Carver Bancorp Stock Price, News & Analysis

Dream Chasers Capital Group urges Carver Bancorp (NASDAQ: CARV) shareholders to vote for new board members Jeffrey Anderson and Jeffrey Bailey at the December 12, 2024 Annual Meeting. The group criticizes the current board's performance, citing $25 million in losses over the last decade and a 79% decline in shareholder value. Dream Chasers emphasizes the need for new leadership to focus on deposit growth, profitability, and improved governance. The letter challenges current board nominees Kenneth Knuckles and Jillian Joseph, highlighting their lack of banking experience and the company's poor performance during their tenures.

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, holding 9.7% of Carver Bancorp shares, has urged shareholders to support two new board nominees, Jeffrey Anderson and Jeffrey Bailey, at the upcoming December 12, 2024, annual meeting.

In a letter to shareholders, Dream Chasers highlighted Carver's poor performance under the current board, noting an 80% stock price decline over the past decade and only one profitable fiscal year. They emphasized Carver's underperformance against the bank index by 237% over ten years and significant financial losses, including a $3 million loss in fiscal year 2024.

Dream Chasers criticized the entrenched board, which holds minimal shares and appears disconnected from shareholder interests. They proposed Anderson and Bailey, citing their extensive financial expertise and alignment with shareholder perspectives. Dream Chasers also outlined a growth strategy for Carver, including expanding wealth-building services and improving marketing and technology efforts.

Carver Bancorp, Inc. (Nasdaq: CARV) has appointed Donald Felix as its new President and CEO, effective November 1, 2024. Felix, an accomplished banking executive with over 25 years of experience, will succeed Interim President and CEO Craig C. MacKay. Carver, a certified Community Development Financial Institution and Minority Depository Institution, focuses on serving underserved communities in New York City.

Felix's extensive background includes roles at Citizens Financial Group, JPMorgan Chase, and Citi, where he has driven profitability, grown deposits, and innovated in digital banking. The Board expects Felix to help Carver achieve its strategic objectives, create new revenue streams, and enhance shareholder value while fulfilling its mission of expanding access to capital in the communities it serves.

Carver Bancorp, Inc. (Nasdaq: CARV) reported a 32% reduction in net loss to $3.0 million for the fiscal year ended March 31, 2024. The company achieved breakeven in the second half of the year, showing positive earnings momentum. While net interest income decreased by 1% to $22.6 million, non-interest income surged by 87% to $6.7 million. Key financial highlights include:

• Interest income up 23%
• Net interest margin improved by 28 bps to 3.31%
• Assets per employee up 1.9%
• Deposits increased by 7.8%

Carver's progress is supported by partnerships with major banks and new initiatives, including a $25 million credit facility for decarbonization projects and an enhanced loan application system. The bank maintains its commitment to serving underserved communities and has received 'Outstanding' CRA Ratings for over 20 consecutive years.

Carver Bancorp (Nasdaq: CARV), the parent company of Carver Federal Savings Bank, has secured a $25 million revolving loan facility with NY Green Bank.

This fund aims to support building decarbonization projects in New York City, including clean energy and building electrification, electric vehicle fleet upgrades, and EV charging infrastructure.

Additionally, the funding will assist MWBE contractors involved in green energy projects, weatherization, and green technology. Carver's efforts align with New York State's greenhouse gas reduction goals and aim to promote sustainable infrastructure in diverse, middle-income communities.