Carver Bancorp, Inc. Announces Slate of Highly Qualified Director Candidates for 2026 Annual Meeting
Rhea-AI Summary
Carver Bancorp (OTCQB: CARV) announced two board nominees for the 2026 Annual Meeting: Keith Mestrich, a turnaround banking executive, and Donald Felix, Carver's current CEO, nominated to join the Board. Two current directors, Pazel G. Jackson Jr. and Robin L. Nunn, will not stand for re-election.
The company urges stockholders to vote using the WHITE proxy card for the May 21, 2026 virtual meeting; a proxy statement and WHITE card were mailed April 24, 2026.
Positive
- Board refreshment with two nominees including current CEO Donald Felix
- Keith Mestrich brings a documented turnaround track record including Amalgamated’s IPO and asset growth to over $7 billion
- Company highlights management strengthening and cost reductions, including switching to the OTC market
- Proxy materials mailed April 24, 2026 for the May 21, 2026 Annual Meeting
Negative
- Two incumbent directors (Pazel G. Jackson Jr. and Robin L. Nunn) will not stand for re-election, reducing board continuity
- Solicitation language urging votes on the WHITE proxy card signals a contested or highly directed proxy process
News Market Reaction – AMAL
In the Apr 27 session, AMAL gained 2.84%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | Q1 2026 earnings | Positive | -4.6% | Stronger revenue and margin with raised guidance but larger credit-loss provision. |
| Apr 21 | Dividend declaration | Positive | -0.4% | Board declared a regular quarterly dividend of $0.17 per share. |
| Apr 09 | Earnings call notice | Neutral | -0.3% | Announcement of timing and access details for Q1 2026 earnings call. |
| Jan 22 | Q4 2025 earnings | Positive | +6.7% | Strong earnings with record deposit growth and expanding net interest margin. |
| Jan 20 | Dividend increase | Positive | +6.5% | Quarterly dividend raised 21% to $0.17 per share, signaling increased payout. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history shows strong positive reactions to dividend increases and prior earnings, but the latest Q1 2026 earnings with raised guidance saw a negative move, indicating occasional sell-the-news behavior even on solid fundamentals.
Over the past months, AMAL has reported multiple earnings and capital return milestones. Q4 2025 results on Jan 22 highlighted record deposit growth and drove a positive reaction. Dividend actions on Jan 20 and Apr 21 featured a 21% payout increase and a regular dividend, with mixed short-term price responses. The Q1 2026 report on Apr 23 showed higher revenue and margin but a larger credit-loss provision, drawing a negative move. Against this backdrop, today’s leadership-focused news centers on board-level experience rather than new financial metrics.
Key Terms
community development financial institution ("cdfi") regulatory
minority depository institution ("mdi") regulatory
public offering financial
nasdaq stock market financial
taft-hartley funds regulatory
proxy statement regulatory
white proxy card regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Nominees Keith Mestrich and Donald Felix Collectively Bring Backgrounds that Directly Align with Carver's Needs, Including Experience Transforming Financial Institutions and Driving Profitability and Growth
Refreshment Delivers on Previously Announced Board Modernization Commitment and is a Critically Important Part of Positioning Carver for Sustainable Profitability and Growth
Management and the Board Continue to Take Decisive Actions to Improve Performance and Enhance Value for All Stockholders
Vote on the WHITE Proxy Card TODAY to Elect Carver's Two Highly Qualified Candidates – Keith Mestrich and Donald Felix – to the Board
- Keith Mestrich, former Chief Executive Officer and President of Amalgamated Bank.
- Under Mr. Mestrich's leadership, Amalgamated Bank returned to profitability, improved its credit quality, installed a new management team, and significantly grew its core deposit base, expanding to nearly
$5 billion - Mr. Mestrich brings more than three decades of experience in finance across balance sheet management, credit quality improvement, M&A due diligence and integration, capital markets execution, and public company governance.
- Additionally, he has a long history of involvement in local community advocacy and supporting working-class customers.
- Under Mr. Mestrich's leadership, Amalgamated Bank returned to profitability, improved its credit quality, installed a new management team, and significantly grew its core deposit base, expanding to nearly
- Donald Felix, Carver's Chief Executive Officer and President.
- Mr. Felix was recruited specifically to drive Carver's strategic transformation toward sustainable profitability and long-term growth.
- He is an accomplished financial services executive with over 25 years of leadership across global banking, consumer finance, and corporate strategy, having served in senior roles at Citi, JPMorgan Chase, and Citizens Financial Group.
- His executive track record spans the full breadth of banking – from balance sheet management and P&L ownership to digital banking innovation, M&A execution, and enterprise-wide transformation. In his prior senior roles, Mr. Felix has managed turnarounds, generated billions of dollars in deposits, served millions of customers, and consistently grown revenue.
In conjunction with these nominations, current directors Dr. Pazel G. Jackson, Jr., and Robin L. Nunn will not stand for re-election at the Annual Meeting.
