Carver Bancorp, the holding company for Carver Federal Savings Bank, has made the decision to reject an offer from Dream Chasers Capital Group to acquire a 35% interest in the company's common equity. The board of Carver Bancorp has cited multiple reasons for this rejection.
Firstly, the board emphasized that the publicly disclosed regulatory history of Dream Chasers' leadership posed significant reputational risks to Carver's standing and credibility. Furthermore, during their review, the board found several deficiencies in the proposal put forward by Dream Chasers. These deficiencies included lacking structural details and an implied valuation that fell short of expectations.
Considering all these factors, Carver Bancorp has concluded that any form of association with Dream Chasers is not in the best interest of Carver, its shareholders, and its community stakeholders. This ultimate decision was made after Dream Chasers had met with Carver's board earlier this month. It should be noted that Dream Chasers had previously increased their buyout offer for Carver from $3 a share to $3.25 a share in August.
In conclusion, Carver Bancorp stands firm in its rejection of Dream Chasers Capital Group's acquisition offer. The company remains committed to safeguarding its reputation and ensuring the best interests of its shareholders and community stakeholders are prioritized.
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