Carver Bancorp announced a comprehensive board modernization plan and the appointment of Jason Sisack as Senior Enterprise Risk Management Advisor to the CEO. The board overhaul, effective immediately, targets a 75 % director turnover over the next three years and introduces skills‑based recruitment to strengthen governance and oversight.
The modernization effort is part of a formal agreement with the Office of the Comptroller of the Currency (OCC) dated May 14, 2025. Under that agreement, Carver must develop a three‑year strategic plan and an earnings improvement program to meet capital ratio and profitability targets. The new board structure, coupled with the 75 % turnover goal, is designed to bring fresh expertise and a stronger risk‑management culture in line with OCC expectations.
Jason Sisack, who began serving in the role on November 4, 2025, brings more than 25 years of regulatory experience from the OCC, where he was Assistant Deputy Comptroller for the Atlanta and New York City field offices from 2015 to 2025. In his new capacity, Sisack will advise the CEO on enterprise risk management, leveraging his deep knowledge of OCC oversight to help the bank strengthen its risk framework and accelerate the implementation of the strategic plan.
Carver’s recent financial performance underscores the urgency of these changes. The bank reported a net loss of $5.65 million for the third quarter ended December 31, 2024, compared with a net income of $19 thousand a year earlier. For the nine months ended December 31, 2024, the loss widened to $9.97 million versus $2.99 million in the prior year, while the fiscal year ended March 31, 2024 saw a reduced net loss of $3.0 million. Net interest income fell from $5.48 million a year ago to $2.96 million, and non‑interest expenses rose due to higher employee compensation, occupancy costs, and legal fees. These losses prompted the OCC’s intervention and the current strategic overhaul.
President and CEO Donald Felix emphasized that the board refresh and the appointment of Sisack are central to restoring long‑term profitability. Felix stated that the team is focused on growing the core business, expanding operational capacity, and investing in technology, while maintaining Carver’s mission as a Community Development Financial Institution and Minority Depository Institution that serves underserved New York communities.
The combined effect of the board modernization, the OCC‑mandated strategic plan, and the new risk advisory role positions Carver to strengthen its capital ratios, improve earnings, and enhance risk oversight. These steps are expected to align the bank more closely with industry best practices and to support its long‑term goal of sustainable profitability while continuing to serve its community‑focused mandate.
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