NEW YORK - Carver Bancorp, Inc. (NASDAQ: CARV), the parent company of Carver Federal Savings Bank, announced today the appointment of Donald Felix as its new President and CEO, effective November 1, 2024. Mr. Felix, with over 25 years of experience in the banking sector, will also join the Carver Board of Directors.
The decision comes after a comprehensive national search for a leader to continue the bank's mission of serving diverse urban communities with banking services and business capital. Mr. Felix is set to succeed Craig C. MacKay, who has been serving as the Interim President and CEO since October 2023. Mr. MacKay will remain on the Carver Board.
Donald Felix's career includes significant roles at Citizens Financial (NYSE:CFG) Group, Inc., where as Executive Vice President and Head of National Banking & Expansion, he was instrumental in growing deposits by $3 billion. His prior experience includes positions at JPMorgan Chase (NYSE:JPM) and Citi, where he focused on consumer banking, wealth management, corporate banking, and investment banking.
Lewis P. Jones III, Chairman of the Board, expressed confidence in Felix's ability to drive growth and enhance shareholder value at Carver. He also acknowledged the contributions of Craig C. MacKay during his interim tenure.
Felix expressed his eagerness to advance Carver's growth and promote financial inclusion, building on the bank's legacy of economic empowerment in New York City. With a deep connection to the communities Carver serves, Felix aims to meet evolving consumer needs and support community development.
Carver Bancorp, Inc., headquartered in Harlem, NY, was established in 1948 and is recognized as one of the largest African- and Caribbean-American-managed banks in the U.S. The institution is designated as a Community Development Financial Institution (CDFI) and a certified Minority Depository Institution (MDI), reflecting its commitment to the economic revitalization of underserved communities.
The information in this article is based on a press release statement from Carver Bancorp, Inc.
"In other recent news, Carver Bancorp has made significant strides in its operations. The company disclosed the release of a shareholder letter, which typically includes updates on financial performance, strategic initiatives, and governance matters. This move was made in conjunction with the company's filing of a current report on Form 8-K with the United States Securities and Exchange Commission.
In a major development, Carver Bancorp also secured a $25 million revolving senior unsecured term loan from NY Green Bank. This loan, part of the Community Decarbonization Fund, will support environmentally focused projects within marginalized communities in New York. The funding will enhance energy efficiency, reduce greenhouse gas emissions, transition fleets to electric vehicles, and establish charging stations.
Additionally, the loan will provide working capital and asset-specific financing for Minority and Women-Owned Business Enterprises (MWBE) contractors involved in green energy projects. Both Carver Bancorp's Interim President and CEO, Craig C. MacKay, and NY Green Bank's Managing Director, David Davenport, expressed the importance of this partnership in achieving environmental stewardship and economic growth in the communities served. These are the recent developments for Carver Bancorp."
InvestingPro Insights
As Carver Bancorp, Inc. (NASDAQ: CARV) welcomes Donald Felix as its new President and CEO, the financial landscape in which the company operates presents both challenges and opportunities. According to InvestingPro data, Carver Bancorp's market capitalization stands at a modest $9.41 million, reflecting its position as a niche player in the banking sector. Despite a growth in revenue of 11.21% over the last twelve months as of Q1 2025, the company has faced a quarterly revenue decline of 4.83% in Q1 2025, which could signal a need for strategic initiatives to stabilize and enhance revenue streams.
The company's Price to Earnings (P/E) ratio is currently negative at -2.5, indicating that it has not been profitable over the last twelve months. This is further supported by an InvestingPro Tip that highlights Carver Bancorp's lack of profitability in this period. The bank's challenge with profitability is also underscored by another InvestingPro Tip pointing out its weak gross profit margins.
Investors considering Carver Bancorp will note that the company's stock has historically exhibited high price volatility, which may be a factor for those with a lower risk tolerance. Additionally, the company does not pay dividends, which might influence the investment decisions of income-focused shareholders. For those seeking a deeper dive into Carver Bancorp's financial health, these metrics and additional InvestingPro Tips can be explored in detail at https://www.investing.com/pro/CARV, where 6 more tips are available to guide potential investments.
With the appointment of a new CEO with a strong background in banking growth and expansion, Carver Bancorp may be poised to address these financial challenges. Mr. Felix's track record suggests a potential shift towards strategies that could improve Carver's market standing and financial performance in the near future.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.