Micheal Pugh

The Local Initiatives Support Corporation (LISC) has named Michael T. Pugh, president and CEO of Carver Bancorp [NASDAQ: CARV], as its new chief executive officer. Pugh has more than 30 years of experience in banking, with a particular focus on expanding access to capital for underserved families, businesses, and communities. He spent more than a decade at Harlem-based Carver leading the nation’s largest publicly traded African-American-operated bank, with more than $720 million in assets. As LISC CEO, he will oversee a national network that has invested nearly $30 billion in affordable housing, small businesses, education, health, safety, and jobs in all 50 states, as well as the District of Columbia and Puerto Rico. LISC is one of the nation’s largest community development financial institutions with more than 500 employees, 38 metro area program offices, and a rural development program supporting work in 2,400 counties. In 2022, LISC deployed a record $2.8 billion to bridge gaps in health, wealth, and opportunity, prioritizing efforts to address systemic racial disparities. A native of Detroit, Pugh graduated from Eastern Michigan University with a bachelor’s degree in health care administration.