One Of Nation’s Oldest Black-Owned Banks Names New CEO
Carver Bancorp, one of the nation’s oldest and largest Black-owned banks, has announced Donald Felix as its new president and CEO, effective November 1, 2024.
Felix, a 25-year veteran of the banking industry, steps into this leadership role following a challenging year for the institution, which included a hostile takeover attempt.
The announcement, made September 16, 2024, comes as Carver looks to stabilize and grow under Felix’s guidance.
A New Chapter in Leadership
Donald Felix succeeds Craig MacKay, who served as interim CEO since October 2023 following the departure of former CEO Michael Pugh.
With experience at Citi, JPMorgan Chase, and Citizens Bank, where he grew deposits by $3 billion, Felix plans to enhance financial inclusion, shareholder value, and technological advancements at Carver.
“Carver has been a driving force in economic empowerment for more than seven decades, and I look forward to advancing its growth and supporting our communities,” Felix said in a statement.
“His expertise will help Carver achieve its strategic objectives and fulfill its mission of expanding financial services in underserved communities,” said Lewis P. Jones III, Chair of Carver’s Board.
Felix will receive an annual salary of $700,000, plus a signing bonus and additional performance-based incentives. MacKay will continue to serve on the board.
Hostile Takeover and Financial Stability
Earlier this year, Carver faced a takeover bid from Dream Chasers Capital Group, which held a 5.5% stake in the bank.
Dream Chasers sought to buy 35% of Carver’s shares, offering $3 per share while the bank’s stock traded at $2.57.
The fund, led by minority executives, proposed to recapitalize the bank and introduce wealth-building services to attract depositors.
However, MacKay, defending Carver’s position, highlighted the institution’s recovery from a regulatory oversight period.
By January 2023, Carver had improved its financial ratios, maintaining a Tier 1 Capital ratio of 12.4% and a leverage ratio of 10.1%, exceeding “well-capitalized” levels.
Carver’s strong liquidity and financial health ultimately allowed it to reject the takeover. MacKay will continue to serve on the board.
Feature Image Credit: Entrepreneur Prime Magazine
