CARVER BANCORP INC appointed Craig C. MacKay as new CEO

Item 5.02 
Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


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. Mr. Mackay is currently a director of each of the Company and the Bank. 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.

A national search is underway to find a permanent President and Chief Executive Officer to lead the Company in its ongoing mission to provide banking services and business capital to diverse urban communities throughout Greater New York City.


Mr. MacKay, age 60, is a Senior Advisor and a former Managing Director of England & Company. He has over 33 years of investment banking experience focused on corporate financings, private investments, and M&A advisory for middle market companies. He previously headed the Private Finance groups at Oppenheimer & Company, Canadian Imperial Bank of Commerce, SunTrust Robinson Humphrey, and was the Managing Member and founder of HNY Associates, a private merchant bank and advisory services firm. Since beginning his banking career at Bankers Trust Company in 1989, he has completed over $12 billion of middle-market domestic and cross-border capital and corporate advisory engagements. Mr. MacKay has executed over 100 acquisition financings, leverage recapitalizations, growth capital-raises, and refinancings as a trusted advisor across a broad spectrum of industrial sectors, including healthcare, business services, financial services, manufacturing and consumer retail. He has served on numerous public and private corporate boards, non-profit boards and advisory councils, and currently serves on the board of trustees of the Pioneer Funds (NASDAQ:PIODX) and the board of directors of Equitable Holdings (NYSE:EQH). Mr. MacKay earned both his Bachelor of Science degree in Economics and Master of Business Administration degree in Finance at the Wharton School of the University of Pennsylvania. There are no transactions requiring disclosure pursuant to Item 404 of Regulation S-K.


On August 14, 2023, the Company issued a press release announcing the appointment of Mr. MacKay as Interim Chief Executive Officer and Interim President. That press release is attached to this report as Exhibit 99.1.