Arizona Tribune - Dream Chasers Release Letter to all Shareholders of Carver Bancorp

NEW YORK CITY, NY / ACCESS Newswire / December 9, 2025 / LETTER TO CARVER BANCORP SHAREHOLDERS

Dear Fellow Carver Shareholders,

Dream Chasers is speaking plainly and directly: Carver Bancorp is at a critical inflection point, and ongoing events at the company has raised serious concerns about transparency, regulatory compliance, and the Board's stewardship of this historic institution. Shareholders deserve facts-not silence, not confusion, and not last-minute surprises.

This letter does not recommend any shareholders to buy, sell, or hold securities. Our purpose is to insist that Carver's leadership stops operating in a fog of uncertainty and begins respecting shareholders' demand for change--NOW.

The Problem Is Not Market Volatility - It's Leadership Volatility

Carver's erratic communication, delayed disclosures, and opaque handling of significant matters have created unnecessary panic and instability. Markets react when leadership fails to lead. Shareholders should never be forced to interpret rumors or guess at the company's regulatory posture.

Dream Chasers demands that the Board immediately:

• Release complete and unambiguous disclosures regarding any pending regulatory, listing, or reporting actions

• Clarify the company's status with the SEC without delay

• Explain any corporate decisions that could materially impact shareholder rights

• Stop withholding information that should already be public

These are not optional courtesies-they are obligations under federal securities laws.

A Self-Serving Nasdaq Delisting Move Vs. Dream Chasers' View of Carver's Lost (long term) Potential

Dream Chasers further believes-and stresses that this is an opinion based on publicly observable market patterns, not a prediction or investment recommendation-that Carver's long-term valuation potential was significantly undermined by its failure to remain a transparent, fully reporting Nasdaq-listed institution. In our view, a properly governed Carver with an experience board/management team, new capital, executing a credible digital-community banking strategy (The DCCG plan) while maintaining full regulatory compliance, could have reasonably positioned itself within the valuation range that peer community and mission-driven banks have historically achieved-and could have reached or surpassed market capitalizations approaching the billion-dollar threshold during periods of strong execution and market confidence.

Governance Accountability and Leadership Confidence

Dream Chasers believes that Carver's current leadership has lost the confidence of a substantial portion of its shareholder base. While we cannot and do not claim to speak for every investor, the widespread frustration we have observed-from inconsistent disclosures to avoidable regulatory setbacks-strongly suggests that the Board's support has eroded in the eyes of many owners. In our view, these issues have also contributed to a significant decline in employee morale leading to ambiguity and a destabilized internal culture.

For these all the reasons mentioned, Dream Chasers believes that a responsible path forward requires leadership transitions at both the Board and executive levels, allowing new stewardship to restore credibility, reestablish trust, and bring disciplined transparency back to Carver's governance framework-a reenlistment back to Nasdaq. This reflects our opinion as the marque shareholder and underscores our belief that Carver requires a leadership team aligned with the long-term interests of its owners, employees, and communities. Dream Chasers has sent the board a Letter demanding its Resignation and the commencement of a transitional period --over the next 30 to 60 days.

We are not asserting that Carver will achieve any specific valuation, nor suggesting that shareholders rely on this view for trading purposes. Rather, we highlight that Carver's leadership, through inconsistent disclosures, lack of experience running a successful bank, avoidable regulatory setbacks, may have forfeited the opportunity for shareholders to participate in the kind of market re-rating that comparable institutions have experienced when executing effectively under Nasdaq oversight. Dream Chasers believes this lost potential underscores the need for immediate governance reform and a higher standard of transparency going forward.

Shareholders Are Not Powerless - We Are Watching

It would be unnatural for Dream Chasers, and all shareholders not to actively evaluate every tool available to shareholders under Delaware law, federal securities law, and stock exchange rules. We will not hesitate to pursue formal information demands, accountability measures, and governance challenges if Carver's leadership continues to operate without transparency or does not resign.

