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Michael T. Pugh

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Michael T. Pugh is an American Bank Executive. He serves as President and CEO of Carver Bancorp, Inc., (NASDAQ: CARV), a Community Development Financial Institution (CDFI) as designated by the U.S. Department of Treasury, and one of the last remaining original African American banks.[1][2][3][4]

He also serves on the boards of Elevate Credit Inc. (NYSE: ELVT), Pursuit Lending, the Community Development Bankers Association, and is the chairman of the board at the Society for Financial Education & Professional Development.[5][6][7][8]

Early life and education[edit]

Pugh was born (October 17, 1971) and raised in Detroit, Michigan.

Pugh worked as a bank teller while earning a Bachelor of Science degree in Health Administration from Eastern Michigan University and followed the program of M.S. in Financial Management at the University of Maryland University College.[9] He received certifications from the Babson College and The Wharton School of the University of Pennsylvania, Executive Leadership Programs.[9]

Career[edit]

Pugh has over two decades of banking experience, including executive roles at Citizens Financial Group and Capital One Bank, N.A.[9]

In 2012, Pugh joined Carver Bancorp as Chief Revenue Officer, focusing on redesigning its business strategy, management structure and related processes.[10] In 2013, he was named Carver's President and Chief Operating Officer. Two years later, in January 2015, Pugh became the Chief Executive Officer, replacing longtime CEO Deborah Wright.[11]

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 of bank operations and worked to improve its anti-money-laundering procedures.[12]

Pugh said in an interview with U.S. News & World Report[13] that he is a proponent of investing in CDFIs that do social good with customer deposits, encouraging banking institutions to embrace hyperlocal investing to empower people, uplift communities, and keep the economy growing. He has advocated in the media for money managers and other financial professionals to work with small suppliers to advocate their Diversity, Equity, and Inclusion. Speaking with InvestmentNews, he said, "Large firms can draw motivation from their outsized power to catalyze small firms' growth."[14]

Pugh has stressed the importance of the bank's mission to serve communities of color, and Minority and Women Owned Business Entrepreneurs (MWBEs).[15]

He has implemented a holistic lending approach that includes advisory services ranging from marketing to mentoring to accounting services that help owners gain a competitive advantage.[16][17]

On April 3, 2023, NY Senator Kirsten Gillibrand hosted a press conference with Harlem business leaders, including Michael Pugh, to call for increased federal funding to support economic growth in underserved communities. Pugh stated that "A CDFI's deep community roots afford it the opportunity for personalized service and a holistic approach to lending focused not just on the dollar value of a business, but also its overall impact on the neighborhoods they serve."[18]

As part of Carver's mission to provide access to mainstream financial services to underserved communities, Pugh hosted a "Women's Entrepreneur Roundtable" discussion that was spotlighted by WFUV/NPR Radio.[19] Pugh detailed how Carver Federal Savings Bank takes the extra step to provide counseling and professional support networks to assist women business owners reach their goals.

COVID-19 pandemic[edit]

During the COVID-19 pandemic, Pugh implemented a hybrid working model where Carver employees worked in the office 2 to 3 times a week, simultaneously continuing to implement safety measures for employees while on-site.

In June 2020, Pugh provided testimony before the Consumer Protection and Financial Institutions Subcommittee for the Committee on Financial Services of the United States House of Representatives.[20] He advocated for Congress to recognize that businesses in low- and moderate-income and minority communities require more tools and resources to access capital as well as suggested measures to reduce bureaucracy in the PPP loan program.

Thought leadership[edit]

Pugh has offered credit building advice and insight on how the interest rate hikes affect business owners to Afro News and Time.com/NextAdvisor.[21][22]He shared "5 ways to help people save money" amidst record high inflation in an interview with Black Enterprise and opined on the effect of historic Federal Reserve Bank rate hikes on small businesses with BBC World News Report.[23][24]

Pugh also shared informative real-world examples and financial advice with Crain's New York Business, CNN Business, and Yahoo Finance to highlight the importance of CDFIs looking beyond traditional credit scores to assist customers through economic hardships, underscoring the ethos he has put in place as Carver's CEO.[25][26][27]

In February 2023, Pugh was interviewed by ABC News on the decline of Black owned banks in America and how Carver is working to address people of color's lack of access to capital.[28]

As Carver's public face, Pugh has appeared on New York 1[29] PIX 11,[30][31] Nasdaq Spotlight,[32] Sirius XM, and Cheddar News,[33] among others.

Beliefs[edit]

Pugh believes access to education and access to capital are essential components for sustainable success and increased living standards for all people.[13] He holds that greater attention to cultural and human values must be prioritized to enhance material well-being but also generate greater individual and national self-esteem.[34] He is a strong proponent for job training and financial literacy to build people up and help them make better choices and take greater control over their environment.[35][25]

Awards and honors[edit]

In 2016, Pugh was honored by the Union Settlement Association for his contributions to the fields of finance and community development.[36]

In June 2021, Medgar Evers College awarded Pugh the honorary degree of Doctor of Humane Letters at the 50th commencement ceremony.[37]

In 2022 and 2023, Crain's New York Business named Pugh as one of their most notable Black leaders in the banking sector.[38][39]

Pugh and Carver were honored as the front page feature in the March 2022 edition of CEO magazine.[11]

City & State Magazine named Pugh as one of New York's pioneering leaders in their 2023 Power of Diversity: Black 100 list.[40]

References[edit]

