Carver Bancorp rejects Dream Chasers' offer to acquire 35% of common equity

CARVER BANCORP INC

Board rejected Dream Chasers' proposal citing adverse regulatory history of its leadership, deficient structure, and unrealistically low price.
Board determined association poses unacceptable reputational risk to Carver's mission, stakeholder relationships, and regulatory standing.
Dream Chasers' leadership's regulatory history is disclosed on FINRA BrokerCheck; company expects inability to qualify as bank holding company.
Proposal lacked details on valuation, dilution, financial resources; Board deemed it not in best interest of shareholders or community.

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