Carver Federal Savings Bank Outsources Core Data Processing Operations To Open Solutions.

GLASTONBURY, Conn. -- Carver Federal Savings Bank, a wholly-owned subsidiary of Carver Bancorp, Inc. (AMEX: CNY) in New York City, has decided to outsource the management of Open Solutions Inc.'s (R) (NASDAQ: OPEN) The Complete Banking Solution (R) (TCBS), a relational core data processing system for banks, to Open Solutions' state-of-the-art Technology Outsourcing Center rather than continue to run the system in-house. Open Solutions is a provider of integrated relational technologies for banks and credit unions throughout the United States and Canada. Carver Federal Savings Bank ("Carver") is the nation's largest African- and Caribbean-American operated bank in the United States with 12 locations in New York.

"We like to give our clients the freedom of choice," said Jim Kern, SVP and GM, of the Open Solutions Banking Group. "Clients can choose between our in-house or outsourced processing option depending on their growth strategy. With our outsourced delivery option, clients maintain control over customer data while we provide the equipment and technology support in our secure data processing center. Because of the flexibility of TCBS, clients can change from outsourced to in-house processing or vice versa without changing systems," added Kern.

Carver first selected Open Solutions and TCBS in 1996 and ran it in-house until deciding to move operations to an outsourced delivery model. Given the bank's long-term goals and strategic direction, Carver's management team recognized that it was the right time to change delivery models. Frank Deaton, SVP of Operations for Carver explained, "As we evaluated the current business environment, characterized by cost pressures, significant changes in regulatory requirements and intensifying competition, it was clear to us that we needed a more automated approach to our core processing environment. The need for speedy compliance solutions and customer data places a premium on information being available quickly at all levels of the organization. In this environment, outsourcing makes sense, and in Open Solutions we have a partner that can provide the scalability required to meet our growth objectives, cost efficiency and state of the art technical expertise," explained Deaton.

"The relational database technology is very flexible. The open nature of TCBS allows us to continue increasing our customer base and expand our distribution network, delivery channels, products and services. In this highly competitive environment, our core technology should be able to easily expand and change with us. We will also deploy additional software available from Open Solutions to improve the delivery of information to personnel throughout our organization as well as improve operating efficiency," concluded Deaton.

Carver is continuing its planned expansion in New York as evidenced by the increase in its physical footprint from five branches in 2003 to its current complement of eight branches and four 24/7 ATM Banking Centers. "As we continue our expansion efforts, it is important to align ourselves with companies that exhibit a similar entrepreneurial focus. Open Solutions certainly fosters an entrepreneurial spirit and we look forward to working with them into the future," Deaton said. For further information regarding Carver, please visit the company's Web site at www.carverbank.com.

"Carver is growing and evolving. We're pleased that Open Solutions' technology provides them with product choices and a flexible enterprise platform on which they can continue to expand," said Louis Hernandez, Jr., chairman and CEO of Open Solutions. "Our goal is to provide our clients with innovative solutions and their decision to outsource will provide the bank with the means to better meet their strategic goals and more effectively serve their customers. We look forward to our continued, long and mutually beneficial relationship with Carver."

About Open Solutions Inc.

Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.

For more information about Open Solutions, or its financial product line contact Mickey Goldwasser by email at [e-mail] by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.

Open Solutions Inc. and The Complete Banking Solution are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2006 Open Solutions Inc. All rights reserved.

Safe Harbor Statement

Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, we encounter a long sales and implementation cycle requiring significant capital commitments by our clients which they may be unwilling or unable to make. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended Sept. 30, 2005, as filed with the Securities and Exchange Commission.