Carver Bancorp Inc. · OTC:CARV
Carver Bancorp — Proxy Contest (November 2024)
13 slides from Carver Bancorp's proxy contest presentation, Nov 19, 2024
Slide 1: A Stronger Carver
A Stronger Carver November 19, 2024
Slide 2: Executive Summary
Executive Summary 2 (1) All share price data as of October 23, 2024, one day prior to the filing of Dream Chasers Capital Group’s preliminary proxy statement. Source: S&P Capital IQ Pro. (2) As measured against the S&P U.S. BMI Banks Index, as of October 23, 2024, one day prior to the filing of Drea
Slide 3: A Legacy of Shareholder Value Destruction
A Legacy of Shareholder Value Destruction 3 Source: S&P Capital IQ Pro. (1) Through October 23, 2024, one day prior to the filing of Dream Chasers Capital Group’s preliminary proxy statement. 1 - Year Total Shareholder Return (1) 3 - Year Total Shareholder Return (1) 5 - Year Total Shareholder Retur
Slide 4: A Decade of Losses
A Decade of Losses 4 Source: S&P Capital IQ Pro, https://www.sec.gov/Archives/edgar/data/1016178/000101617818000008/fy201810kdocument.htm . (1) CARV’s pre - tax income in 2018 would have been - $4.3M excluding a $9.6M gain on sale. Carver Net Income to Common Since 2014 ($000s) ($1,324) ($1,152) ($1
Slide 5: Worst-in-Class Performance vs. NY Area Peers
Worst - in - Class Performance vs. NY Area Peers 5 Source: S&P Capital IQ Pro. Note: NY peers include banks with $500M to $1.5B in assets headquartered in the New York - Newark - Jersey City MSA, including: Bogota Financial Corp (NASDAQ: BSBK), ES Bancshares (NASDAQ: ESBS), First Commerce Bancorp, I
Slide 6: Poor Performance Compared to Other Banks Serving African American Communities
Poor Performance Compared to Other Banks Serving African American Communities 6 Source: S&P Capital IQ Pro. Note: Peers include selected banks serving African American communities and have assets under $800 million. All Carver Federal Savings Bank data is for the bank subsidiary of Carver Bancorp, i
Slide 7: An Unsustainable, Loss-Making Business Model
An Unsustainable, Loss - Making Business Model 7 Source: S&P Capital IQ Pro. CARV 2023 Profitability Profile ($M) $22.8 $3.6 ($30.7) ($4.3) Net Interest Income Noninterest Income Revenue Noninterest Expense Pre - Provision Net Revenue $26.4 Carver Doesn’t Generate Enough Revenue to Cover its Costs,
Slide 8: Pay Package for New CEO Lacks Performance Incentives
Pay Package for New CEO Lacks Performance Incentives 8 Source: https://www.sec.gov/Archives/edgar/data/1016178/000094337424000375/form8k_091124.htm This is a Huge Amount of Compensation for Bank with Carver’s Track Record of Consistent Losses, Almost all in Cash and not Tied to Shareholder Value or
Slide 9: Our Nominees Have the Expertise to Deliver Urgent Change
Our Nominees Have the Expertise to Deliver Urgent Change 9 These Nominees Will Serve as Shareholder Advocates on a Board that has Neglected Shareholders for Too Long • 30+ years of experience in banking and financial services, including roles with J.P. Morgan, Bank of America, AIG, and Goldman Sachs
Slide 10: Carver's Sitting Directors Have Not Delivered
Carver’s Sitting Directors Have Not Delivered 10 (4) Institutional Strategy Committee focus areas as disclosed in the Definitive Proxy Statement filed with the SEC on October 31, 2024, available at sec.gov/Archives/edgar/data/1016178/000110465924113051/tm2425801d1_defc14a.htm (5) Ms. Joseph holds op
Slide 11: A Tried-and-True Plan for Restoring Profitability and Returns
A Tried - and - True Plan for Restoring Profitability and Returns 11 ▪ DCCG’s plan for growth at the “New Carver” is simple: adopt a strategy similar to those of the most successful banking institutions, such as JPMorgan ▪ The model involves: x Taking Carver’s existing consumer banking services and
Slide 12: Carver is an Important Bank, and Must Return to Profitability to Serve its Communities
Carver is an Important Bank, and Must Return to Profitability to Serve its Communities 12 ▪ Carver was founded in 1948 to serve African American communities, customers and institutions that were historically underserved by banks (1) ▪ Carver continues to serve lower - and middle - income New Yorkers
Slide 13: Important Disclaimers
IMPORTANT DISCLAIMERS 13 CAUTIONARY STATEMENT REGARDING FORWARD - LOOKING STATEMENTS The information herein contains “forward - looking statements.” Specific forward - looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, withou