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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 management team.

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 marketing. 

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 institution.

"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."

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