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CARVER FEDERAL SAVINGS BANK CONVERTS TO FSI

GLEN ROCK, N.J., June 17, 2003 -- Financial Services, Inc., a leading provider of outsourcing solutions for financial institutions, announced today that it has successfully converted all of Carver Federal Savings Bank’s Item Processing and POD to FSI’s Image enabled services.

Tom Burns, Vice President and Operations Officer, commented that from start to finish the conversion was orchestrated by FSI’s staff in a very professional manner. “Our needs dictated a very short conversion timeline. FSI had us up and running on their system in less than seven weeks. FSI’s conversion management team was knowledgeable, responsive, and a pleasure to work with”.

Carver is excited about the connectivity to FSI’s image archive. The back office is immediately taking advantage of the archive to streamline signature verifications, exception item processing, and research requests. The bank has plans to extend archival access to the branch network and then to the accounts holders through internet home banking.

Through its check imaging technology, FSI has positioned clients to meet present and future needs, especially in the areas of imaging, e-statements, home banking check image retrieval, branch item capture, and browser technology. FSI is now focused on helping banks to prepare for, and take advantage of, the changes coming to the the check clearing system when the Check Clearing for the 21st Century Act becomes law later this year.

ABOUT CARVER FEDERAL SAVINGS BANK
Carver Federal Savings Bank, headquartered on 125th Street in Manhattan, has an illustrious history.Visionary community leaders founded it over 50 years ago as a bank especially for African-and Caribbean-Americans in New York City, who were traditionally under-served. It was the first bank of its kind – a pioneer in its community.Today, Carver is one of the largest independent publicly traded African-and Caribbean-American financial institutions in the United States. The $485 million dollar bank has branches in Manhattan, Brooklyn, and Queens.


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