Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, announced Michael T. Pugh will leave his position as President and CEO and director effective Sept. 30. Pugh is departing Carver to pursue professional and philanthropic interests on a national level.

A national search will be undertaken to find a permanent President and CEO to lead Carver in its ongoing mission to provide banking services and business capital to communities of color throughout the Greater New York City area.

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. 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.

Lewis P. Jones III, Chairman of the Board, said, "The Carver Board thanks Michael for his outstanding contributions to Carver's mission to promote economic empowerment and support the banking needs of diverse communities throughout the New York City area. We wish him the best as he begins the next chapter of his professional career."

Pugh said, "It has been the highlight of my career to serve as the President & CEO of Carver. I am proud of the many accomplishments during my tenure. I am confident that the Carver Board and management team are well-prepared to fulfill the company's mission and continue to be a significant community development financial institution for years to come. I am grateful for the support of our management team, staff, customers, and shareholders who are pivotal to Carver's continued success."