August 11th 2023.
Carver Bancorp Inc., the parent company of one of the top Black-led banks in America, has announced the search for a new president and CEO. Michael T. Pugh, the bank's current president and CEO and board member, will be leaving the bank effective September 30th, 2023.
The bank, located in Harlem, New York, is one of the nation's most prominent Black-led banks. As of the fiscal year ending March 31st, 2023, it had about $600.4 million in deposits and $723.2 million in assets. Carver was third on the BE Banks list of the nation’s largest Black-owned banks in 2018.
In addition to its seven traditional branches in Manhattan, Brooklyn, and Queens in New York City, Carver recently expanded its online presence to include consumer checking and savings accounts in nine states and Washington, DC.
According to MinorityBank.com banking analyst William Michael Cunningham, the person chosen to fill this role will have to manage a challenging business environment. With the potential elimination of all minority business programs due to the fallout over affirmative action programs, the incoming CEO will be tasked with maintaining the bank’s business base.
“I think a younger person will be better able to deal with these issues, but this tends to go against tradition in the banking industry,” Cunningham said.
Michael T. Pugh is only the fifth CEO in Carver’s history. Originally opening in 1948 to serve African American and Caribbean-American communities in New York City with limited access to mainstream banking services and business capital, Pugh leaves a legacy of operational excellence, strengthened regulatory controls, increased loan portfolio, and deepened community relationships.
In an email to employees, Pugh reflected on his time at Carver. “It is bittersweet to share this news with you, as the past 10+ years at Carver have been the highlight of my professional career. Carver remains well-positioned to continue succeeding as a community bank of choice in the Greater NYC area for many years to come”, he said. Pugh added that there is still much work ahead for the bank.
Carver Board Chairman Lewis P. Jones III thanked Pugh for his contributions to the bank. “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.”
With the search for Carver’s new president and CEO underway, the bank looks forward to continuing its mission of providing access to mainstream banking services and business capital to their African American and Caribbean-American communities.
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