Carver Bancorp, Inc. Certifies Annual Meeting Results; Shareholders Affirm Change Underway at the Bank
Carver Bancorp (NASDAQ: CARV) has certified the results of its Annual Meeting held on December 12, 2024. Stockholders re-elected directors Jillian E. Joseph and Kenneth J. Knuckles, approved the 2024 Equity Incentive Plan, and ratified BDO USA, LLP as independent auditors for fiscal year 2025.
The company's new CEO, Donald Felix, outlined plans for a comprehensive transformation strategy focused on restoring long-term profitability through targeted initiatives including growing core business, expanding operational capacity, and investing in technologies. The strategy also emphasizes attracting and retaining talent across all organizational levels.
Chairman Lewis P. Jones III expressed confidence in the Board's turnaround strategy and the new CEO's ability to implement changes aimed at enhancing shareholder value while maintaining the bank's commitment to the communities it has served since 1948.
Carver Bancorp (NASDAQ: CARV) ha certificato i risultati dell'Assemblea Annuale tenutasi il 12 dicembre 2024. Gli azionisti hanno rieletto i membri del consiglio Jillian E. Joseph e Kenneth J. Knuckles, approvato il Piano di Incentivi Azionari 2024 e ratificato BDO USA, LLP come revisore contabile indipendente per l'anno fiscale 2025.
Il nuovo CEO dell'azienda, Donald Felix, ha delineato piani per una strategia di trasformazione globale mirata a ripristinare la redditività a lungo termine attraverso iniziative specifiche, tra cui la crescita del core business, l'espansione della capacità operativa e gli investimenti in tecnologie. La strategia sottolinea anche l'importanza di attrarre e trattenere talenti a tutti i livelli organizzativi.
Il presidente Lewis P. Jones III ha espresso fiducia nella strategia di recupero del Consiglio e nella capacità del nuovo CEO di implementare cambiamenti volti a migliorare il valore per gli azionisti, mantenendo al contempo l'impegno della banca verso le comunità che serve dal 1948.
Carver Bancorp (NASDAQ: CARV) ha certificado los resultados de su Asamblea Anual celebrada el 12 de diciembre de 2024. Los accionistas reeligieron a los directores Jillian E. Joseph y Kenneth J. Knuckles, aprobaron el Plan de Incentivos de Capital 2024 y ratificaron a BDO USA, LLP como auditores independientes para el año fiscal 2025.
El nuevo CEO de la empresa, Donald Felix, esbozó planes para una estrategia de transformación integral enfocada en restaurar la rentabilidad a largo plazo a través de iniciativas específicas, incluyendo el crecimiento del negocio principal, la expansión de la capacidad operativa y la inversión en tecnologías. La estrategia también enfatiza la atracción y retención de talento en todos los niveles organizativos.
El presidente Lewis P. Jones III expresó confianza en la estrategia de recuperación de la Junta y en la capacidad del nuevo CEO para implementar cambios que aumenten el valor para los accionistas, manteniendo al mismo tiempo el compromiso del banco con las comunidades a las que ha servido desde 1948.
Carver Bancorp (NASDAQ: CARV)는 2024년 12월 12일 개최된 연례 회의 결과를 인증했습니다. 주주들은 이사로 Jillian E. Joseph와 Kenneth J. Knuckles를 재선출했으며, 2024년 주식 인센티브 계획을 승인하고, 2025 회계 연도의 독립 감사인으로 BDO USA, LLP를 확정했습니다.
회사의 새로운 CEO인 Donald Felix는 핵심 비즈니스 성장, 운영 능력 확장 및 기술 투자 등 목표 지향적인 이니셔티브를 통해 장기적인 수익성 회복에 중점을 둔 포괄적인 트랜스포메이션 전략 계획을 설명했습니다. 이 전략은 또한 모든 조직 수준에서 인재를 유치하고 유지하는 것을 강조합니다.
회장 Lewis P. Jones III는 이사회 회복 전략에 대한 신뢰와 새로운 CEO의 변화 실행 능력에 대해 언급하며, 1948년부터 서비스해온 지역 사회에 대한 뱅크의 헌신을 유지하면서 주주 가치를 증대시키기 위한 노력의 일환으로 이러한 변화를 시행할 수 있다고 믿고 있습니다.
Carver Bancorp (NASDAQ: CARV) a certifié les résultats de son Assemblée Générale annuelle tenue le 12 décembre 2024. Les actionnaires ont réélu les administrateurs Jillian E. Joseph et Kenneth J. Knuckles, approuvé le Plan d'Incentives en Actions 2024 et ratifié BDO USA, LLP en tant qu'auditeurs indépendants pour l'exercice fiscal 2025.
Le nouveau PDG de l'entreprise, Donald Felix, a décrit des plans pour une stratégie de transformation globale axée sur la restauration de la rentabilité à long terme grâce à des initiatives ciblées, notamment la croissance de l'activité principale, l'expansion de la capacité opérationnelle et l'investissement dans des technologies. La stratégie insiste également sur l'importance d'attirer et de fidéliser les talents à tous les niveaux de l'organisation.
Le président Lewis P. Jones III a exprimé sa confiance dans la stratégie de redressement du Conseil d'administration et dans la capacité du nouveau PDG à mettre en œuvre des changements visant à améliorer la valeur pour les actionnaires tout en maintenant l'engagement de la banque auprès des communautés qu'elle sert depuis 1948.
