SCHEDULE: Activist Investor Takes 5% Stake in Carver Bancorp

Barry James Mann, CFO of Spring Bank, has acquired a 5.0% beneficial ownership in Carver Bancorp Inc., citing undervaluation and an attractive investment opportunity.

Summary

• Barry James Mann acquired 264,240 shares of Carver Bancorp Inc. common stock.
• This acquisition represents approximately 5.0% of the class of securities.
• The total investment amounted to $570,510.76, with an average price of $2.16 per share.
• Mann believes the shares are undervalued and represent an attractive investment opportunity.
• He intends to purchase additional shares and engage with the Issuer's Board, management, shareholders, and industry analysts.
• The purpose of engagement is to support the strategic plan to improve efficiency and financial condition, and to increase shareholder value through organic growth.
• Mann purchased 97,162 shares in open market transactions during the past 60 days as of October 6, 2025, at an average price of $2.17 per share.

Sentiment

Score: 8

Explanation: The investor's acquisition of a significant stake, coupled with the explicit belief that the shares are undervalued and the intention to support management's strategic plan for organic growth and shareholder value, indicates a strong positive sentiment towards Carver Bancorp Inc.

Positives

• A significant individual investor, Barry James Mann, has taken a 5.0% stake, indicating confidence in the company's value.
• The investor explicitly believes the shares are undervalued, suggesting potential for future price appreciation.
• The investor intends to actively support management's strategic plan for improving efficiency, financial condition, and increasing shareholder value through organic growth, which could act as a positive catalyst.

Future Outlook

Barry James Mann intends to purchase additional shares of Carver Bancorp Inc. and engage with the Issuer's Board, management, shareholders, and industry analysts to support the strategic plan aimed at improving efficiency, financial condition, and increasing shareholder value through organic growth.

Management Comments

• The reporting person acquired beneficial ownership in the Shares in the belief that the Shares were undervalued and represented an attractive investment opportunity.
• The reporting person intends to purchase additional shares and engage in conversations, meetings and other communications with certain members of the Issuer's Board, Management team, shareholders, Industry Analysts, and other interested parties, in each case to support the strategic plan proposed by the Issuer's management team to improve the efficiency and financial condition of the Issuer and to increase shareholder value through organic growth.

Industry Context

This filing indicates an individual investor's belief in the undervaluation of a regional bank stock (Carver Bancorp Inc.). Such activist or significant individual investments often signal a potential catalyst for change or a belief that the market is not fully appreciating the company's assets or future prospects, which can be a common theme in the banking sector, especially for smaller institutions.

Comparison to Industry Standards

• The filing does not provide specific financial results or operational metrics for Carver Bancorp Inc. that would allow for a direct comparison to industry standards or specific comparable companies.
• The investor's belief that the shares are "undervalued" implies a comparison to perceived intrinsic value or peer valuations, but no specific benchmarks or companies are named.

Stakeholder Impact

• Shareholders: Potential for increased shareholder value if the investor's engagement and management's strategic plan are successful. The investor's belief in undervaluation could attract other investors.
• Management/Board: The investor intends to engage with them, potentially influencing strategic decisions and increasing accountability.

Next Steps

• Barry James Mann intends to purchase additional shares of Carver Bancorp Inc.
• He plans to engage in conversations, meetings, and other communications with the Issuer's Board, management team, shareholders, industry analysts, and other interested parties.

Key Dates

Recommendation

The acquisition of a 5.0% stake by a seasoned financial professional like Barry James Mann, coupled with his explicit belief that the shares are undervalued and his stated intention to actively support and engage with management to enhance shareholder value through organic growth, suggests a strong positive outlook for Carver Bancorp Inc. This could signal a potential catalyst for the stock, making it an attractive "buy" for investors looking for undervalued opportunities with potential activist engagement.

Keywords

Carver Bancorp, CARV, Barry Mann, Schedule 13D, Activist Investor, Bank Stock, Undervalued Stock, Investment Opportunity, Shareholder Value