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Pioneering minority-run bank looks to turn the corner

Nov 21, 2017 - American Banker

When Michael Pugh took the helm of Carver Bancorp in January 2015, hedidn't expectto mark his third anniversary with a growing annual loss and a handful of accounting headaches.

Still, that's the situation he faces at Carver, a small bank in Harlem with a storied history in New York's black community. Formed 70 years ago, Carver has been a model forserving underbankedconsumers andminority- and women-owned businesses. But its annual report, published belatedly last week, shows that bank has...