Carver Federal Savings Bank
Carver Federal Savings Bank has served African-American communities traditionally denied access to debt capital for more than 60 years. From its headquarters in Harlem, the bank lends to consumers, businesses, non-profits, and faith-based institutions throughout New York City. Receiving accolades from the community, and regulatory agencies, Carver is a national leader among community development banks and minority owned institutions.
American Banker takes a look at the challenges facing the nation's black-run banks, including Carver Federal Savings Bank in New York. Many of the top challenges facing Carver are facing other community banks, including rising compliance costs, pressure to scale bank on commercial real estate, and an uphill battle to keep pace with technology. "There have been many, many things that the team and I are proud of, and there's no place I would have wanted to have been for the past five years," Pugh said. "Certainly some things I wish would have had a different outcome, but the journey continues for us."
In honor of Black History Month, the executives of Carver Bancorp, parent company of Carver Federal Savings Bank, will ring The Nasdaq Stock Closing Bell today at4:00 pm Eastern. "As the first African-American managed bank to be listed on The Nasdaq Stock Market, it is befitting for Carver to ring the Closing Bell on the first Monday of Black History Month," remarked Carver's President and CEO Michael T. Pugh.
Deborah Wright, chairman and former CEO of Carver Federal Savings Bank, will join Citigroup's board on January 1, 2017. Wright's appointment to Citigroup's board extends the ties between the two landmark New York financial institutions. "Deborah led Carver Bank through the economic crisis that severely impacted community banks and it went on to earn a reputation as one of the most successful African-American led banking institutions in the country," Citi Chairman Michael O'Neil issued in a statement on Friday.