SCHEDULE: Activist Investor Mann Boosts Carver Bancorp Stake to 9.6%

Barry Mann, CFO of Spring Bank, has increased his beneficial ownership in Carver Bancorp Inc. to 9.6%, citing undervaluation and a desire to support management's strategic plan.

Summary

• Barry Mann, CFO of Spring Bank, has acquired beneficial ownership of 508,577 shares of Carver Bancorp Inc.
• This represents 9.6% of the 5,287,100 shares outstanding as of September 30th, per Carver Bancorp's final 10-Q filing.
• Mann invested a total of $1,123,274.82 from personal funds, at an average price of $2.21 per share.
• He purchased 224,340 shares in the past 60 days as of December 5, 2025, at an average price of $2.27 per share.
• Mann believes the shares are undervalued and intends to engage with the Issuer's Board, Management, and Shareholders to support the strategic plan to improve efficiency, financial condition, and increase shareholder value.
• He encourages other shareholders who support management to buy additional shares.

Sentiment

Score: 7

Explanation: The sentiment is positive due to an activist investor increasing their stake, expressing belief in undervaluation, and committing to support management's strategic plan to improve financial condition and shareholder value. This suggests potential for future positive developments.

Positives

• A significant investor, Barry Mann, believes Carver Bancorp shares are undervalued, indicating potential for price appreciation.
• Mann intends to actively support management's strategic plan to improve efficiency and financial condition, which could lead to increased shareholder value.
• Mann's increased stake to 9.6% demonstrates strong conviction in the company's potential.

Future Outlook

The reporting person intends to engage with the Issuer's Board, Management, and Shareholders to support the strategic plan aimed at improving efficiency and financial condition, with the ultimate goal of increasing shareholder value.

Management Comments

• "The reporting person acquired beneficial ownership in the shares in the belief that the Shares were undervalued."
• "The reporting person intends to engage in conversations, meetings and other communications with the Issuer's Board, Management and Shareholders as well as industry analysts and other interested parties, in each case to support the strategic plan proposed by management to improve the efficiency and financial condition of the Issuer and to ultimately increase shareholder value."
• "The reporting person urges shareholders who support management to buy additional shares of Carver Bancorp and become beneficial owners as well."

Industry Context

This filing indicates an activist investor taking a significant stake in a regional bank (implied by "Bancorp") with the stated goal of supporting management to improve financial condition and efficiency. This is a common pattern in the financial sector where investors identify undervalued assets and seek to unlock value through strategic engagement.

Stakeholder Impact

• Shareholders: Potential for increased shareholder value if Mann's engagement and management's strategic plan are successful. Encouragement for existing shareholders to increase their holdings.
• Management/Board: Increased scrutiny and potential for collaborative engagement with a significant activist investor.
• Employees/Customers/Suppliers/Creditors: Indirect impact if strategic plan improves financial condition and efficiency, potentially leading to a more stable and growing company.

Next Steps

• Barry Mann intends to engage in conversations, meetings, and other communications with Carver Bancorp's Board, Management, and Shareholders.
• Mann will also engage with industry analysts and other interested parties.
• Mann urges shareholders who support management to buy additional shares of Carver Bancorp.

Key Dates

Recommendation

The filing indicates a seasoned financial professional, Barry Mann, has significantly increased his stake in Carver Bancorp, now owning 9.6% of the company. His stated belief that the shares are "undervalued" and his intention to actively support management's strategic plan to "improve the efficiency and financial condition" and "increase shareholder value" are strong positive signals. This suggests a potential catalyst for value creation and a vote of confidence from a knowledgeable investor. The average purchase price of $2.27 in the last 60 days also provides a recent benchmark for his conviction.

Keywords

Carver Bancorp, CARV, Schedule 13D, Barry Mann, shareholder activism, undervalued stock, bank stock, financial services, investment, equity stake