Lewis P. Jones III, Chairman of the Board, said:
"We are incredibly excited about our Board candidates, both of whom bring decades of senior-executive banking experience and subject-matter expertise at the highest levels that align with the needs of the business and will support the significant initiatives required to elevate Carver's performance. Keith's extensive experience in leading organizational change that drives performance will make him an excellent addition to the Board. Additionally, in Don's first year as Carver's President and CEO, he has already demonstrated the leadership and strategic vision necessary to implement the organizational change required to elevate Carver and position it to deliver consistent profitability. Their nominations represent a critical step towards fulfilling our commitment to modernize the Board and increase alignment with stockholders.
Carver's leadership understands that change is necessary to drive sustained improvement in financial performance, enhance capital planning, and drive long-term, sustainable profitability. In addition to Board refreshment, we have taken concrete steps including strengthening management with high-caliber executive appointments, reducing costs and complexity by switching to the OTC exchange, and cutting expenses across the organization.
With Messrs. Mestrich and Felix on the Board, we will be well positioned to continue to execute the transformation that is already underway and deliver greater value for all stockholders – while fulfilling our core mission of empowering everyday New Yorkers to achieve their financial goals.
I would also like to express our sincere gratitude to Pazel and Robin for their dedicated service on the Board. In his many years as a director, Pazel has been an important source of continuity and institutional knowledge as the Bank has evolved to where we are today. Additionally, during her tenure, Robin has brought to bear a unique set of fresh perspectives that have been highly valuable to our discussions and decision-making. We wish Pazel and Robin the best in their future endeavors."
Carver urges all stockholders to vote on the WHITE proxy card FOR the election of Messrs. Mestrich and Felix at the Annual Meeting.
Nominee Biographies
Keith R. Mestrich is a senior banking executive with more than three decades of experience in commercial banking, institutional finance, and executive leadership. He was President and Chief Executive Officer of Amalgamated Financial Corp. and Amalgamated Bank (NASDAQ: AMAL), where he orchestrated a full institutional turnaround beginning in 2014, returning the bank to sustained profitability, nearly doubling its asset base to over
During his seven-year tenure as Chief Executive Officer, Mr. Mestrich demonstrated deep expertise across every dimension of banking leadership. He rebuilt the bank's senior management team, significantly grew its core deposit base, and executed multiple strategic acquisitions, most notably the purchase of
Prior to Amalgamated, Mr. Mestrich served in senior financial leadership roles within the labor movement, culminating as Chief Financial Officer and Deputy Chief of Staff of the Service Employees International Union ("SEIU"), one of the largest unions in
Since departing Amalgamated in 2021, Mr. Mestrich has remained an active and engaged leader in the financial services industry. He is a Founding Member and Managing Director of Percapita, a fintech company delivering financial services to low- and moderate-income workers through employer benefit platforms, and serves as a strategic and corporate advisor to a portfolio of financial services and fintech ventures. He is also Founder and Chair Emeritus of the Amalgamated Foundation, which manages over
Donald Felix is a senior financial services executive with more than 25 years of leadership experience across global banking, consumer finance, and corporate strategy. Currently serving as President and Chief Executive Officer of Carver Bancorp (OTCQB: CARV) – one of the nation's oldest and largest African-American operated banks and a certified Community Development Financial Institution (CDFI) – he brings to the role a career built at three of the most prominent financial institutions: Citigroup, JPMorgan Chase, and Citizens Financial Group. Mr. Felix is only the sixth CEO in Carver's 76-year history and was appointed to lead the institution's strategic transformation toward sustainable profitability and improved performance.
Mr. Felix's executive track record spans the full breadth of banking – from balance sheet management and P&L ownership to digital banking innovation, M&A execution, and enterprise-wide transformation. At Citizens Financial Group, he served as Executive Vice President and Head of National Banking & Expansion, where he led the Citizens Access digital banking deposits business and drove deposits up
Mr. Felix's foundational banking expertise was built first at Citigroup, where he held progressively senior roles spanning consumer banking, corporate and investment banking, credit and risk management, wealth management, and operations – in multiple geographies including
A first-generation Caribbean-American born and raised in
Stockholders' votes are extremely important no matter how many shares they own. Whether or not a stockholder plans to attend the virtual meeting, they are requested to please promptly use their WHITE proxy card to vote by proxy over the Internet or by mail. If stockholders have any questions or require any assistance with voting their shares, please call Carver's proxy solicitor:
430 Park Avenue, 14th Floor
Banks and Brokers Call: (203) 658-9400
Stockholders Call Toll Free:
(800) 662-5200
E-mail: CARV@investor.sodali.com
The Company has mailed a proxy statement, dated April 24, 2026, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the Company's Annual Meeting of Stockholders to be held on May 21, 2026. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT ANY PROXY SOLICITATION. Copies of the documents are also available free of charge by accessing the Company's website at www.carverbank.com.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (OTCQB: CARV) is the holding company for Carver Federal Savings Bank, a
Founded in 1948 to address barriers to financial access, Carver has a long-standing legacy of serving historically under-resourced communities. The
For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Instagram.
Media Contact:
CarverBancorp@Longacresquare.com
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SOURCE Carver Bancorp, Inc.