Dream Chasers to Carver Board: Shareholders are Fed Up, Time to Start Winning Again
Dream Chasers Capital Group has called for urgent action from Carver Bancorp (NASDAQ: CARV) following the company's reported $2.1 million loss in Q2, increased from $1.48 million loss in Q2 2023. The company has accumulated $25 million in losses over the past decade, resulting in an ~80% stock price decline. Dream Chasers urges shareholders to vote for Jeffrey Anderson and Jeffrey Bailey for the Board of Directors using the BLUE proxy card, while voting WITHHOLD on current directors. Anderson, former CFO of J.P. Morgan's Northeast Region Retail Banking, and Bailey, Carver's largest individual shareholder, are proposed to lead initiatives for profitability and increased shareholder value.
Dream Chasers Capital Group ha chiesto un'azione urgente da parte di Carver Bancorp (NASDAQ: CARV) dopo che l'azienda ha riportato una perdita di $2,1 milioni nel secondo trimestre, aumentata rispetto alla perdita di $1,48 milioni nel secondo trimestre del 2023. L'azienda ha accumulato $25 milioni di perdite negli ultimi dieci anni, risultando in un calo del ~80% del prezzo delle azioni. Dream Chasers esorta gli azionisti a votare per Jeffrey Anderson e Jeffrey Bailey per il Consiglio di Amministrazione utilizzando la scheda elettorale BLU, mentre votano CONTENUTO contro gli attuali amministratori. Anderson, ex CFO del settore Retail Banking della Northeast Region di J.P. Morgan, e Bailey, il più grande azionista individuale di Carver, sono proposti per guidare iniziative per la redditività e il valore aumentato per gli azionisti.
Dream Chasers Capital Group ha solicitado una acción urgente de Carver Bancorp (NASDAQ: CARV) después de que la compañía reportara una pérdida de $2.1 millones en el segundo trimestre, aumentando desde la pérdida de $1.48 millones en el segundo trimestre de 2023. La compañía ha acumulado $25 millones en pérdidas durante la última década, resultando en una disminución del ~80% en el precio de las acciones. Dream Chasers insta a los accionistas a votar por Jeffrey Anderson y Jeffrey Bailey para la Junta Directiva utilizando la tarjeta de poder azul, mientras votan ABSTENCIÓN sobre los directores actuales. Anderson, ex CFO de la Banca Minorista de la Región Nordeste de J.P. Morgan, y Bailey, el mayor accionista individual de Carver, están propuestos para liderar iniciativas para la rentabilidad y un aumento en el valor para los accionistas.
드림 체이서스 캐피탈 그룹은 카버 뱅코프(NASDAQ: CARV)에 대해 긴급 조치를 촉구했습니다. 회사는 두 번째 분기에 210만 달러의 손실을 보고했으며, 이는 2023년 두 번째 분기의 148만 달러 손실에서 증가한 수치입니다. 이 회사는 지난 10년 동안 2500만 달러의 손실을 누적하여 주가가 약 80% 감소하였습니다. 드림 체이서는 주주들에게 블루 프록시 카드를 사용하여 제프리 앤더슨과 제프리 베일리를 이사회 후보로 투표하고 현재 이사들에 대해서는 기권할 것을 촉구하고 있습니다. 앤더슨은 J.P. 모건의 북동부 지역 소매 은행의 전 CFO이며, 베일리는 카버의 가장 큰 개인 주주입니다. 그들은 수익성과 주주 가치를 증대시키기 위한 이니셔티브를 이끌도록 제안되었습니다.
Dream Chasers Capital Group a appelé à une action urgente de la part de Carver Bancorp (NASDAQ: CARV) suite à la perte de 2,1 millions de dollars reportée par l'entreprise au deuxième trimestre, augmentée par rapport à la perte de 1,48 million de dollars au deuxième trimestre 2023. L'entreprise a accumulé 25 millions de dollars de pertes au cours de la dernière décennie, entraînant une diminution d'environ 80 % du prix des actions. Dream Chasers exhorte les actionnaires à voter pour Jeffrey Anderson et Jeffrey Bailey au conseil d'administration en utilisant la carte de vote BLEUE, tout en s'abstenant de voter pour les administrateurs actuels. Anderson, ancien CFO de la banque de détail de la région nord-est de J.P. Morgan, et Bailey, le plus grand actionnaire individuel de Carver, sont proposés pour diriger des initiatives visant à améliorer la rentabilité et à accroître la valeur des actionnaires.
Dream Chasers Capital Group hat Carver Bancorp (NASDAQ: CARV) zu dringenden Maßnahmen aufgerufen, nachdem das Unternehmen einen Verlust von 2,1 Millionen Dollar im zweiten Quartal gemeldet hat, der sich im Vergleich zum Verlust von 1,48 Millionen Dollar im zweiten Quartal 2023 erhöht hat. Das Unternehmen hat in den letzten zehn Jahren 25 Millionen Dollar an Verlusten angehäuft, was zu einem Rückgang des Aktienkurses um ~80% geführt hat. Dream Chasers fordert die Aktionäre auf, mit der blauen Vollmacht für Jeffrey Anderson und Jeffrey Bailey in den Vorstand zu stimmen und sich bei den aktuellen Direktoren zu enthalten. Anderson, ehemaliger CFO des Einzelhandelsbankenbereichs der Nordostregion von J.P. Morgan, und Bailey, der größte Einzelaktionär von Carver, sind vorgeschlagen, um Initiativen zur Rentabilität und zur Erhöhung des Aktionärswertes zu leiten.
- None.
- Q2 2024 loss increased to $2.1 million from $1.48 million in Q2 2023
- Accumulated losses of $25 million over past decade
- 80% stock price decline over past 10 years
- 90% decline in investment value since 2014 ($10,000 reduced to $2,000)
Insights
The latest financial report reveals deeply concerning trends at Carver Bancorp. The
The proxy contest launched by Dream Chasers highlights critical governance issues. The proposed board nominees bring substantial financial sector experience, particularly Mr. Anderson's background managing
This proxy battle represents a critical inflection point for Carver's corporate governance. The sustained period of underperformance and value destruction clearly indicates systemic board-level failures in oversight and strategic planning. The proposed slate of directors brings relevant banking expertise and significant ownership alignment through Bailey's position as largest individual shareholder.
The withhold campaign against incumbent directors and emphasis on accountability through board refreshment aligns with best governance practices for underperforming institutions. The presence of an activist investor typically catalyzes needed changes in leadership and strategy, though success will depend on securing sufficient shareholder support.
Carver Reported
Quarter 2023
A
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
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
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
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
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
FAQ
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