Fund cites allegations of nepotism and financial self-dealing involving Messrs. Don Felix, Craig Mackay, and the Board raised by DCCG in a November 26, 2025, letter to the Board

The Fund urges regulators and Nasdaq to use their discretion to delay Carver's November 28 Form 25 delisting filing to allow for review, address these concerns and to protect investors.

DCCG says the Board received - but failed to publicly disclose - material information given to it by DCCG two days before the bank's November 28 Form 25 filing deadline.

DCCG demands the entire Board resign, withdraw delisting action, and call an emergency meeting of shareholders to elect Seven new directors.

NEW YORK, NY / ACCESS Newswire / December 1, 2025 / DCCG is demanding that the entire Board of Directors of Carver Bancorp resign NOW. The board has lost all credibility, has no mandate, is deeply distrusted by most shareholders, and it can no longer effectively govern. The sooner the board leaves, the faster the bank can get back on its previous transformation path.

We also urge Carver's largest strategic partner and longtime financial backer, JP Morgan, to intervene and mediate to bring an end to the board's dangerous attempt to set back communities of color in Harlem and other NYC neighborhoods-at the expense of their own self-enrichment.

We hope regulators and Nasdaq act decisively to protect shareholders by delaying or reviewing the Board's astonishingly blatant rush to delist-an action taken out of self-interest and which threatens to disenfranchise the vast majority of shareholders.

Playing fast, secretive, and non-disclosure games with shareholder capital; taking drastic actions to prevent 98% of shareholders from simply voting on whether to delist; and paying themselves millions in compensation may constitute one of the most severe attempts to disenfranchise shareholders in Nasdaq or stock market history. Retail shareholders deserve better. They deserve the same protections and due process as institutional investors. This board MUST be held accountable.

Given the allegations DCCG raised in its November 26, 2025 letter-two days before the delisting filing date-and the Board's reckless failure to disclose this material information, DCCG is calling on retail investors to apply full pressure to remove these seven Board members-the latter intent on switching to the OTC to enrich and entrench themselves while avoiding scrutiny.

Carver's best days lie ahead-but not with the current Board in place. This Board's pattern of value destruction and disregard for shareholder rights must end.

This board's time is up.

Allegations Raised in DCCG's November 26 Letter: Why the Rush Away from Nasdaq and disclosure?

On November 17, 2025, the Carver Board abruptly announced plans to delist from Nasdaq, which would greatly reduce the Bank's reporting and disclosure obligations-obligations essential to protecting shareholder interests.

Prior to this announcement, DCCG verbally raised several concerns, including allegations involving:

questionable financial transactions involving CEO Don Felix, Director Craig Mackay, and other possibly other Board members

mishandling of employee-related financial incidents at one or more branches

widespread nepotism and conflicts of interest in hiring and governance

Possibly unexplained/undisclosed payments

On November 26, 2025-Thanksgiving Eve-DCCG sent a detailed written request to the Board, urging it to disclose shareholders' concerns raised by DCCG. and to call a special meeting before any Form 25 filing. There is no evidence the Board fulfilled its fiduciary duty by disclosing this material information to shareholders, or any other relevant body, before filing Form 25.

Key Allegations

1. Undisclosed Relationship Between CEO Felix and Director Mackay

An August 14, 2023, press release appointed Craig Mackay Acting CEO with a $450,000 compensation package, pending a "national CEO search."

His interim role ended September 30, 2024.

On November 1, 2024, the Board hired Don Felix-who had no banking leadership experience-as CEO with a $700,000 package plus $3.4 million payable in a sale scenario.

DCCG has since learned that Felix and Mackay are best friends-an undisclosed relationship that may have compromised the CEO selection process, disenfranchise shareholders by possibly not hiring the best candidate.

Mr. Mackay remains on the Board.

2. Alleged Payments to Mackay

In its November 26, 2025, letter, DCCG raised concerns regarding:

salary payments Mr. Mackay continued to receive (allegedly on the personal instructions of then new CEO, Mr. Felix) for months even after his official contract term ended on October 31, 2024

a reported $100,000 transfer from Carver corporate accounts into Mr. Mackay's internal Carver account and then to an external personal account just a few days after he stepped down

a lack of transparency regarding potential undisclosed compensation to Board members

3. Mishandled Employee-Related Incidents

The Board and management allegedly mishandled certain employee-related financial incidents at branch locations in Bedford Stuyvesant and other alleged branches. DCCG is requesting full disclosure.

