- What's at stake: Calling Carver Bancorp's stock undervalued, Spring Bank Chief Financial Officer Barry Mann has acquired more than 324,000 shares in the New York-based bank.
- Expert quote: "Carver knows what they need to do, and they're working on it," Mann said.
- Key insight: Mann made his share purchases as an activist investor group continues its effort to take control of the 77-year-old Carver.
New York-based Carver Bancorp and CEO Donald Felix have received a noteworthy vote of confidence from an unlikely source.
Barry Mann, the chief financial officer of the Bronx-based Spring Bank, has accumulated more than 324,000 Carver shares — a 6.1% ownership stake. Mann stated in a recent Securities and Exchange Commission filing that he views the $714 million-asset Carver's stock as undervalued, adding that he supports efforts by the company and its new CEO, Donald Felix, to execute a turnaround.
"Certainly, I'm optimistic about Carver," Mann told American Banker. "I've had on a couple of occasions an opportunity to meet with [Felix]. I think he's a good man. … I think the best way to maximize the shareholder value of Carver is for it to return to profitability. Him leading the company is the best way for that to happen."
Carver, the holding company for the 77-year-old Carver Federal Savings Bank, is in many respects similar to the $516 million-asset Spring Bank. Both are based in Gotham and designated as community development financial institutions.
From an operational perspective, however, the companies have been on different tracks. Spring Bank reported a $3.9 million profit through the first six months of 2025 and earned $7.7 million in 2024, according to the Federal Deposit Insurance Corp. Carver lost $3.7 million during the first half of 2025 after reporting losses totaling $6.2 million last year.
The agreement focused on the bank's strategic planning and persistent financial losses. Carver's last reported annual profit came in 2018, according to the FDIC.
Carver's subpar performance has prompted a takeover bid by an activist investor group, Dream Chasers Capital Management, which has accumulated a nearly 10% stake and is seeking support from institutional investors. Dream Chasers has been sharply critical of both Carver and Felix. It advocates implementing a national digital-first strategy.
"When you win, people want to come around you, they cheer for you, they want to be a part of your success. There has not been much winning going on at Carver for a long time," Dream Chasers' CEO Greg Lewis said in a press release last month. "We are going to try and change that."
A Dream Chasers' spokesperson had not responded to a request for comment on Mann's investment disclosure at deadline.
For his part, Mann does not plan to play a public or active role, despite the size of his Carver holdings. "At this time, I wish to remain an independent investor," he said. "If I have comments, I would like to keep them private. … A lot of it is pretty straightforward. Carver knows what they need to do, and they're working on it.
Mann, who began his career as an economist with the Federal Home Loan Bank System, has served as Spring Bank's CFO since 2009. He described himself as a veteran bank investor.
"My entire career has been in banking," Mann said. "Banking is what I know. I feel more comfortable investing in bank stocks than any other [sector]."
His investment in Carver is also a vote of confidence in the New York City marketplace, Mann said. "I'm optimistic about Harlem and Brooklyn," Mann said. "I think a lot of the communities outside Manhattan … are really growing pretty rapidly. It's a lot different than it was a generation ago. I think it's only going to get better and stronger."
Spring Bank's core Bronx market is also "doing very well," Mann said.
Carver expressed gratitude for Mann's support. "We appreciate the support and confidence Barry Mann expressed for Carver, its strategic plan, and management team in his recent SEC filing," the company said in a statement to American Banker.
