• Promotion of Lisa Robinson Smith continues deliberate build-out of executive team to support Carver's transformation into a modern urban community bank.
• Seasoned finance executive brings over 20 years of financial services experience, including leadership roles at Guggenheim Investments, JPMorganChase, and Deloitte.
• Appointment advances Carver's strategy to strengthen financial performance management, enhance capital planning, and drive long-term, sustainable profitability.

NEW YORK, March 23, 2026 /PRNewswire/ -- Carver Bancorp, Inc. (the "Company") (OTCQB: CARV), the holding company for Carver Federal Savings Bank (the "Bank," a certified Community Development Financial Institution ("CDFI") and designated Minority Depository Institution ("MDI"), today announced the appointment of Lisa Robinson Smith as Chief Financial Officer. Ms. Robinson Smith, who has served as the Company's Deputy Chief Financial Officer since June 2025, replaces Christina Maier, who has retired from the Company.

"Lisa's appointment as CFO reflects the continued strengthening of our leadership team as we accelerate Carver's transformation into a modern urban community bank," said Donald Felix, President and CEO of Carver Bancorp, Inc. "Since joining Carver, Lisa has demonstrated the financial acumen and strategic perspective essential to move our institution forward. Her promotion is part of our deliberate approach to building an executive team with the expertise and experience necessary to drive operational excellence and establish the foundation for long-term, sustainable profitability.

"This appointment, alongside the recent addition of Jason Sisack as Senior Enterprise Risk Management Advisor, our board modernization initiative, and our transition to OTC Markets, reflects our commitment to making the decisions necessary to compete more effectively and deliver value for all stockholders while empowering everyday New Yorkers to Dream Forward. In addition, on behalf of the Carver family, I want to thank Christina Maier for her years of service and dedication to the Bank."

Ms. Robinson Smith brings more than 20 years of financial services experience, with deep expertise in financial planning and analysis, strategic execution, and operational leadership. Most recently, she served as Managing Director and Head of Financial Planning & Analysis at Guggenheim Investments, where she partnered with the CFO and leadership team to support over $200 billion in assets under management. In that role, she led budgeting, forecasting, and reporting processes, and supported major growth and transformation initiatives, including divestitures, product development, and strategic partnerships.

Prior to joining Guggenheim Investments, Ms. Robinson Smith held positions at JPMorganChase and Bear Stearns, where she managed complex financial operations and led business transformations. At JPMorganChase, she directed a $100 million corporate initiative to internalize brokerage operations and developed pricing models that informed senior leadership decisions. At Bear Stearns, she supported product development and strategic initiatives for a $5 billion Managed Accounts platform. She began her career at Deloitte in New York, where she earned her Certified Public Accountant license and supported a range of clients, including private investment clients with assets exceeding $2 billion.

"I am honored to serve as Carver's Chief Financial Officer and remain laser focused on strengthening the Bank's financial performance management, enhancing capital planning, and driving long-term, sustainable profitability," said Lisa Robinson Smith, Chief Financial Officer of Carver Bancorp, Inc. "I look forward to applying my experience to strengthen our financial foundation and support Carver's mission of financially empowering everyday New Yorkers who are working hard to get ahead."

Ms. Robinson Smith earned her MBA from the University of Chicago Booth School of Business, with concentrations in Finance and Entrepreneurship, and a BS in Accounting from Hampton University.

Recent Strategic Announcements
Today's announcement builds on recent strategic actions designed to strengthen the institution's foundation and accelerate its transformation:

• Carver Bancorp, Inc. Announces Agreement with Holders of Trust Preferred Securities to Cancel Interest in Exchange for Shares of Common Stock (03/16/2026): Carver converts over $1 million in Trust Preferred Securities interest obligations into 524,826 shares of common stock, eliminating a meaningful debt obligation, strengthening the Bank's capital position, and increasing flexibility for growth and profitability.
• Carver Bancorp, Inc. Commences Trading on OTC Markets (12/08/25): Carver joins more than 300 banks on the OTC Markets, a move that provides greater flexibility to pursue long-term growth and enhanced capital, reduces operating expenses, and maintains financial disclosure integrity.
• Carver Bancorp, Inc. Announces Board Modernization Initiative with Comprehensive Governance Enhancements (11/05/25): Governance changes align Carver's board policies with leading companies, featuring a 75% director turnover rate over the next three years, enhanced skills-based recruitment, and restructured equity-based compensation that preserves capital flexibility while aligning directors' interests with long-term value creation.
• Carver Bancorp, Inc. Strengthens Leadership Team with Appointment of Jason Sisack, Former OCC Executive, as Senior Enterprise Risk Management Advisor to the CEO (11/04/25): Appointment reinforces Carver's commitment to operational excellence and risk management as the Bank accelerates its transformation and growth strategy.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (OTCQB: CARV) is the holding company for Carver Federal Savings Bank, a Harlem-based community bank committed to meeting the financial needs of everyday New Yorkers who are working hard to get ahead and supporting the vitality of the neighborhoods it serves by delivering accessible financial services to individuals and small- to mid-sized businesses. Through its online banking platform and physical branches, Carver serves customers across nine states, from Massachusetts to Virginia, including Washington, D.C.

Founded in 1948 to address barriers to financial access, Carver has a long-standing legacy of serving historically under-resourced communities. The U.S. Department of the Treasury has designated Carver as both a Community Development Financial Institution (CDFI) and a Minority Depository Institution (MDI) in recognition of its leadership in advancing financial inclusion and local economic empowerment.

For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Instagram.

Media: Michael Herley for Carver 203.308.1409 [email protected]

Investors: [email protected]

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SOURCE Carver Bancorp, Inc.