Carver Bancorp Announces Executive Management Team Changes
NEW YORK, Jan. 22, 2013 (GLOBE NEWSWIRE) -- Carver Bancorp, Inc.
(Nasdaq:CARV), the holding company for Carver Federal Savings Bank
(collectively, "Carver"), today announced several changes to its executive
Michael T. Pugh has been appointed to the newly created position of President
and Chief Operating Officer, reporting to Deborah C. Wright, Chairman and
Chief Executive Officer. In this role he will oversee Carver's new business
and related operating functions, including lending, retail, operations and
Deborah C. Wright,said, "Michael comes to us with strong retail banking
experience and we very much look forward to tapping his expertise as we work
on improving our loan performance and growing revenue. He will also help
Carver identify and capitalize on developing opportunities in the community
banking channel." Ms. Wright added, "We continue to add managerial talent
throughout the organization and the creation of a Chief Operating Officer role
will better position us to improve our balance sheet and strengthen operations
across the franchise."
Mr. Pugh is a retail and business banking veteran of more than 20 years. For
the past five months he has been Carver's Chief Revenue Officer, focusing on
redesigning its new business strategy, management structure and related
processes. Before joining Carver, Mr. Pugh worked at Capital One, N.A., as
Senior Vice President, Regional Executive and Market President of the Eastern
Maryland, Delaware and Washington, D.C. markets. He earned a B.S. degree in
Health Administration from East Michigan University.
Carver also announced that Mark A. Ricca, its current Chief Financial and
Administrative Officer, has announced his intention to resign, effective
February 15, 2013, to accept a Chief Executive Officer's position at another
"Mark has been a highly valued member of our executive team and a tremendous
asset to our organization," Ms. Wright said."He has worked closely with our
current controller David Toner and his team through an incredibly challenging
market period to build a disciplined finance and accounting function, capable
of managing expanding regulatory requirements. We wish Mark the best as he
embarks upon his new position."
The Carver Board of Directors has appointed David Toner, CPA, Senior Vice
President and Controller for the past four years, as Acting Chief Financial
Officer, effective February 15, 2013. Mr. Toner joined Carver in 2009 after
more than 20 years with Citigroup in various financial control positions in
the United States and Europe, including serving as Chief Financial Officer of
Citigroup's Community Development business from 2004 through 2007. Prior to
joining Citigroup in 1987, Mr. Toner held various audit positions with
Deloitte & Touche (formerly Deloitte, Haskins & Sells).
Carver noted several additional executive management appointments:
*Alfredo Assad, most recently a consultant assisting Carver in rebuilding
its Lending Department, has been appointed Acting Chief Lending Officer.
Mr. Assad brings over 24 years of experience in lending. Prior to joining
Carver, he was a Director and the President of New York National Bank, a
25 year-old community bank based in the Bronx, NY, with approximately $150
million in assets. Mr. Assad has also held lending, risk management, and
treasury positions at Banco Popular North America, Credit Communal de
Belgique and M&T Bank. Mr. Assad earned a B.A. in Economics from Harvard
University and a M.B.A. from Columbia University.
*James A. Raborn, most recently Senior Vice President, Loan Workout
Officer, has been named General Counsel. Mr. Raborn joined Carver in April
2011 from Emigrant Bank where he served as First Vice President and
Director of Foreclosure/Real Estate Owned for approximately four years.
Previously, Mr. Raborn practiced law for more than 15 years at Riker
Danzig Scherer Hyland & Perretti LLP and Norris McLaughlin & Marcus. He
earned a B.A. in History and Political Science from Tulane University and
a J.D. from Rutgers University. Mr. Raborn is a member of the New Jersey
and Pennsylvania state bar associations.
*John Spencer, most recently Chief Retail Officer, has been appointed Chief
of Operations, which includes oversight of Retail Operations and Branch
Administration, Information Technology, and Facilities. Mr. Spencer will
be leading the anticipated conversion of the Bank's core technology
platform in 2013. Mr. Spencer joined Carver in 2009 as Senior Vice
President and Chief Retail Officer, after 22 years at JPMorgan Chase & Co.
where he held several management positions in retail sales/customer
service, audit, and operations management. Additionally, he served as a
Branch Administration Executive for Chase's Retail Division, supporting a
network with 700 branches, and over $50 billion in deposits. He earned a
B.A. in Banking and Finance from Pace University.
These executive management changes are subject to regulatory approval.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a
federally chartered stock savings bank. Carver Federal Savings Bank, the
largest African- and Caribbean-American run bank in the United States,
operates ten full-service branches in the New York City boroughs of Brooklyn,
Queens and Manhattan. For further information, please visit the Company's
website at www.carverbank.com.
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.
CONTACT: Michael Herley/ Ruth Pachman
Kekst and Company
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