Carver Bancorp board ‘thoroughly rejected’ offer by Dream Chasers Capital Group

Carver Bancorp announced that its Board of Directors reviewed and thoroughly rejected an offer by Dream Chasers Capital Group to acquire 35% interest in Carver’s common equity. The Board determined that the adverse publicly disclosed regulatory history of Dream Chasers’ leadership posed unacceptable reputational risks to Carver’s standing and mission credibility. The Board noted the potential impact of such reputational risk on Carver’s relationship with its shareholders, third-party stakeholders, regulators, and customers. Furthermore, a comprehensive review of the Dream Chasers proposal found it to be wholly deficient with respect to structural details, implied valuation, dilution, and the basic disclosure of financial and managerial resources. As a result of its evaluation, the Board definitively determined that an association with Dream Chasers of any type is not in the best interest of Carver, its shareholders, and its community stakeholders.