Dream Chasers Calls for Resignation of Carver Bancorp Board of Directors
Fund sent a letter to Carver's Board November 26, 2025, raising concerns of alleged nepotism, financial self-dealing involving Messrs. Felix, Mackay, and the board.
Fund urges all shareholders to contact each board member to demand they allow delisting vote and resign.
DCCG believes the November 26 letter to the board is significant enough to warrant the removal of the entire Board - opportunity for new capital and board members
NEW YORK CITY, NY / ACCESS Newswire / November 28, 2025 / A Nasdaq delisting for Carver will be a huge setback for communities of color. We urge the bank's main backer, JP Morgan, to intervene and mediate.
Dream Chasers Capital Group ("DCCG") is calling for the immediate resignation of the entire Carver Bancorp Board of Directors.
DCCG warns that a Nasdaq delisting would be a major setback for African American communities served by Carver. The Fund urges the bank's influential financial partners-to intervene. We also urge the Board to delay any delisting decision by 30-60 days and call a special meeting of shareholders to allow a vote. The current board's approach reflects poorly on the board as seen by constituents in Harlem and wider communities of color who are actively observing this obvious attempt at disenfranchising shareholders-many of whom own carver stock.
DCCG encourages shareholders to remain calm and continue supporting Carver's mission to build wealth in communities of color and all ethnic communities of NYC.
What May Have Prompted the Board's Rush Away From Nasdaq Reporting Requirements?
On November 17, 2025, the Carver Board abruptly announced plans to delist from Nasdaq. Delisting will significantly reduce the bank's reporting and disclosure obligations-information essential to protecting shareholder interest.
Just days before this announcement, DCCG had verbally raised concerns directly with the Board regarding allege:
questionable financial transactions involving board members, and
the board's handling of one or more employee-related incident(s) at one or more branch locations.
board members' engagement in widespread nepotism and conflicts of interest.
On November 26, 2025-during a holiday week-DCCG submitted a written request urging the Board to delay what the fund views as a hasty and deceptive delisting effort-no question designed to fly under the radar as shareholders were distracted and a bad look for an already unpopular board.
Key Concerns: Nepotism, Self-Dealing, and Breach of Fiduciary Duty
1. Allege Undisclosed Relationship Between CEO Felix and Director Mackay
In an August 14, 2023 press release, the Board appointed Craig Mackay as Acting CEO with a $450,000 compensation package. The bank also announced a "national search for a new CEO." His interim role was set to end on September 31, 2024, and compensation was scheduled to cease at that time.
On November 1, 2024, the Board hired Don Felix-who had no banking leadership experience-as CEO.
Mr. Felix received an extremely lucrative package of $700,000 plus $3.4 million in the event of a sale.
DCCG has recently learned that Messrs. Felix and Mackay are best buddies - an undisclosed relationship.
Mr. Mackay continues to serve on the Board.
2. Alleged Payments to Mackay
In its November 25, 2025, letter to Carver's Board, DCCG raised concerns about:
Some salary payments to Mr. Mackay even after his term ended on October 31, 2024,
a report of a possible $100,000 transfer from Carver corporate accounts into Mr. Mackay's internal Carver account and ultimately to his personal external account shortly after he stepped down
lack of transparency regarding possibly additional payments to board members beyond their disclosed compensation.
3. Mishandled branch Employee-Related Incidents
The Board and management allegedly mishandled incidents involving one or more employee conduct at certain branch locations. DCCG is requesting full disclosure on behalf of shareholders.
4. Cronyism in Hiring Under CEO Felix
Mr. Felix has rapidly appointed close associates and friends to key positions without conducting competitive searches, undermining efforts to find the most qualified talent needed for a turnaround.
Evidence is now emerging that Mr. Felix may not have been the most qualified CEO candidate. The Fund argues that the lack of a proper CEO vetting process and the subsequent conflicted decision to hire Mr. Felix (Mr. Makay's best friend) have harm shareholders, namely: $10 million in recent stock losses, the 2025 OCC order, and now a delisting move highly unpopular with a significant portion of the banks shareholder base.
How extensive a nationwide NEW CEO search did the Board do and how many other candidates did they interview before picking Mr. Mackay's best friend, Don.
We wanted to give the board a chance to comment on these concerns by responding to each other. While the board decides what it will do, DCCG thinks it's prudent to give some context related to the November 26, 2025, letter to the board.
If Carver Cannot Afford Nasdaq Compliance, It Cannot Afford the CEO $3.4M pay Package
DCCG argues that shareholder losses and disenfranchisement should not be the consequence of decisions designed to protect Mr. Felix's compensation and other alleged board largesse over the bank's Nasdaq listing and SEC reporting obligations.
Shareholder Call to Action
Dream Chasers urges all shareholders to remain calm, remember the banks mission of good and to :
contact the Board and CEO Felix immediately, and
state clearly that you will not tolerate actions that disenfranchise shareholders.
support a call for a full board resignation
The Board owes shareholders fiduciary duties of care, loyalty, and obedience. A delisting process must include an independent fairness opinion to ensure compliance and transparency.
Dream Chasers' Formal Demands
DCCG demands that the Carver Board:
Delay any delisting or deregistration of filing for 30 to 60 days and until all concerns raised in the November 26 letter are fully disclosed and examined.
Task an independent Committee to review all issues raised.
Delisting Would Significantly Harm African American Communities
Carver's Nasdaq Gold seal listing is a longstanding source of pride and aspiration within communities of color. Many New Yorkers support Carver and want to see it prosper. That prosperity is not likely to come by going to the OTC markets
In 2011, many African American shareholders were severely diluted when Carvers' then Board-some of whom are still serving -made a choice to do $55M equity deal with large investors -who remain significant owners today.
Carver's best chance to thrive and continue serving communities of color is by teh remaining listed on Nasdaq . We need more companies serving communities of color on Nasdaq-not fewer.
Shareholders must act now -Tell the board you want them to continue with the slow but positive changes because of DCCG activism.
Email the Board: Demand a Vote on delisting and each member's Resignation
Email list:
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[email protected] (Chairman)
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We appreciate, in advance, the support of retail and all shareholders, as we move to make Carver great again.
For more inquiry
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About Dream Chasers Capital Group LLC
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 stockholders of Carver.
Except as otherwise set forth herein, the views expressed reflect Dream Chaser's opinions and are based on publicly available information with respect to Carver. We recognize that there may be confidential information in the possession of Carver that could lead it or others to disagree with our conclusions. Dream Chasers reserves the right to change any of its opinions expressed herein at any time as it deems appropriate and disclaims any obligation to notify the market or any other party of any such change, except as required by law. We disclaim any obligation to update the information or opinions contained herein.
The information herein is being provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security.
Some of the information herein may contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that depend on future events are forward-looking. The words "anticipate," "believe," "expect," "potential," "could," "opportunity," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. There can be no assurance that any forward-looking statements will prove to be accurate and therefore actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. In light of the significant uncertainties inherent in forward-looking statements, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such forward-looking statements will be achieved.
SOURCE: Dream Chasers Capital Group LLC