NEW
YORK, Aug. 9, 2023 /PRNewswire/
-- Carver Bancorp, Inc. (Nasdaq: CARV) ("Carver"), the
holding company for Carver Federal Savings Bank (the "Bank")
announced today that Michael T. Pugh
will leave his position as President & CEO and director
effective September 30, 2023. Mr.
Pugh is departing Carver to pursue professional and philanthropic
interests on a national level.
A national search will be undertaken to find a permanent
President & CEO to lead Carver in its ongoing mission to
provide banking services and business capital to communities of
color throughout the Greater New York
City area.
Mr. Pugh is only the fifth CEO in the history of Carver, which
opened its doors in 1948 to serve the needs of African-American and
Caribbean-American communities in New
York City that had limited access to mainstream banking
services and business capital. He leaves a legacy of operational
excellence, strengthening regulatory controls, growing the Bank's
loan portfolio while maintaining asset quality, and deepening
community relationships. Mr. Pugh joined Carver in 2012 as Chief
Revenue Officer. He was named President and Chief Operating Officer
in 2013, and succeeded Deborah
Wright as Chief Executive Officer in January 2015.
Lewis P. Jones III, Chairman
of the Board, commented, "The Carver Board thanks Michael for
his outstanding contributions to Carver's mission to promote
economic empowerment and support the banking needs of diverse
communities throughout the New York
City area. We wish him the best as he begins the next
chapter of his professional career."
Michael T.
Pugh stated, "It has been the highlight of
my career to serve as the President & CEO of Carver. I am proud
of the many accomplishments during my tenure. I am confident that
the Carver Board and management team are well-prepared to fulfill
the company's mission and continue to be a significant community
development financial institution for years to come. I am grateful
for the support of our management team, staff, customers, and
shareholders who are pivotal to Carver's continued success."
About Carver Bancorp, Inc.
Carver Bancorp, Inc.
(NASDAQ: CARV) is the holding company for Carver Federal Savings
Bank, a federally chartered stock savings bank. Headquartered in
Harlem, NY, Carver was founded in 1948 to serve African-American
and Caribbean-American communities in New
York whose residents, businesses, and institutions had
limited access to mainstream financial services. The U.S. Treasury
Department has designated Carver as a Community Development
Financial Institution ("CDFI") because of its community-focused
banking services and dedication to its local community's economic
viability and revitalization. Carver is one of the largest African-
and Caribbean-American managed banks in the United States. The Bank recently expanded
its online presence to include consumer checking and savings
accounts across nine states, from Massachusetts to Virginia, and Washington, DC. For further information,
please visit the Company's website at www.carverbank.com. Be
sure to connect with Carver on Facebook, LinkedIn, and
Twitter.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management's current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors, risks,
and uncertainties. More information about these factors, risks, and
uncertainties is contained in our filings with the Securities and
Exchange Commission.
Media:
Michael Herley
for Carver
203.308.1409
mediainquiries@carverbank.com
Investors:
ir@carverbank.com
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SOURCE Carver Bancorp, Inc.