Leading Independent Proxy Advisory Firm ISS Recommends Carver Bancorp, Inc. Stockholders Vote FOR the Company's Highly Qualified Director Nominees

-- ISS Concludes Dream Chasers Has Not Made a Compelling Case for Change --

-- Carver Encourages Stockholders to Follow ISS' Recommendation and Vote FOR the Company's Director Nominees and select WITHHOLD for the Dream Chasers' Nominees on the White Universal Proxy Card --

NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Carver Bancorp, Inc. (NASDAQ:CARV) ("Carver" or the "Company"), the holding company for Carver Federal Savings Bank (the "Bank"), a certified Community Development Financial Institution ("CDFI") and designated Minority Depository Institution ("MDI"), today announced that Institutional Shareholder Services ("ISS"), a leading proxy advisory firm, has recommended Carver stockholders vote FOR its highly qualified director nominees, Jillian E. Joseph and Kenneth J. Knuckles, at the upcoming Annual Meeting of Stockholders scheduled for Thursday, December 12, 2024.

In its recommendation, ISS concludes that Dream Chasers (the "dissident") has not made a compelling case for change¹:

• "Operational turnarounds at small community banks can be a multi-year effort, and the company's formal agreement with the OCC, coupled with the 2023 banking crisis, may have contributed to a slower than anticipated recovery."
  
  
• "The recent appointment of Felix as CEO appears to be a step in the right direction. He appears to have relevant experience and an understanding of the issues facing the bank, and despite his short tenure, he has developed what appears to be a logical go-forward plan. Moreover, Felix has seemingly been endorsed by the dissident."
  
  
• "Thus, it is important for management to focus on execution, and for the board to not only exercise oversight, but provide support during the process."
  
  
• "Moreover, the ...

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