By NewsOne Now
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In 1987 there were 91 African American owned banks in America. Today there are only 24. Many Black financial institutions are struggling to stay afloat in the face of the recession and have to contend with fierce competition for customers in areas that they once dominated in.
One of the nation’s largest Black financial institutions, New York-based Carver Bank, was also recently struggling, but recently turned the corner. Michael Pugh, the new President and CEO of Carver, joined Roland Martin Monday on “NewsOne Now” to discuss the bank’s turnaround and ways to expand the reach of African-American-owned financial institutions.
Prior to joining Carver Bank, Pugh worked with two “super regional banks.” He spent five years at Capitol One and fourteen and a half years at Citizens Financial Group. When he left these institutions, Carver said he received some questions about his next career move. He told Martin he choose to become head of Carver because “of the mission of the financial institution — what it stands for and the real need to have Black talent that’s there to help those financial institutions, like Carver to continue to grow.”