(a)

As previously disclosed, management of Carver Bancorp, Inc. (the "Company") has identified material weaknesses in the Company's internal control over financial reporting and has been engaged in an ongoing review of its financial reporting and reconciliation practices and remediation of related control weaknesses related thereto with the assistance of its new Chief Financial Officer, who joined the Company in March 2016. In conjunction with the ongoing review of reconciliations and internal controls related thereto, approximately $1.8 million of reconciling items were identified as uncollectable and written off primarily during the fourth quarter of fiscal 2017; management has reviewed and evaluated the items written off and has concluded that $1.2 million of these write-offs should be  accounted for in prior periods. Management's current evaluation of the items written off indicates that approximately $420,000 of the amount written off should be accounted for in fiscal 2016 and the remainder should be accounted for in years prior to fiscal 2016. On July 7, 2017, upon the recommendation of management, the Audit and Finance Committee of the Board of Directors (the "Audit Committee") determined that the combined effect of the items written off was material to the Company's financial statements and that the Company would restate its financial statements for the fiscal year ended March 31, 2016 and its unaudited interim financial statements for the fiscal quarters ended June 30, 2015 through December 31, 2016. Accordingly, the Company's financial statements for such fiscal periods previously filed with the SEC, including interim periods within such fiscal years, should no longer be relied upon. In addition, any previously issued press release or other publicly issued statement by the Company containing financial information for such periods should not be relied upon.