Michael Pugh and Carver Federal Savings Bank are the Cover Feature Story for The CEO Magazine's March 2022 Issue

NEW YORK, March 22, 2022 /PRNewswire/ -- Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), announced today that its President and CEO, Michael T. Pugh, appears on the cover of the March 2022 edition of The CEO Magazine. In the article for the global business and C-suite executive media brand, Pugh discusses the vital role that Diversity, Equity and Inclusion (DEI) plays in the financial services industry and more. The article educates, inspires, and encourages corporations, foundations, and individuals to support the DEI movement in their local community bank and across Corporate America today.

In the article, Pugh states:

• "We know that talent is not one of those things that's selective. Everyone has certain talents. The difference is opportunity and whether things are made available for us."
• "I think what we're reminding others about through the Buy Black initiative is that there are many small businesses out there ? talented people that happen to be folks of color ? and through supporting their businesses, it ultimately helps our nation as a whole to do much better."

The article notes that Carver's commitment to DEI is inclusive of women-led firms: "One of the bank's founding members was a woman, which was groundbreaking in 1948, and women continue to be well-represented among its staff and in leadership positions."

• "It's woven into the fabric of who we are and what we do as an institution," says Pugh. "I have the distinct privilege and opportunity to carry on the tradition. The reason this matters so much to me to see women play a critical role in leadership, in entrepreneurship, is because I had fantastic examples of this growing up."

The full text of the article, "The Time is Now: Carver Federal Savings Bank CEO Michael T. Pugh on the Power of Inclusivity, Diversity and a Commitment to Community," may be found by clicking here.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.

Media:
Michael Herley for Carver
203.308.1409
[email protected]

SOURCE Carver Federal Savings Bank