Carver Bancorp (NASDAQ: CARV) hat die Ergebnisse seiner Hauptversammlung, die am 12. Dezember 2024 stattfand, zertifiziert. Die Aktionäre haben die Direktoren Jillian E. Joseph und Kenneth J. Knuckles wiedergewählt, den Aktienoptionsplan 2024 genehmigt und BDO USA, LLP als unabhängige Prüfer für das Geschäftsjahr 2025 ratifiziert.
Der neue CEO des Unternehmens, Donald Felix, skizzierte Pläne für eine umfassende Transformationsstrategie, die sich darauf konzentriert, die langfristige Rentabilität durch gezielte Initiativen wie das Wachstum des Kerngeschäfts, die Erweiterung der operativen Kapazität und Investitionen in Technologien wiederherzustellen. Die Strategie betont auch die Anwerbung und Bindung von Talenten auf allen Organisationsebenen.
Der Vorsitzende Lewis P. Jones III äußerte Vertrauen in die Umkehrstrategie des Vorstands und die Fähigkeit des neuen CEOs, Änderungen umzusetzen, die darauf abzielen, den Wert für die Aktionäre zu erhöhen und gleichzeitig das Engagement der Bank für die Gemeinschaften, die sie seit 1948 betreut, aufrechtzuerhalten.
- Approval of 2024 Equity Incentive Plan for stock-based awards to officers, employees, and directors
- Implementation of comprehensive transformation plan focusing on profitability
- Strategic initiatives to strengthen top-line performance while reducing risks and expenses
- Acknowledgment of needed turnaround indicating current performance challenges
- Reference to required work for restoring profitability suggests current unprofitable status
Insights
The certified annual meeting results for Carver Bancorp (CARV) mark a pivotal moment in the institution's turnaround journey, with several noteworthy developments for investors to consider. The re-election of directors and approval of the 2024 Equity Incentive Plan demonstrate shareholder alignment with management's vision, though the real test lies in execution.
The bank's dual status as a certified Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI) presents unique advantages, including access to federal funding programs and specialized lending opportunities in underserved markets. However, these designations also come with regulatory requirements and compliance costs that impact operational flexibility.
The newly approved Equity Incentive Plan is particularly significant for a micro-cap institution like Carver, as it provides a important tool for attracting and retaining talent - a historical challenge for smaller banks. This could prove essential for executing the transformation strategy, though it may lead to potential dilution for existing shareholders.
The emphasis on technological investment and operational efficiency indicates recognition of the competitive pressures facing smaller banks. However, investors should note that such investments require substantial capital expenditure, which could strain the bank's resources in the short term. The focus on risk reduction while pursuing growth suggests a measured approach to the turnaround, though the success will largely depend on execution in a challenging banking environment.
The retention of BDO USA, LLP as auditors provides continuity in financial oversight during this critical phase. However, investors should closely monitor upcoming quarterly results for concrete evidence of improvement in core metrics such as loan growth, deposit stability and operational efficiency ratios.
-- Stockholders Re-Elect Jillian E. Joseph and Kenneth J. Knuckles to Serve on the Carver Board of Directors --
-- Harlem-Based Minority Depository Institution Emphasizes Commitment to Shareholders and Focus on Improved Profitability --
"We value the trust stockholders have placed in our Company and its Board, which provides a strong foundation for advancing our strategic goals," remarked Lewis P. Jones III, Chairman of the Board.
Chairman Jones continued, "Our focus is on driving profitability and improving results at the Bank. The Board is appreciative of the support we received from shareholders at the Annual Meeting and is working with the management team to achieve a successful turnaround at the Bank. We are unified in our commitment to enhancing shareholder value. The Carver Board recruited our new CEO, Donald Felix, because of its confidence in his ability to accelerate the implementation of its strategy and deliver change. As we progress, we remain dedicated to enhancing our Board, fostering collaborative engagement with our shareholders, and building a profitable and sustainable future for our investors, strategic partners, and the communities we have proudly served since 1948."
Stockholders acted on the following proposals at the 2024 Annual Meeting:
- Re-elected Jillian E. Joseph and Kenneth J. Knuckles to the Company's Board.
- Approved the Company's 2024 Equity Incentive Plan, which provides for the grant of stock-based awards to officers, employees, and directors of the Company.
- Ratified the appointment of BDO
USA , LLP as independent auditors for the Company for the fiscal year ending March 31, 2025.
"Our team is focused on restoring long-term profitability to the Bank through targeted strategic initiatives and operational goals," said Donald Felix, President and CEO. "We recognize much work needs to be done and are developing a comprehensive transformation plan to strengthen top-line performance while reducing risks and expenses. Our strategy encompasses growing our core business, expanding operational capacity, and investing in proven technologies to enhance efficiency and customer service. Additionally, we are committed to attracting and retaining exceptional talent across all levels of the organization—from staff to executive leadership—to ensure sustainable long-term success. I am confident that the steps we are taking to improve the financial performance at the Bank will deliver a more viable, sustainable, and impactful future for our shareholders, customers, and communities we serve."
Jillian E. Joseph and Kenneth J. Knuckles will continue to serve on the Board alongside fellow directors Lewis P. Jones III (Chairman), Colvin W. Grannum, Craig C. MacKay, Dr. Pazel G. Jackson, Jr., and Robin L. Nunn.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.
Media:
Michael Herley for Carver
203.308.1409
mediainquiries@carverbank.com
Investors:
ir@carverbank.com
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SOURCE Carver Bancorp, Inc.
FAQ
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