EXHIBIT 10.27
AMENDED SHARE VOTING STIPULATION AND UNDERTAKING
This AMENDED SHARE VOTING STIPULATION AND UNDERTAKING ("Amended
Undertaking") amends the SHARE VOTING
STIPULATION AND UNDERTAKING made as of
April 22, 2004 by Carver Bancorp, Inc.
("Carver"), the savings and loan holding
company parent of Carver Federal Savings
Bank, to the U.S. Office of Thrift
Supervision ("OTS").
RECITALS
WHEREAS, Carver is the owner of 150,000 shares of common stock
of
Independence Federal Savings Bank, a
federal savings association
("Independence"), representing
approximately 9.7% of Independence's outstanding
voting stock.
WHEREAS, the rules and regulations of the OTS prohibit savings and
loan
holding companies, such as Carver, from
acquiring or retaining more than 5% of
the voting stock of a savings association
not a subsidiary, such as
Independence, except with the prior written
approval of the OTS, and Carver is
in the process of seeking such
approval.
WHEREAS, until such OTS approval is received, Carver agrees that
it
will transfer the shares of Independence
held by it in excess of the 5% limit
set fort