Carver belongs to its shareholders-not to a Board that believes it can act without explanation or oversight.

A Turning Point for Carver

For nearly a quarter of a century, Carver has survived because communities and shareholders believed in its mission. That mission is undermined when the company fails to communicate truthfully and promptly.

Dream Chasers will continue pressing, publicly and formally, for:

• Real governance reform

• Real accountability

• Real transparency

• Real leadership worthy of a public institution

We encourage all shareholders to stay alert, stay informed through verified disclosures, and demand the level of transparency this situation requires. Carver's best days may be ahead, but its future will not be shaped by panic and disorder that might shake out retail shareholders and long-time loyal employees -but instead by the pressure shareholders apply right now.

A WORD OF ADVICE TO THE BOARD: HISTORY DICTATES THAT NO EMPIRE CAN EFFECTIVELY GOVERN AND SURVIVE WITHOUT THE SUPPORT OF ITS PEOPLE -NO MATTER HOW MUCH THAT EMPIRE AND ITS RULERS TRY TO SUPRESS THE PEOPLE'S VOICE FOR CHANGE.

DCCG understands that the BOARD has recently hired, on shareholders expense, one of the world's most expensive Law firms -Sullivan and Cromwell- LLP- seemingly to double down and prevent the voice of shareholders (he very owners of the bank) from been heard or represented on the board.

ALL stakeholders should know that DCCG is not stepping back.

We are stepping in.

DISCLOSURE: ON OCTOBER 13, 2015 (compliant with the submission due date), DCCG submitted the names of two extremely successful and highly qualified candidates for nomination to the Carver's Board when an annual meeting is called. WE LOOK FORWARD TO OUR NOMINEES or ANY future reconfigured nominees JOINING THE CARVER BOARD.

Sincerely,

Dream Chasers Capital Group LLC

We appreciate, in advance, the support of retail and ALL shareholders, as we move to make Carver a winning NASDAQ stock again.

For more inquiry

[email protected]

About Dream Chasers Capital Group LLC

www.dreamchaserscapitalgroup.com

Forward-Looking Statements Disclaimer

This letter contains forward-looking statements, including, without limitation, statements regarding Dream Chasers' beliefs about Carver Bancorp's potential valuation, strategic opportunities, governance outcomes, regulatory positioning, and future prospects. These statements are based on current opinions, publicly available information, and historical market patterns involving comparable institutions. Forward-looking statements are inherently uncertain and involve risks, assumptions, and factors that could cause actual results, performance, or outcomes to differ materially from those expressed or implied.
These statements are not guaranteed of future performance, not predictions, and not investment advice, and shareholders should not rely on them when making investment or trading decisions. Dream Chasers undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. All forward-looking statements in this letter are expressly qualified in their entirety by this disclaimer.

Important Information and Disclaimer

Dream Chasers is, directly or indirectly, a beneficial owner of shares in Carver Bancorp Inc. We are not currently engaged in any solicitation of proxies from stockholders of Carver.

Except as otherwise set forth herein, the views expressed reflect Dream Chaser's opinions and are based on publicly available information with respect to Carver. We recognize that there may be confidential information in the possession of Carver that could lead it or others to disagree with our conclusions. Dream Chasers reserves the right to change any of its opinions expressed herein at any time as it deems appropriate and disclaims any obligation to notify the market or any other party of any such change, except as required by law. We disclaim any obligation to update the information or opinions contained herein.

The information herein is being provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security.

Some of the information herein may contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that depend on future events are forward-looking. The words "anticipate," "believe," "expect," "potential," "could," "opportunity," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. There can be no assurance that any forward-looking statements will prove to be accurate and therefore actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. In light of the significant uncertainties inherent in forward-looking statements, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such forward-looking statements will be achieved.

SOURCE: Dream Chasers Capital Group LLC

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M.King--AT