Baltimore investment bank the Chapman Co. “Typically, when you’re looking for someone to really turn an institution around, you’re looking for someone that has a solid background in that industry.”
Gladue says Wright’s first objectives should be to add people to the bank’s management team on the lending side. “They have to maintain and increase a focus on lending; at the same time, they have to lend profitably. Since Carver is publicly traded, the people that invest money in there aren’t doing it to sock their cash away. They want to see a return on their investment. But you can’t do that by not lending. It doesn’t help the community or investors if it doesn’t promote lending.”
Jones agrees. But he says that first the bank must get its own financial house in order. “We want to make Carver a generator for investor returns. But we haven’t had returns that we find to be acceptable, and we must make that happen. That’s our main priority. Once that happens, we intend to pursue our broader mission of community development.
“But we can’t get there until the institution is getting returns that match and exceed its peers’,” he adds. “We have customer loyalty that is second to none and our customers stay with us. If we can provide superior service, we won’t have a problem attracting depositors.”