4. Cronyism and Conflicts in Hiring Under CEO Felix

Reports are that Mr. Felix is rapidly appointing close associates and friends to major positions without competitive searches, undermining efforts to secure qualified leadership to ensure the bank's turnaround.

Evidence is emerging that Mr. Felix may not have been the most qualified CEO candidate. DCCG believes the Board's failure to conduct a meaningful CEO search-and the subsequent hiring of Mr. Mackay's close friend-has harmed shareholders, resulting in:

over $10,000,000 in stock market losses

the 2025 OCC order

a widely opposed delisting attempt

If Carver Cannot Afford Nasdaq Compliance, It Cannot Afford a $3.4M CEO Package

DCCG argues that shareholders should not bear losses or be disenfranchised to preserve Mr. Felix's compensation or related Board benefits. Credible reports have also emerged that the board has hired one of the world's most expensive law firms in the world (how is the bank footing this expense) presumably to help STOP shareholders (who own 98% of the company vs. Board's 2%) from voting on the board's delisting plans.

Shareholder Call to Action

Dream Chasers urges all shareholders to remain calm, remember the Bank's mission, and:

Email CEO Felix and all board members to express your strong opposition to self-dealing and actions that disenfranchise shareholders.

Support a full Board resignation.

Demand the Board fulfill its fiduciary duties of care, loyalty, and obedience.

The Board has failed to meet these obligations.

Dream Chasers' Demands

DCCG demands that the Carver Board:

Resign and withdraw or delay any delisting or deregistration actions until concerns in the November 26 letter are disclosed and reviewed.
Bank Establish an independent committee to address the issues raised.

Delisting Would Significantly Harm African American Communities

Carver's Nasdaq listing has long been a source of pride and economic aspirations for Communities of Color. Many New Yorkers support Carver's mission and want it to thrive-not get hijacked by a self-dealing Board or by a move to the OTC markets.

In 2011, many African American shareholders were severely diluted when Carver's then-Board-some of whom still serve-approved a $55 million equity deal with large institutional investors -top 10 big banks -who remain major shareholders today.

Carver's best chance to serve communities of color is by remaining listed on Nasdaq. We need more companies serving communities of color on Nasdaq-not fewer.

Shareholders must act now: email the Board, stop the delisting, and demand each Board member's resignation so Carver can continue to build on the recent progress achieved through DCCG's activism on behalf of retail shareholders

Email the Board: Demand a Vote on Delisting and Board Resignations

Email List:
donald.felix@carverbank.com
craig.mackay@carverbank.com
calvin.grannum@carverbank.com
lewis.jones@carverbank.com (Chairman)
pazel.jackson@carverbank.com
robin.dunn@carverbank.com
kenneth.knuckles@carverbank.com

CC: investorrelations@carverbank.com

Carver's best days could be ahead but not under this team's leadership.

Don Felix and the board's Nasdaq delisting move is an admission of defeat for the board. Lucky for Carver bank, we believe that it's rich 75-yrs of tradition and strong support from people who admire its mission to create wealth in Communities of Color will outlast this board. Don Felix and the board could not deliver in the Nasdaq big leagues. With a new CEO, Capital and Board, DCCG is confident in Carver's ability to strive and deliver shareholder value as a Nasdaq listed company. There should be a push for more African American and Latina companies listing on the Nasdaq, not leaving the Nasdaq.

Dream Chasers again urges regulators and Nasdaq to use their discretion to delay Carver's November 28 Form 25 delisting to allow for review and to protect investors.

We appreciate the support of all shareholders as we work to make Carver a winning institution again.

For inquiries:
info@dreamchaserscapitalgroup.com

More information:
www.dreamchaserscapitalgroup.com

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 shareholders of Carver.

Except as otherwise stated, the views expressed herein reflect Dream Chasers' opinions and are based on publicly available information. We recognize that Carver may possess confidential information that could lead it or others to disagree with our conclusions. Dream Chasers reserves the right to change any of its views at any time and disclaims any obligation to update this communication except as required by law.

This information is provided for informational purposes only and should not be construed as an offer to sell or a solicitation to buy any security.

Some statements herein may be forward-looking. These statements are not guarantees of future outcomes, and actual results may differ materially. Words such as "anticipate," "believe," "expect," "potential," "estimate," "plan," and similar terms generally identify forward-looking statements. These statements involve significant uncertainties, and no assurance can be given that they will prove accurate.

SOURCE: Dream Chasers Capital Group LLC

View the original press release on ACCESS Newswire

Dream Chasers Calls for the Entire Board of Directors of Nasdaq-Listed Carver Bancorp to Resign