CORRECTING and REPLACING: Dream Chasers Thanks OCC for Ordering New Changes at Nasdaq-Listed Carver Bancorp.

Rhea-AI Summary

The Office of the Comptroller of the Currency (OCC) has ordered Carver Bancorp (NASDAQ:CARV) to implement significant strategic changes to improve its performance. The order, issued on May 16, 2025, requires Carver to enhance risk management, earnings performance, growth, capital management, and develop new product lines and internet strategies. The bank must submit a three-year strategic plan by September 25th, 2025. This development follows Dream Chasers' successful December 2024 proxy contest, where they won over 70% of retail voter support. Dream Chasers' CEO Greg Lewis welcomed the OCC action, viewing it as validation of their concerns about the bank's long-standing poor performance. As one of the largest African American banks in the country, Dream Chasers believes Carver has significant potential for growth and shareholder value creation.

Positive

• OCC order validates Dream Chasers' push for strategic improvements and board accountability
• Mandatory implementation of new strategies for earnings, growth, and profitability
• Required development of new product lines and internet strategy to generate customers and revenue
• Enhanced board oversight and compliance procedures to be implemented
• Dream Chasers won 70% of retail voter support in recent proxy contest

Negative

• Bank's historical poor performance and continued losses under current management
• Regulatory intervention required to force necessary changes
• Mandatory compliance with OCC directives indicates serious operational deficiencies
• Current risk management and oversight procedures deemed inadequate by regulators

Corrected release fixes a mistake in the headline

-Fund declares Major victory for shareholders of the bank

-New OCC agreement validates Dream Chasers' push for earnings, shareholder value creation and board accountability

NEW YORK, NY / ACCESS Newswire / May 21, 2025 / In a major development, the Office of the Comptroller of the Currency (the "OCC") on 5/16/ 25 (Friday ) ordered Carver Bancorp (NASDAQ:CARV) ("Carver" or "the bank") to embark on new strategic planning that will deliver earnings and profitability to the bank.

The OCC ordered the bank to take immediate steps to improve risk management, earnings performance, growth, capital, new product line development, develop an effective internet strategy to generate customers and revenues, identify markets niches and
and observe executive compensation.

Additionally, the OCC required the Board to strengthen its oversight and compliance procedures, develop systems to monitor the bank's health and issue progress reports to the OCC after each quarter on the bank's execution of these new directives/plans

These changes mirror the concerns Dream Chasers has raised in recent years, culminating in the December, 2024 proxy contest where Dream Chasers and its nominees won the support of over 70% of the retail voters.

The OCC order requires Carver's Board to submit a three-year strategic plan to execute on the required changes by September 25th, 2025.

Greg Lewis, CEO of Dream Chasers said, "Shareholders should welcome the OCC action, but it should never have come to this. The Carver Board and management team have overseen losses and poor performance for far too long. This is vindication of everything we have pointed out in recent years and a net positive for shareholders if the Board makes substantive changes. As one of the largest African American banks in the country there is no limit to how high this bank could rise, which would deliver massive upside and shareholder value."

"We hope this new OCC action will bring about a new set of investor-focused actions at Carver. As the biggest shareholder in Carver, we will stay vigilant and make sure the Board and management execute on the opportunity in front of them. Now they have to put the interest of shareholders first."

The full OCC agreement with Carver can be see here: sec.gov/Archives/edgar/data/1016178/000094337425000211/ex10-1.htm.

For more inquiry
info@dreamchaserscapitalgroup.com

About Dream Chasers Capital Group LLC
www.dreamchaserscapitalgroup.com

Disclaimer: Nothing in this press release should be considered an offer to sell or a solicitation of an offer to buy shares of any securities.

SOURCE: Dream Chasers Capital Group

View the original press release on ACCESS Newswire

FAQ

What changes did the OCC order Carver Bancorp (CARV) to make in May 2025?

The OCC ordered Carver Bancorp to improve risk management, earnings performance, growth, capital, develop new product lines, implement an internet strategy, identify market niches, and enhance board oversight. The bank must submit a three-year strategic plan by September 25th, 2025.

How did Dream Chasers perform in Carver Bancorp's December 2024 proxy contest?

Dream Chasers and its nominees won the support of over 70% of the retail voters in the December 2024 proxy contest.

What is the deadline for Carver Bancorp (CARV) to submit its strategic plan to the OCC?

Carver Bancorp must submit its three-year strategic plan to the OCC by September 25th, 2025.

What specific areas must Carver Bancorp improve according to the OCC order?

Carver must improve risk management, earnings performance, growth, capital, new product development, internet strategy, market niche identification, executive compensation, and board oversight procedures.

Who is the CEO of Dream Chasers and what was their response to the OCC order?

Greg Lewis is the CEO of Dream Chasers. He welcomed the OCC action, stating it validates their concerns about Carver's poor performance and should be positive for shareholders if the Board makes substantive changes.