Carver Bancorp meets with Dream Chasers Capital over Share Purchase Agreement

Carver Bancorp’s Board of Directors met with Dream Chasers on January 24. The fund made the following ask at its meeting with the Board: that the bank and Dream Chases start the immediate drafting of a Share Purchase Agreement for the acquisition of 35% of the common shares of Carver Bancorp stock; propose a merger between Carver Bancorp and an already identified Wall Street based minority owned broker dealer, a transaction it believes would transform the bank into a more full-service financial service company offering minority communities more wealth building services brokerage account which would give the banks customers the ability to now buy and sell Stocks, Options, Efts , Bonds, and also raise money to finance business start-ups and expansions; award several board seats to Dream Chaser Capital and partners; accept a Stock option buyout grant program for some or all Board members; and appoint certain Dream Chasers recommend personnel to its management team. Dream Chasers gave the Board a definitive period to act. The fund believes “any continued rejectionist, diversionary and obstructionist behavior by the Carver Board to Dream Chasers $3.25 for 35% offer would risk a broad revolution from a large percent of the bank’s shareholder base, communities of color watching and even some rank and file and key employees”. Dream Chaser suggests “management does not take any anti-dilutive and anti-takeover measures that could be detrimental to shareholders and communities of color”.