Highest-materiality recent filing
Carver Bancorp voluntarily delists from Nasdaq, moves to OTCQX, deregisters with SEC
Plans to file Form 25 on Nov 28, 2025; delisting effective Dec 5, 2025.
Carver Bancorp announces board modernization with 75% director turnover over 3 years
75% of directors to transition within 12 quarters, subject to regulatory approvals.
Carver Federal Savings Bank entered a formal written agreement with the OCC on May 14, 2025, citing unsafe or unsound practices related to strategic planning and earnings performance.
Carver Bancorp shareholders re-elect two directors, fail to approve say-on-pay proposal
Stockholders re-elected Jillian E. Joseph (1,728,980 for) and Kenneth J. Knuckles (1,669,720 for) as directors.
Carver Bancorp shareholders reject executive compensation; approve equity plan and directors
Advisory say-on-pay vote failed: 1,171,467 for, 1,648,492 against, 526,366 abstain.
Carver Bancorp names Donald Felix President and CEO effective November 1, 2024
Donald Felix previously Executive Vice President at Citizens Financial; earlier roles at JPMorgan Chase and Citi over 25 years.
Carver Bancorp reduces FY2024 net loss 32% to $3M; achieves H2 breakeven
Net loss of $3.0M for FY2024, down 32% YoY; breakeven achieved in second half of fiscal year.
Breakeven net income improved $1.1M vs prior year quarter; recognized $1.4M in ERP grant income.
Carver Bancorp reports breakeven quarter; assets up 4.4% to $775M; $1.4M ERP grant income
Net income improved $1.1M YoY to near breakeven; recognized $1.4M ERP grant income in Dec 2023 quarter.
Carver Bancorp rejects Dream Chasers' offer to acquire 35% of common equity
Board rejected Dream Chasers' proposal citing adverse regulatory history of its leadership, deficient structure, and unrealistically low price.
Carver Bancorp asset base up 2.9%, deposit base up 5.6% in six months to Sep 30, 2023
Asset base increased 2.9% for six months ended Sep 30, 2023; industry declined 0.5%.
Carver Bancorp interim CEO highlights strong capital, growth in shareholder letter
Bank emerged from regulatory formal agreement in Jan 2023; now 'well capitalized' with Tier 1 capital 12.4%, Leverage 10.1%, Total RBC 13.4%.
Carver Bancorp appoints Craig C. MacKay as Interim President and CEO, effective Oct 1, 2023
Annual base salary of $450,000; equity grant of up to 42,553 shares (valued at $100,000) fully vested at grant.
All three director nominees (MacKay, Jones, Grannum) received >1.58M votes for; broker non-votes 1.29M.
Carver Bancorp appoints Craig C. MacKay as Interim President & CEO effective Oct 1, 2023
Appoints director Craig C. MacKay as Interim President & CEO, effective Oct 1, 2023.
Carver Bancorp CEO Michael Pugh to step down Sept 30; national search begins
CEO and President Michael T. Pugh resigns effective September 30, 2023; also leaves board.
Carver Bancorp raises $1.0M via private placement of 378,788 shares at $2.64/share
Sold 378,788 common shares at $2.64/share to National Community Investment Fund for gross proceeds of $1.0M.
OCC terminated the Formal Agreement dated May 24, 2016, effective January 18, 2023.
Carver Bancorp appoints Robin L. Nunn to Board of Directors
Appointed to Board on Oct 5, 2022 after Federal Reserve non-objection; three-year term.
Carver Bancorp elects Jackson as director; Nunn nomination deferred pending FRB approval
Pazel G. Jackson, Jr. elected director with 1,218,170 votes for, 48,844 withheld, 969,128 broker non-votes.
Carver Bancorp appoints Robin L. Nunn to Bank board; Fed non-objection pending for Company board
Robin L. Nunn appointed to Carver Federal Savings Bank board on Sept 8, 2022, after OCC non-objection.
Director Steven C. Bussey resigns from Carver Bancorp board; Knuckles appointed to committee
Steven C. Bussey resigned from Carver Bancorp and Carver Federal Savings Bank boards effective May 31, 2022.
Director Janet L. Rollé resigns from Carver Bancorp board effective Dec 17, 2021
Janet L. Rollé resigned from the boards of Carver Bancorp and Carver Federal Savings Bank.
