Carver Bancorp, Inc. Appoints Robin L. Nunn to Board of Directors

Rhea-AI Summary

Carver Bancorp, Inc. (NASDAQ: CARV) has appointed Robin L. Nunn as an independent member of its Board of Directors as of October 17, 2022. Nunn, a skilled attorney with significant experience in the banking sector, currently partners at Morgan Lewis & Bockius LLP. She will bring valuable expertise in regulatory compliance and cybersecurity to the board. The company expects that her contributions will strengthen oversight capabilities and enhance value. Carver is a certified Minority Depository Institution focused on serving African-American communities and has expanded its online banking services across several states.

Positive

• Appointment of Robin L. Nunn as independent board member to enhance oversight.
• Nunn's expertise in regulatory compliance and cybersecurity expected to add value.

Negative

• Potential concerns about continuity and experience gaps in leadership.

NEW YORK, Oct. 17, 2022 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV), the holding company for Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), announced today the appointment of Robin L. Nunn as an independent member of its Board of Directors.

Ms. Nunn is a leading attorney with extensive experience in private practice and the banking industry. She currently serves as a partner at Morgan Lewis & Bockius LLP, where she is co-head of the firm's banking industry practice and has handled high-stakes cases on behalf of banks and other financial services firms in connection with regulatory investigations, enforcement proceedings, and regulatory compliance. Earlier in her career, Ms. Nunn served as in-house counsel with two major financial institutions, where she developed and executed critical legal strategies and represented these entities with a focus on the Office of the Comptroller of the Currency, Federal Reserve Board, Consumer Financial Protection Bureau, and Federal Deposit Insurance Corporation-related regulatory compliance and enforcement matters. 

"On behalf of the Board of Directors, I am pleased to welcome Robin Nunn to Carver Bancorp, Inc.," said Lewis Jones, Chairman of the Board of Directors. "Robin is a skilled attorney, with an extensive record of accomplishment and expertise in regulatory, privacy, and cybersecurity matters. We look forward to Robin's contributions as we further strengthen our board's oversight capabilities and enhance the value of our company in the years ahead."

"Robin's extensive background in regulatory oversight will further strengthen our Board of Directors," said Michael T. Pugh, President and Chief Executive Officer of Carver Bancorp, Inc. "Her unique perspective on regulatory excellence and cybersecurity, and her demonstrated commitment to serving others are qualities that will bring great value in advancing our mission to help our communities secure their financial well-being."

Ms. Nunn maintains an active pro bono, diversity and inclusion practice, and currently serves on the boards of the National Endowment for Financial Education, Duke Ellington School of the Arts, and Council on Legal Education Opportunity Inc. She holds a BA degree from Dartmouth College and a JD from the University of Chicago Law School.

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.

Investors:
ir@carverbank.com

Media:
Michael Herley for Carver
203.308.1409
mediainquiries@carverbank.com

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SOURCE Carver Bancorp, Inc.

FAQ

What recent change occurred at Carver Bancorp regarding its Board of Directors?

Carver Bancorp appointed Robin L. Nunn as an independent member of its Board of Directors on October 17, 2022.

What is Robin L. Nunn's background and expertise?

Nunn is a leading attorney with extensive experience in the banking industry, focusing on regulatory compliance and cybersecurity.

How might Robin Nunn's appointment impact Carver Bancorp?

Her regulatory expertise is expected to strengthen oversight capabilities and enhance the value of Carver Bancorp.

When was Robin Nunn appointed to the Board of Directors?

She was appointed on October 17, 2022.