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Carver Bancorp, Inc.
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Boston Bank of Commerce
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VOTE FOR A POSITIVE CHANGE
VOTE FOR KEVIN COHEE AND TERI WILLIAMS
Why Carver Needs A Positive Change
- - Poor Financial Performance - Carver is a 4 rated financial institution
(highest rating = 1, lowest rating = 5), and has lost on average $1.7
million/year over the past three years.
- - Poor Stock Performance - A $100 investment in Carver in 1994 is worth only
$115 today, compared to a $100 investment in other savings & loans in 1994
is worth $275 today.
- - Poor Community Development Track Record - Carver has a history of not
lending to community residents. Over $100 million of its loans since 1997
were purchased from Chase Manhattan Bank instead of being generated for
community residents.
- - Lack of Respect for Common Shareholders - Under Ms. Wright's leadership,
this Carver Board has:
A) Delayed this shareholder meeting until we sued them to compel the
meeting
B) Issued 5(cent) dividend the week before the election to buy votes
C) Issued preferred stock - 200,000 voting shares - to friends of
management on the record date to win this election
D) Offered the community common stock through a direct stock purchase
program, which pays a 5(cent) dividend, yet offered Morgan Stanley and
Provender preferred stock with a guaranteed 94(cent) dividend
E) Threatened and pressured shareholders to support management
Common Shareholders Preferred Shareholders
------------------- ----------------------
o 2.3 million shares o 208,000 shares
o Hundreds of common shareholders o Only 2 Preferred shareholders
o Total Dividends Combined - $115,000 o Total Dividends Combined - $197,000
5(cent) 94(cent)
SOME KIND OF STRATEGIC PARTNERS!
(over)
<PAGE>
VOTE FOR A POSITIVE CHANGE
VOTE FOR KEVIN COHEE AND TERI WILLIAMS
What Kevin Cohee and Teri Williams Can Add to Carver's Board
- - Shareholder Voice - We own 7.4% of the common stock of Carver. We are also
the largest black shareholders of Carver. We will ensure that Carver
shareholders have a voice and that the Board's primary goal is to increase
shareholder value.
- - Experience Turning Around Two Black Banks - We have successfully turned
around two black-owned banks - one that was under a Cease and Desist Order
and is now highly rated and another which was closed by the FDIC and
successfully re-opened by Boston Bank of Commerce
- - Successful Financial Track Record - We have an outstanding track record.
Despite Carver's assertion - we have experienced no bond losses and our
credit card program has not failed. Since we took over the bank in 1995,
our profits increased dramatically:
1996 1997 1998 1999
---- ---- ---- ----
($3,600,000) $561,000 $705,000 $1,804,000
Our UNITY Visa card program, the first credit card program targeted to
black people which contributes 1% of spending to black charities, has
donated over $100,000 to black charities including the UNCF/College Fund,
the Children's Defense Fund, the Urban League and many others.
- - Commitment to Community Development - We have financed over $150 million in
community development projects through direct lending to black communities
(unlike Carver's portfolio purchases). We have received outstanding
Community Re-investment Act ratings every year through 1999. We are 100%
committed to developing African- and Caribbean-American communities in
every market we serve.
- - New Voice and Energy - Carver's current board has been slow to respond to
changes in the financial services industry. Carver's poor performance has
been under the current Board's leadership. A positive change is needed to
ensure that Carver does not follow the path of Freedom National Bank.
VOTE FOR A POSITIVE CHANGE IN CARVER
VOTE FOR KEVIN COHEE AND TERI WILLIAMS