  1. "Michael T Pugh, President and CEO of Carver Federal Savings Bank". The CEO Magazine. Retrieved 2023-03-21.
  2. "The Color of Money — Mehrsa Baradaran". www.hup.harvard.edu. Retrieved 2023-03-21.
  3. "Pioneering minority-run bank looks to turn the corner". American Banker. 2017-11-20. Retrieved 2023-03-21.
  4. "Carver Federal names CEO". Crain's New York Business. 2014-11-18. Retrieved 2023-03-21.
  5. Dellacherie, Olivier (August 18, 2021). "Elevate Credit adds Michael Pugh and Manolo Sanchez to its Board of Directors". Talent4Boards.
  6. "Meet our Team and Board | Experienced Business Lender". Pursuit. Retrieved 2023-04-04.
  7. "CDBA Board of Directors | Community Development Bankers Association". www.cdbanks.org. Retrieved 2023-04-04.
  8. "Board of Directors – Society for Financial Education & Professional Development, Inc". Retrieved 2023-04-04.
  9. 9.0 9.1 9.2 Pugh, Michael T. (April 4, 2022). "Michael T. Pugh". LinkedIn.
  10. blackentrepreneurprofile.com. "Michael T. Pugh". Black Entrepreneur & Executives Profiles. Retrieved 2023-04-04.
  11. 11.0 11.1 "Michael T Pugh, President and CEO of Carver Federal Savings Bank". The CEO Magazine. Retrieved 2023-04-04.
  12. "carv-20210331". www.sec.gov. Retrieved 2023-04-04.
  13. 13.0 13.1 Mulford, Cas (August 12, 2022). "Addressing Poverty Through Hyperlocal Investing". U.S. News & World Report.
  14. "Investment firms feel pressure to support supplier diversity". InvestmentNews. 2022-07-12. Retrieved 2023-04-04.
  15. Bank, Carver Federal Savings. "The Society for Financial Education & Professional Development (SFE&PD) and Carver Bank amplify successful financial education initiative at three historically Black colleges and universities (HBCUs) to include internships and professional development". www.prnewswire.com. Retrieved 2023-04-04.
  16. "What Is a Community Bank and Why Consider One?". GOBankingRates. 2023-02-23. Retrieved 2023-04-04.
  17. "Carver & Operation HOPE Launch Financial Literacy to Loans Program". Yahoo Finance. Retrieved 2023-04-04.
  18. Verma, Ishya (2023-04-03). "Gillibrand Convenes Local Business Leaders In Harlem; Calls For More Than $400 Million To Help Underserved Populations Gain Access To Capital And Build Generational Wealth". Kirsten Gillibrand | U.S. Senator for New York. Retrieved 2023-04-04.
  19. "Community Banks Boosting Female Entrepreneurs | WFUV". wfuv.org. Retrieved 2023-04-04.
  20. Pugh, Michael (June 3, 2020). "Testimony of Michael Pugh to the Consumer Protection and Financial Institutions Subcommittee Committee on Financial Services United States House of Representatives" (PDF). Congress.gov.
  21. Sayles, Megan (2022-11-21). "Navigating 'unprecedented times': Carver Bank's CEO advises how to cope with the Fed's climbing interest rates". AFRO American Newspapers. Retrieved 2023-04-04.
  22. "Money". CNET. Retrieved 2023-04-04.
  23. "Federal Reserve's Plan to Curb Inflation by Raising Interest Rates Spells Trouble for Black Entrepreneurs". Black Enterprise. 2022-09-16. Retrieved 2023-04-04.
  24. "BBC World Service - World Business Report, Federal Reserve announces biggest interest rate hike in almost 30 years". BBC. Retrieved 2023-04-04.
  25. 25.0 25.1 "Carver CEO on how banks can better serve underrepresented neighborhoods". Crain's New York Business. 2023-01-06. Retrieved 2023-04-04.
  26. Peers, Alexandra (2022-08-14). "Who owns your credit score? Not you | CNN Business". CNN. Retrieved 2023-04-04.
  27. "Carver & Operation HOPE Launch Financial Literacy to Loans Program". www.yahoo.com. Retrieved 2023-04-04.
  28. "Video Black-owned bank celebrates 75 years helping families". ABC News. Retrieved 2023-04-04.
  29. "The owner of a boutique salon in #Harlem is applying for grant money from @CarverBankNYC designed to help women entrepreneurs of color cut down on costs while protecting the environment. Applications accepted thru 9/22". Twitter. Retrieved 2023-03-21.
  30. "News Closeup: Caring for our veterans; Black History Month". PIX11. 2018-02-18. Retrieved 2023-03-21.
  31. "Supporting minority-owned businesses". PIX11. Retrieved 2023-03-21.
  32. "Nasdaq Spotlight: Carver Bancorp | Carver Bancorp is turning 70 this year! We talk with the President and CEO about the bank which focuses on serving minority and women business... | By Nasdaq | Facebook". www.facebook.com. Retrieved 2023-03-21.
  33. "On This Day In Black History Month with Michael T. Pugh, the CEO of Carver Federal Savings Bank". Cheddar News. Retrieved 2023-03-21.
  34. "Advertorial – Carver Federal Savings Bank". digitalmag.theceomagazine.com. Retrieved 2023-04-04.
  35. "4 Reasons We Actually Need Banks". GOBankingRates. 2023-02-10. Retrieved 2023-04-04.
  36. MarketScreener. "Carver Bancorp President and CEO Michael T. Pugh Honored by Union Settlement Association | MarketScreener". www.marketscreener.com. Retrieved 2023-04-04.
  37. Medgar Evers College (May 3, 2021). "Resolution to Award an Honorary Degree at Commencement to Michael T. Pugh from Medgar Evers College" (PDF). City University of New York.
  38. "Notable Black Leaders and Executives - Michael T. Pugh". Crain's New York Business. February 15, 2022.
  39. "Notable 2023 Black Leaders". Crain's New York Business. February 7, 2023.
  40. "The 2023 Power of Diversity: Black 100". City & State NY.



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