CARVER BANCORP, INC.,

                                    AS ISSUER













                                    INDENTURE

                         DATED AS OF SEPTEMBER 17, 2003







                         U.S. BANK NATIONAL ASSOCIATION,

                                   AS TRUSTEE









        FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES





                                    DUE 2033













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                                                           TABLE OF CONTENTS

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ARTICLE I. DEFINITIONS............................................................................................1



         Section 1.1.      Definitions............................................................................1



ARTICLE II. DEBENTURES............................................................................................8



         Section 2.1.      Authentication and Dating..............................................................8

         Section 2.2.      Form of Trustee's Certificate of Authentication........................................8

         Section 2.3.      Form and Denomination of Debentures....................................................9

         Section 2.4.      Execution of Debentures................................................................9

         Section 2.5.      Exchange and Registration of Transfer of Debentures....................................9

         Section 2.6.      Mutilated, Destroyed, Lost or Stolen Debentures.......................................11

         Section 2.7.      Temporary Debentures..................................................................12

         Section 2.8.      Payment of Interest and Additional Interest...........................................12

         Section 2.9.      Cancellation of Debentures Paid, etc..................................................13

         Section 2.10.     Computation of Interest...............................................................14

         Section 2.11.     Extension of Interest Payment Period..................................................15

         Section 2.12.     CUSIP Numbers.........................................................................16



ARTICLE III. PARTICULAR COVENANTS OF THE COMPANY.................................................................16



         Section 3.1.      Payment of Principal, Premium and Interest; Agreed Treatment of the Debentures........16

         Section 3.2.      Offices for Notices and Payments, etc.................................................17

         Section 3.3.      Appointments to Fill Vacancies in Trustee's Office....................................17

         Section 3.4.      Provision as to Paying Agent..........................................................17

         Section 3.5.      Certificate to Trustee................................................................18

         Section 3.6.      Additional Sums.......................................................................18

         Section 3.7.      Compliance with Consolidation Provisions..............................................19

         Section 3.8.      Limitation on Dividends...............................................................19

         Section 3.9.      Covenants as to the Trust.............................................................19

         Section 3.10.     Additional Junior Indebtedness........................................................20



ARTICLE IV. SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE....................................20



         Section 4.1.      Securityholders' Lists................................................................20

         Section 4.2.      Preservation and Disclosure of Lists..................................................20



ARTICLE V. REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT..................................21



         Section 5.1.      Events of Default.....................................................................21

         Section 5.2.      Payment of Debentures on Default; Suit Therefor.......................................23

         Section 5.3.      Application of Moneys Collected by Trustee............................................24

         Section 5.4.      Proceedings by Securityholders........................................................24

         Section 5.5.      Proceedings by Trustee................................................................25

         Section 5.6.      Remedies Cumulative and Continuing; Delay or Omission Not a Waiver....................25





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         Section 5.7.      Direction of Proceedings and Waiver of Defaults by Majority of Securityholders........25

         Section 5.8.      Notice of Defaults....................................................................26

         Section 5.9.      Undertaking to Pay Costs..............................................................26



ARTICLE VI. CONCERNING THE TRUSTEE...............................................................................26



         Section 6.1.      Duties and Responsibilities of Trustee................................................26

         Section 6.2.      Reliance on Documents, Opinions, etc..................................................27

         Section 6.3.      No Responsibility for Recitals, etc...................................................28

         Section 6.4.      Trustee, Authenticating Agent, Paying Agents, Transfer Agents or

                           Registrar May Own Debentures..........................................................28

         Section 6.5.      Moneys to be Held in Trust............................................................29

         Section 6.6.      Compensation and Expenses of Trustee..................................................29

         Section 6.7.      Officers' Certificate as Evidence.....................................................29

         Section 6.8.      Eligibility of Trustee................................................................30

         Section 6.9.      Resignation or Removal of Trustee.....................................................30

         Section 6.10.     Acceptance by Successor Trustee.......................................................31

         Section 6.11.     Succession by Merger, etc.............................................................32

         Section 6.12.     Authenticating Agents.................................................................32



ARTICLE VII. CONCERNING THE SECURITYHOLDERS......................................................................33



         Section 7.1.      Action by Securityholders.............................................................33

         Section 7.2.      Proof of Execution by Securityholders.................................................34

         Section 7.3.      Who Are Deemed Absolute Owners........................................................34

         Section 7.4.      Debentures Owned by Company Deemed Not Outstanding....................................34

         Section 7.5.      Revocation of Consents; Future Holders Bound..........................................34



ARTICLE VIII. SECURITYHOLDERS' MEETINGS..........................................................................35



         Section 8.1.      Purposes of Meetings..................................................................35

         Section 8.2.      Call of Meetings by Trustee...........................................................35

         Section 8.3.      Call of Meetings by Company or Securityholders........................................35

         Section 8.4.      Qualifications for Voting.............................................................35

         Section 8.5.      Regulations...........................................................................36

         Section 8.6.      Voting................................................................................36

         Section 8.7.      Quorum; Actions.......................................................................36



ARTICLE IX. SUPPLEMENTAL INDENTURES..............................................................................37



         Section 9.1.      Supplemental Indentures without Consent of Securityholders............................37

         Section 9.2.      Supplemental Indentures with Consent of Securityholders...............................38

         Section 9.3.      Effect of Supplemental Indentures.....................................................39

         Section 9.4.      Notation on Debentures................................................................39

         Section 9.5.      Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee...........39



ARTICLE X. REDEMPTION OF SECURITIES..............................................................................40



         Section 10.1.     Optional Redemption...................................................................40

         Section 10.2.     Special Event Redemption..............................................................40

         Section 10.3.     Notice of Redemption; Selection of Debentures.........................................40





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         Section 10.4.     Payment of Debentures Called for Redemption...........................................41



ARTICLE XI. CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE....................................................41



         Section 11.1.     Company May Consolidate, etc., on Certain Terms.......................................41

         Section 11.2.     Successor Entity to be Substituted....................................................41

         Section 11.3.     Opinion of Counsel to be Given to Trustee.............................................42



ARTICLE XII. SATISFACTION AND DISCHARGE OF INDENTURE.............................................................42



         Section 12.1.     Discharge of Indenture................................................................42

         Section 12.2.     Deposited Moneys to be Held in Trust by Trustee.......................................42

         Section 12.3.     Paying Agent to Repay Moneys Held.....................................................43

         Section 12.4.     Return of Unclaimed Moneys............................................................43



ARTICLE XIII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS....................................43



         Section 13.1.     Indenture and Debentures Solely Corporate Obligations.................................43



ARTICLE XIV. MISCELLANEOUS PROVISIONS............................................................................43



         Section 14.1.     Successors............................................................................43

         Section 14.2.     Official Acts by Successor Entity.....................................................43

         Section 14.3.     Surrender of Company Powers...........................................................43

         Section 14.4.     Addresses for Notices, etc............................................................44

         Section 14.5.     Governing Law.........................................................................44

         Section 14.6.     Evidence of Compliance with Conditions Precedent......................................44

         Section 14.7.     Table of Contents, Headings, etc......................................................44

         Section 14.8.     Execution in Counterparts.............................................................44

         Section 14.9.     Separability..........................................................................44

         Section 14.10.    Assignment............................................................................45

         Section 14.11.    Acknowledgment of Rights..............................................................45



ARTICLE XV. SUBORDINATION OF DEBENTURES..........................................................................45



         Section 15.1.     Agreement to Subordinate..............................................................45

         Section 15.2.     Default on Senior Indebtedness........................................................45

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