking system and executed the fraudulent wires. Carver Bank contacted the appropriate regulatory and law enforcement agencies, as well as its insurance provider. The total exposure to the Company as a result of this incident is $2.1 million. However, Carver Bank is pursuing all available sources of recovery, including insurance and other means of mitigating the potential loss. If any resulting loss is not insured or exceeds applicable insurance limits, it may have a material adverse effect on our business, financial condition and results of operations. While the Company believes its internal control designs and processes are appropriate, it is reviewing the effectiveness of such internal controls as they relate to the above-referenced incident. Accordingly, this has caused a delay in filing the Form 10-Q in a timely manner and without unreasonable effort or expense