-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
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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:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/correcting-and-replacing-dream-chasers-thanks-occ-for-ordering-new-c-1030333
