NEW
YORK, Aug. 31, 2023 /PRNewswire/ -- On
August 14, 2023, Dream Chasers
Capital Group, one of Carver Federal Savings Bank's (NASDAQ: CARV)
biggest shareholders of record with a 5.5% stake, has made a
significant offer to buy 35% of the bank's shares for $3 a share, a premium above the current stock
price.
Dream Chasers, a New York City
based minority-run Investment Fund, made the offer in a letter to
Carver's Board of Directors dated August 14,
2023. Dream Chasers has been in active talks with the bank
for months about acquiring a significant interest.
By making this offer, the Investment Fund hopes to take control
of the bank and replace the current management and board with an
already assembled world-class team of minority executives who have
a combined 40 years of experience as CEO or senior executives at
some of the largest banks and financial service companies.
Dream Chasers plans to recapitalize the bank and introduce a
platform of value-added wealth building services to attract new
depositors, thus leading to an increase in shareholder value.
Communities of color lack basic structure, financial services
offerings and products to build, maintain and pass on generational
wealth. By taking control of Carver and implementing these wealth
building services, the fund believes this will uplift and create
substantial wealth in communities of color. Dream Chasers
have dubbed this wealth building initiative-Project Uplift.
Carver was founded 75 years ago by Black and Caribbean American
business owners with a mission to create a bank where minority
entrepreneurs could get easy access to capital when other banks
would not lend to them. 75 years later, poor execution and
mismanagement, have left the bank on shaky financial footing,
losing deposits, overconcentrated in commercial real estate and
unable to serve any of its constituents' well-shareholders,
depositors, or the community.
By going public with its $3 per
share offer to take a controlling interest, Dream Chasers is
seeking to rally support for Project Uplift–in whatever form that
may come–from civil society builders, like-minded shareholders,
activist of all stripes, financial executives, corporations,
current Carver bank employees, social media influences,
celebrities, professional athletes, entertainers, business titans
and all constituents who have a vested interest in seeing
communities of color build generational wealth.
For over 75 years Carver's Board and management has failed to
deliver wealth to the communities it serves. The time for change is
now, Project Uplift is the way.
Shareholders should be keen to prevent current management/board,
from taking any self-serving, dilutive, anti-takeover actions or
enact poison pill bylaws -to the detriment of shareholders and the
African American community.
About Dream Chasers
www.dreamchaserscapitalgroup.com
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.
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SOURCE Dream Chasers Capital Group