Michael T. Pugh

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Michael T. Pugh
MIchael T. Pugh, President and CEO of Carver Bancorp, Inc.jpg
Michael T. Pugh, 2017
Born1971 (age 47)[1]
ResidenceNew York City, New York
EducationEastern Michigan University (BS)

Michael T. Pugh is an American Bank Executive. He serves as President and CEO of Carver Bancorp, Inc., a Community Development Financial Institution as designated by the U.S. Department of Treasury.[2][3] Founded in Harlem in 1948, Carver is the largest black-managed, publicly-traded Minority Depository Institution in the United States with $640 million in assets.[4]

Early life and education[edit]

Pugh worked as a bank teller while earning a Bachelor of Science in Health Administration from Eastern Michigan University.[5]

Career[edit]

Pugh has over two decades of banking experience, including fourteen years with Citizens Financial Group and five years with Capital One Bank, N.A.[6] In 2012, Pugh joined Carver Bancorp as Chief Revenue Consultant, focusing on redesigning its business strategy, management structure and related processes.[7] In 2013, he was named Carver’s President and Chief Operating Officer. In January 2015, Pugh became Chief Executive Officer, replacing longtime CEO Deborah Wright. Since being named CEO, he has worked to strengthen the company’s financial controls, expanded the bank's commercial-and-industrial lending line of business, enhanced board oversight and worked to improve its anti-money-laundering procedures.[3] Pugh has stressed the importance of the bank’s mission to serve the African-American Community and the low-to-moderate income community, as well as women and minority business entrepreneurs.[8][9] As the public face of Carver, Pugh has appeared on ABC7 New York,[10] Pix11,[11] Nasdaq Spotlight,[12] and SiriusXM, among others.[13]

Pugh is a board member of New York Business Development Corporation (Executive, Audit, Loan, and Governance and Nominating Committees). He also serves as a board member of several non-profit organizations, including the Society for Financial Education and Professional Development (Board Chairman and Finance Committee), the Community Development Bankers Association (Membership Committee), and Madison Square Boys and Girls Club.[14][15][16]

References[edit]

  1. ^ "Executive Profile: Michael T. Pugh," Bloomberg, retrieved November 9, 2018.
  2. ^ Mehrsa Baradaran, The Color of Money: Black Banking and the Racial Wealth Gap, Cambridge: Harvard University Press, 2017, pp. 290-291.
  3. ^ a b Kristin Broughton, “Pioneering minority-run bank looks to turn the corner,” American Banker, November 20, 2017.
  4. ^ Aaron Elstein, “Carver Federal names CEO,” Crain's New York Business, November 18, 2014.
  5. ^ Aaron Elstein, “Saving Carver Federal, New York's last black bank,” Crain's New York Business, March 22, 2015.
  6. ^ “Black Banks: CEO Of Carver Bank Talks About Growing Black Financial Institutions,” NewsOne.com, March 30, 2015.
  7. ^ “Officer Profile: Michael Pugh,” Reuters, Retrieved December 6, 2017.
  8. ^ "Get Carded at Carver," Manhattan Times, July 27, 2016.
  9. ^ Helen Avery, "Financial inclusion: The paradox of the city," Euromoney, May 30, 2018.
  10. ^ “Here and Now on November 13, 2016: Carver Bank,” WABC-TV, November 13, 2016.
  11. ^ Marvin Scott and Roie Opperman, "News Closeup: Caring for our veterans; Black History Month," Pix11, February 28, 2018.
  12. ^ Robert Philips, "Nasdaq Spotlight: Carver Bancorp", Nasdaq Spotlight, March 16, 2018.
  13. ^ "Carver Federal Savings Bank, OneUnited Bank and Others Push for African Americans to Bank with Black-Owned Banks”, Network Journal, September 30, 2016.
  14. ^ “CDBA Board of Directors,” Community Development Bankers Association Website, Retrieved December 6, 2017.
  15. ^ “SFE&PD Board Members,” Society for Financial Education and Professional Development Website, Retrieved December 6, 2017.
  16. ^ “Board of Directors – NYBDC,” New York Business Development Corporation Website, Retrieved December 6, 2017.