Accidental Emails Sent by Carver Show Attempt to Manipulate upcoming Annual Meeting While Board Blocks Qualified Nominees

Dream Chasers, the leading shareholder of Carver Bancorp, Inc. (OTCQB:CARV), is publicly disclosing a secret, unauthorized share sale code-named "Project George." Dream Chasers is acting to protect market integrity and ensure all shareholders are treated with transparency.

Dream Chasers uncovered Project George after Carver management mistakenly sent confidential emails disclosing plans to sell 524,826 shares—specifically a preferred-to-common conversion—to EJF Capital. This maneuver effectively creates voting stock out of thin air, granting weighted power to a friendly party to "stuff the ballot" ahead of the May 21, 2026, Annual Meeting. The deal involves working with Wells Fargo and JP Morgan to sign off on Preemptive Rights Waiver Agreements. Dream Chasers halted the frantic race to close this deal last Friday by issuing a formal Cease and Desist at 10:32 AM.

Hypocrisy: Blocking Expertise While Plotting Dilution

While the Board manufactures technical "deficiencies" to block highly qualified nominees like Moishe Gubin—who successfully grew OptimumBank assets from $100M to over $1.1B—they are simultaneously operating in the shadows to dilute shareholders. Internal communications reveal a Board in crisis, explicitly worrying whether the Federal Reserve (FRB) will approve this irregular transaction and the bypass of the 5% ownership threshold.

"Project George is a solution in search of a problem," said Greg Lewis of Dream Chasers. "With $46.9 million in cash, Carver does not need this money. This proves the sale is about voter disenfranchisement, not capital. We stopped them at 10:32 AM with a clear warning: we will not allow a backroom deal to subvert the will of the shareholders or bypass Federal Reserve oversight."

Dream Chasers Identifies Potential Legal and Regulatory Violations:

Breach of Fiduciary Duty: Utilizing preferred-to-common conversions to create voting stock out of thin air while blocking independent nominees violates the duty of loyalty.
Bank Holding Company Act Violations: Internal admissions of uncertainty regarding the 5% Federal Reserve threshold suggest an attempt to bypass mandatory Change in Control regulations.
Securities Disclosure Violations: Concealing a dilutive private placement while shareholders prepare for a critical vote violates federal requirements.
Shareholder Oppression: Tactics designed to drown out the 70% retail shareholder mandate represent willfully unfair conduct.

Dream Chasers has warned the Board it is prepared to pursue all legal and regulatory remedies, including an immediate injunction and a shareholder class-action lawsuit.

"We will not stand by while the Board sells out this historic institution," Lewis added. "The Board's opportunity to avoid a prolonged legal and regulatory crisis through an orderly exit is rapidly disappearing."

About Dream Chasers

Dream Chasers is a shareholder-focused investment group dedicated to restoring value and accountability to Carver Bancorp.

Important Disclosure

The views expressed reflect Dream Chasers' opinions. This is for information only and is not an offer to sell or buy any security.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316023748/en/

Email: info@dreamchaserscapitalgroup.com

Dream Chasers Reveals Shocking Details of Secret Carver Board Dilution Deal Code-Named "Project George"