Carver Reported $2.1
Million Loss in Second Quarter, up from $1.48 Million Loss in Same
Quarter 2023
$25m in Losses
Over Last Ten Years1 Resulting in ~80% Stock
Price Drop2
A $10,000
Investment in 2014 Would be Worth Only Approximately $2,000 today3
Dream Chasers Urges Institutional and Retail
Shareholders to Vote for Change: Vote FOR Mr.
Jeffrey "Jeff" Anderson and Mr. Jeffrey
Bailey for the Board of Directors Using the BLUE
Proxy Card and Vote WITHHOLD on Carver's Non-Performing
Directors
Carver's Board Has Failed to Deliver for a
Decade
NEW
YORK, Nov. 20, 2024 /PRNewswire/ -- Dream
Chasers Capital Group LLC ("Dream Chasers") today called for urgent
action from CEO Donald Felix and the
Board of Directors of Carver Bancorp, Inc. ("Carver," or the
"Company") (NASDAQ: CARV) to drive growth and profitability at the
Company. Carver reported a second quarter loss of
$2.1 million in its 10-Q filed with
the SEC on Thursday, November 14,
2024, up from $1.48 million in
losses for the same quarter in 20234.
Dream Chasers says the latest losses are more of the same.
"The Board of Directors of a public company sets the plan, and
the CEO executes it," said Greg
Lewis, CEO of Dream Chasers Capital Group. "At Carver,
every 'plan' the Board has set for the last ten years has only led
to massive shareholder value destruction. For any team –
whether a professional sports team or a company – such a losing
record means new talent is necessary. Electing Mr. Anderson
and Mr. Bailey to the Board gives Carver shareholders the best
chance of success."
Lewis continued, "I truly believe Carver's shareholders will be
fortunate to have experienced and qualified directors in Jeff
Anderson, the former CFO of J.P. Morgan's Northeast Region
Retail Banking organization overseeing $100B in assets, and Jeff
Bailey, a highly successful business owner and Carver's
largest individual shareholder. As Directors, Mr. Anderson
and Mr. Bailey will aggressively lead initiatives to make the bank
profitable and increase shareholder value."
Dream Chasers highlighted Carver's poor performance and the
urgent need for change in a presentation filed with the SEC and
sent shareholders a letter urging them to vote FOR Mr.
Jeffrey "Jeff" Anderson and Mr. Jeffrey
Bailey for election to the Board of Directors and vote
WITHOLD on the Carver non-performing directors, using the
BLUE proxy card. The presentation and letter are
available here.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
The information herein contains "forward-looking statements."
Specific forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts and
include, without limitation, words such as "may," "will,"
"expects," "believes," "anticipates," "plans," "estimates,"
"projects," "potential," "targets," "forecasts," "seeks," "could,"
"should" or the negative of such terms or other variations on such
terms or comparable terminology. Similarly, statements that
describe our objectives, plans or goals are forward-looking.
Forward-looking statements are subject to various risks and
uncertainties and assumptions. There can be no assurance that any
idea or assumption herein is, or will be proven, correct. If one or
more of the risks or uncertainties materialize, or if any of the
underlying assumptions of Dream Chasers Capital Group LLC ("Dream
Chasers") or any of the other participants in the proxy
solicitation prove to be incorrect, the actual results may vary
materially from outcomes indicated by these statements.
Accordingly, forward-looking statements should not be regarded as a
representation by Dream Chasers that the future plans, estimates or
expectations contemplated will ever be achieved.
Certain statements and information included herein may have been
sourced from third parties. Dream Chasers does not make any
representations regarding the accuracy, completeness or timeliness
of such third party statements or information. Except as may be
expressly set forth herein, permission to cite such statements or
information has neither been sought nor obtained from such third
parties. Any such statements or information should not be viewed as
an indication of support from such third parties for the views
expressed herein.
Dream Chasers disclaims any obligation to update the information
herein or to disclose the results of any revisions that may be made
to any projected results or forward-looking statements herein to
reflect events or circumstances after the date of such information,
projected results or statements or to reflect the occurrence of
anticipated or unanticipated events.
IMPORTANT INFORMATION AND WHERE TO FIND
IT
DREAM CHASERS STRONGLY ADVISES ALL
STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY STATEMENT,
ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER
PROXY MATERIALS FILED BY DREAM CHASERS WITH THE SEC AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE
AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT
DOCUMENTS ARE ALSO AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE, OR
BY DIRECTING A REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, OKAPI
PARTNERS LLC, 1212 AVENUE OF THE AMERICAS, 17TH FLOOR,
NEW YORK, NEW YORK 10036-1600.
STOCKHOLDERS CAN CALL TOLL-FREE:
(877) 629-6356.
Contacts
For Media:
Breitenbush Partners
Andrew Wilson, (773) 425-4991
awilson@breitenbushpartners.com
For Investors:
Okapi Partners
Bruce Goldfarb/Tony Vecchio
(877) 629-6356
(212) 297-0720
info@okapipartners.com
About Dream Chasers Capital Group
Dream Chasers Capital Group LLC is a New York City based minority owned investment
firm. More information can be found at
www.dreamchaserscapitalgroup.com.
1 Reflects net income attributable to
Carver Bancorp for the years 2014 to 2023, according to
Company SEC filings and S&P Capital IQ Pro.
2 Based on share price as of October 23, 2024, one day prior to the filing of
Dream Chasers Capital Group's preliminary proxy statement.
3 Based on share price and ten year total shareholder
return as of October 23, 2024, one
day prior to the filing of Dream Chasers Capital Group's
preliminary proxy statement.
4 As disclosed in the Form 10-Q filed by the
Company with the SEC on November 14,
2024, which can be found at
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001016178/000101617824000026/carv-20240930.htm
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SOURCE Dream Chasers Capital Group