Carver Bancorp enters $20M ATM stock offering agreement with Piper Sandler
Sales agreement for up to $20M of common stock via at-the-market offerings on NASDAQ.
Carver SVP & Chief Revenue Officer Richard Muskus resigns effective Dec 24
Richard Muskus notified Carver of his resignation as SVP and Chief Revenue Officer on Dec 9, 2021.
Carver Bancorp Chief Credit Officer Sophia Haliotis resigns effective Oct 22, 2021
Sophia Haliotis notified Carver Bancorp on Oct 12, 2021 of resignation as SVP and Chief Credit Officer.
Carver Bancorp raises $4M via private placement of Series F preferred stock to J.P. Morgan
Sold 4,000 shares of Series F non-cumulative, non-voting, non-convertible participating preferred stock at $1,000/share for $4.0M gross proceeds.
Carver Bancorp holds Annual Meeting; no material updates in filing
Presentation filed as Exhibit 99.1 contains only the title slide; no specific financial or strategic details provided.
Carver Bancorp shareholders elect four directors, ratify auditor, approve exec compensation
All four director nominees elected: Knuckles (964,829 for), Pugh (966,774 for), Joseph (967,915 for), Bussey (967,490 for); 877,881 broker non-votes.
On September 16, 2024, Carver Bancorp, Inc. (the “Company”) announced the hiring of Donald Felix, age 50, as President and Chief Executive Officer of the Company and Carver Federal Savings Bank (the “Bank”), effective November 1, 2024.
Craig C. MacKay, who serves as Interim President and Chief Executive Officer of the Company and Bank, will resign as Interim President and Chief Executive Officer effective October 31, 2024, and Mr. MacKay will continue to serve as a member of the Board.
As previously announced, Carver Bancorp, Inc. (the “Company”) and Carver Federal Savings Bank (the “Bank”) appointed Craig C. MacKay (the “Executive”) as the Company’s and Bank’s Interim President and Chief Executive Officer, effective October 1, 2023.
On August 11, 2023, the Boards of Directors of Carver Bancorp, Inc. (the “Company”) and Carver Federal Savings Bank (the “Bank”) each unanimously appointed Craig C. MacKay as Interim President and Chief Executive Officer, effective October 1, 2023.
The Company previously announced that its current President and Chief Executive Officer, Michael T. Pugh, will depart on September 30, 2023, to become the Chief Executive Officer of the Local Initiatives Support Coalition, a national nonprofit organization.
On August 6, 2023, Michael T. Pugh advised Carver Bancorp, Inc. (the “Company”) and Carver Federal Savings Bank (the “Bank”) that he: (1) was resigning as a director of both the Company and the Bank, effective September 30, 2023; and (2) was resigning his positions as Chief Executive Officer and President of the Company and the Bank, effective September 30, 2023.
On October 5, 2022, the Board of Directors of Carver Bancorp, Inc. (the “Company”), following receipt of supervisory non-objection by the Board of Governors of the Federal Reserve, appointed Robin L. Nunn to the Board of Directors of the Company.
On September 8, 2022, the Board of Directors of Carver Federal Savings Bank (the “Bank”), the wholly-owned subsidiary of Carver Bancorp, Inc. (the “Company”), following receipt of supervisory non-objection by the Office of the Comptroller of the Currency, appointed Robin L. Nunn to the Board of Directors of the Bank.
Steven C. Bussey, a member of the Boards of Directors of Carver Bancorp, Inc. (“Company”) and Carver Federal Savings Bank (“Bank”), announced his resignation from his positions with the Company and the Bank, effective as of the close of business on May 31, 2022.
Janet L. Rollé, a member of the Boards of Directors of Carver Bancorp, Inc. (“Company”) and Carver Federal Savings Bank (“Bank”), announced her resignation from her positions with the Company and the Bank, effective December 17, 2021.
On December 9, 2021, Richard Muskus notified Carver Bancorp, Inc. (the "Company") of his resignation as Senior Vice President and Chief Revenue Officer to pursue another opportunity.
On October 12, 2021, Sophia Haliotis notified Carver Bancorp, Inc. of her resignation as Senior Vice President and Chief Credit Officer.
Max materiality 0.90 · Median 0.55 · Most common event other_material