Carver Bancorp, Inc. announced that Michael T. Pugh will leave his position as CEO effective September 30, 2023. Mr. Pugh is departing Carver to pursue professional and philanthropic interests on a national level. 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.