Longtime banking executive Michael T. Pugh has been named CEO of the Local Initiatives Support Corp. (LISC). He will begin his new role Oct. 2.

As LISC CEO, he will oversee 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.

Michael T. Pugh
Michael T. Pugh

The national network 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.

“It takes someone with substantial financial and management acumen to effectively connect local programs to national strategies that advance economic opportunity and growth,” said former U.S. Treasury Secretary Robert E. Rubin, who has served as LISC board chair for more than two decades. “Michael has demonstrated that capacity throughout his career. He is passionate about extending opportunities to people who have not had the chance to fully participate in the American economy. We look forward to him bringing his considerable skills to LISC to help us make a lasting, positive impact.”

Pugh, president and CEO of Carver Bancorp., has more than 30 years of experience in banking, with a focus on expanding access to capital for undeserved families, businesses, and communities. He has spent more than a decade at Harlem-based Carver (NASDAQ: CARV), leading the nation’s largest publicly traded African-American operated bank.

Pugh, 51, began his career while working his way through college as a bank teller, seeing the ways that bankers interact with community members and hearing clients’ hopes and dreams for themselves and their families.

“Finance is not just about bottom lines. It is a way for people to build a strong future for their families,” said the Detroit native. “It is about unlocking the opportunity to go to college, buy a home, launch a business, and age with dignity and security. The opportunity to help people create better lives and build assets, and to do so on a transformative national scale, is what attracted me to LISC. I look forward to working with the remarkable LISC team to empower even more people to thrive.”

At Carver, Pugh directed efforts that grew the institution’s base of assets and investors, while digitizing financial products and launching innovative programs to address the needs of underbanked families and small business owners, particularly minority and women-owned business enterprises.

Earlier in his career, he was a senior vice president at Capital One, where he oversaw 75 banking centers and $3 billion in deposits in Maryland, Washington, D.C., and Delaware. Prior to that, Pugh served as a senior vice president at Citizens Financial Group, leading retail banking in Michigan and Indiana and overseeing 67 banking centers.