Dream Chasers Responds to Carver Attempt to Block Bank Turnaround Expert Moishe Gubin

Core Viewpoint - Dream Chasers Capital Group (DCCG) is responding to Carver Bancorp's Board blocking the nomination of Moishe Gubin and Greg Lewis, highlighting concerns over corporate governance and potential dilution of shareholder value [1][1][1] Group 1: Company Actions and Responses - DCCG, the leading shareholder of Carver Bancorp, criticizes the Board for using corporate mechanisms to disenfranchise shareholders, including a strategic delisting of shares to OTC markets [1][1][1] - The Board's actions are seen as detrimental to shareholders, particularly in blocking Gubin, who has a proven track record in banking turnaround [1][1][1] Group 2: Moishe Gubin's Achievements - Gubin successfully grew OptimumBank's assets from $100 million to over $1.11 billion while maintaining a 49.59% efficiency ratio, significantly better than the industry average of 67.3% [1][1][1] - Under Gubin's leadership, OptimumBank transformed from a loss-making entity to a profitable institution, achieving a net income of $16.65 million in 2025, representing a 600% growth in core earnings since 2021 [1][1][1] - Gubin also cleared a decade-long regulatory consent order by enhancing capital levels to "well-capitalized" status [1][1][1] Group 3: Timeline of Events - On March 5, 2026, the Board informed DCCG of "numerous deficiencies" and plans to block independent nominees just before the SEC deadline [1][1][1] - DCCG submitted nominations for Gubin and Lewis on February 20, 2026, but faced immediate resistance from the Board [1][1][1] - Carver announced a delisting on November 18, 2025, leading to a 50% drop in stock price [1][1][1] Group 4: Shareholder Support and Concerns - DCCG is monitoring Barry Mann's emergence as a 10% filer, suspecting it may be a tactic to dilute the 70% retail shareholder mandate opposing current Board policies [1][1][1] - DCCG emphasizes the importance of the 70% retail shareholder support and urges vigilance against any anti-takeover or dilutive actions as the May 21, 2026, Annual Meeting approaches [1][1][1] - The company remains committed to removing the current Board and restoring Carver's value, advocating for competitive bidding on any new stock issuance [1][1][1]