Changes at Carver Bancorp, Inc.: CEO Michael T. Pugh to Step Down

Carver Bancorp's CEO Michael T. Pugh to Step Down, Signaling Change in Leadership Direction

Leadership Changes

In a significant development for Carver Bancorp, Inc. (CARV), the holding company for Carver Federal Savings Bank, an announcement was made today regarding a change in leadership. Michael T. Pugh, the current President & CEO, is set to depart from his role, with his departure slated for September 30, 2023. This move is attributed to Mr. Pugh's pursuit of professional and philanthropic interests on a national scale.

Transition in Leadership

As part of this transition, Carver Bancorp, Inc. will initiate a national search to identify a suitable candidate to fill the crucial position of President & CEO. The primary responsibility of this new leader will be to steer Carver in its ongoing mission of offering banking services and business capital to communities of color in the Greater New York City region.

Legacy of Leadership

Michael T. Pugh's departure marks the end of an era, as he becomes the fifth CEO in Carver's history. Founded in 1948, Carver has played a vital role in catering to the banking needs of African-American and Caribbean-American communities in New York City that were historically underserved by mainstream banking institutions. During his tenure, Mr. Pugh has left a lasting legacy characterized by operational excellence, fortified regulatory controls, the expansion of the Bank's loan portfolio while upholding asset quality, and the establishment of stronger community relationships.

Milestones of Michael T. Pugh

Mr. Pugh's journey at Carver began in 2012 when he assumed the role of Chief Revenue Officer. His leadership prowess was evident, and he was subsequently promoted to the positions of President and Chief Operating Officer in 2013. In January 2015, he succeeded Deborah Wright to become the Chief Executive Officer, solidifying his role as the head of the institution.

Acknowledgement from the Board

Lewis P. Jones III, Chairman of the Board at Carver Bancorp, expressed the Board's gratitude towards Michael T. Pugh for his remarkable contributions to the organization's mission of promoting economic empowerment and addressing the banking needs of diverse communities across the New York City area. The Board recognizes his dedication and wishes him success as he embarks on the next phase of his professional journey.

Michael T. Pugh's Reflections

In response, Michael T. Pugh shared his sentiments, stating that serving as the President & CEO of Carver has been the pinnacle of his career. He expressed pride in the achievements made during his tenure and expressed confidence in the readiness of the Carver Board and management team to continue advancing the company's mission. Mr. Pugh extended his gratitude to the management team, staff, customers, and shareholders for their integral role in Carver's ongoing success.

The impending departure of Michael T. Pugh as President & CEO of Carver Bancorp, Inc. marks a significant shift in leadership for the institution. His legacy of operational excellence and community empowerment will undoubtedly leave a lasting impact. As Carver embarks on the search for a new leader to guide its mission, the institution remains dedicated to providing essential financial services to communities of color in the Greater New York City area.

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