Deborah C. Wright, chairwoman, CEO and president of Carver Federal Bancorp Inc.

Some of Wall Street’s largest financial services powerhouses, including Goldman Sachs Inc., Morgan Stanley and Citigroup Inc., helped save Carver Federal Bancorp Inc. from a possible shutdown or takeover by injecting $55 million of fresh capital into the nation’s largest Black-owned bank.

Carver, No. 1 on the BE Banks list with $744 million in assets, announced last night that it raised the money from an investment group that includes Goldman and Morgan Stanley—which agreed to put in $15 million each—and Citigroup and Prudential Insurance Company of America—which invested $10 million each. Investments of $2 million each by American Express Co. and First Republic Bank, and $1 million by the National Community Fund round out the capital raising team for Harlem-based Carver, parent of Carver Federal Savings Bank.

Carver Chairwoman, CEO and President Deborah Wright, who will continue to run the financial institution, was pleased and relieved with the outcome. Wright told Black Enterprise that the seven institutional investors each acquired an equity (preferred stock) position for their investment. But unlike other capital investments into struggling banks, the investors will not have voting power, seats on Carver’s board, or sway its management decisions.“Thank goodness we got the money, and we’re really thrilled with the results,” Wright said. “The capital raise exceeds the regulatory capital requirements established by the OTS [Office of Thrift Supervision].”

Wall Street appears happy with the deal. Carver’s stock closed at 80 cents
a share today, up more than 45% from 55 cents a share yesterday, and the
bank’s biggest stock gain since early April.

The capital lift comes after analysts estimated earlier this year that Carver must raise nearly $20 million in new capital by April 30, to meet orders by the Office of Thrift Supervision, the primary regulator of all federal and a number of state-chartered savings banks.

(Continued on next page)

William Michael Cunningham, social investment adviser at Creative Investment Research Inc., a Washington, D.C. firm specializing in minority banking, said the deal is good for the bank because it nearly triples the amount of capital Carver needed to survive. “It will give Carver a chance to remain in business and hopefully provide capital to its under-served community,” Cunningham said.

Wright said the investment provides the bank a financial cushion in a period of economic uncertainty to cover future loans. She said it also gives the bank the opportunity to grow the franchise new products and expanding products, such as Carver Community Cash, a new check cashing service for the “unbanked.” Wright said Carver has launched the product at two of its branches in the New York area and will offer it at the remaining seven branches later this summer.

Analysts told BE in April that the stakes would be high for 63-year-old Carver to pursue investors to invest new capital with the bank losing money in recent years. In its latest results released today, Carver reported a net loss of $5.5 million for the fourth quarter of fiscal 2011 versus a net loss of $2.2 million the same time last year. For all of fiscal 2011, the bank had a profit loss of $39.5 million compared to a loss of $1 million in 2010.

“This has obviously been among the most challenging periods we’ve faced at Carver,” Wright said in a press release. “Our loss in fiscal 2011 reflects the impact of charge-offs and provisions required to address troubled loans in our loan portfolio, as well as the substantial reserve taken against our deferred tax asset.” Referring to the bank’s financial woes, Wright said the capital injection “will allow us to transition from the impact of the recession and invest in opportunities to return Carver to profitability.”

In addition, Carver also announced yesterday that the U.S. Treasury agreed to exchange the $19 million in preferred shares it received from the bank under the Troubled Asset Relief Program for about 34.8 million shares of common stock.

Bank consultant Bert Ely, president of Ely & Co. in Alexandria, Virginia, said the capital deal will allow Carver to remain independent and get out of regulatory trouble for the time being, regarding its capital concerns, however, the bank will still need to address whatever other regulatory issues it may have.

As the age-old saying goes, you can’t know where you’re going until you know where you’ve been. And to close out Women’s History Month, BlackEnteprise.com decided to highlight a few women that have paved the way and those who took the baton and ran with it for modern-day success. Take a look at these awesome women who found triumph in their industries and the world at large.

THEN: Madame C.J. Walker – Beauty Industry Entrepreneur; First African-American Millionairess

• Sarah Breedlove, later known as Madame CJ Walker, experimented with home remedies and products already on the market to cure her own issues with balding until she finally developed her own shampoo and an ointment that contained sulfur to make her scalp healthier for hair growth. She began selling her products—made especially for African Americans—while touring with her husband throughout the southern and eastern states.
• In 1908, she opened Lelia College to train “hair culturists,” and later expanded to Indianapolis, Indiana, where she established her headquarters and built a factory where her products would be shipped to locations throughout the U.S., Central America, and the Caribbean. She also began to teach and train other Black women via The Walker College of Hair Culture, in order to help them build their own businesses.

(Image: Mixed Chicks)

• NOW: Wendi Levy and Kim Etheridge – Founders of Mixed Chicks, a Multiracial Haircare Line
  

• Tired of mixing and matching products, friends Levy and Etheridge launched Mixed Chicks, a company that provides haircare products for multicultural women and men, in 2004. Getting their start with door-to-door sales, they eventually got celebrity and Web endorsements from fans of their products. Now, their products are sold in nearly 1,000 beauty supply stores and salons in the U.S. and abroad, and the company grossed $3.5 million in revenues in 2009. With an all-natural children’s line coming out at the end of the summer, MIXED CHICKS stands poised to double that amount by year’s end.

(Image: File)

THEN: Maggie Lena Walker – First Female Bank President

• As a volunteer with the International Order of St. Luke, a fraternal burial society, Maggie Walker saw an opportunity and formed the St. Luke Penny Savings Bank in 1903. Serving as the bank’s president until 1932, she was the first (known) woman president of a financial institution in the United States. This led to more self-help programs and philanthropic efforts for the society.
• In 1931, in the midst of the Great Depression, Walker helped merge her bank with several other African-American banks, into the Consolidated Bank and Trust Co.

(Image: Carver Bank)

NOW: Deborah C. Wright – President and CEO of Carver Bancorp Inc., Holding Company of Largest Black-Owned Institution

• Named one of Black Enterprise’s “75 Most Powerful Women in Business,” Wright serves as head of Carver Bancorp Inc., the holding company for Carver Federal Savings Bank, the largest Black-owned banking institution in the U.S. Wright has served as president and CEO of the bank since 1999 and the board of directors elected her chairman in February 2005.
• Inspired by African American scientist and agricultural researcher, George Washington Carver, a group of Black Harlem residents pooled their resources in 1948 to found the bank. Though Harlem was a hub of Black business and homeownership in the 1940′s, access to capital was a major challenge the bank sought to alleviate. The financial institution was started with assets of $250,000 that included $14,000 in cash and the rest in pledges from community residents. By 2006, Carver’s assets had grown to $765 million.

(Image: File)

THEN: Althea Gibson – Tennis Pioneer; First Black Woman to Win a Grand Slam Title

• Gibson was a World No. 1 sportswoman who became the first African-American female to be a competitor on the world tennis tour and the first to win a Grand Slam title in 1956. She broke many racial barriers in tennis, and was the first African American to be invited to play in the all-England tournament at Wimbledon. She also won the French Open in 1956. In 1957, she went on to win the women’s singles and doubles at Wimbledon. In 1958 she again won both Wimbledon titles. The next year, she turned pro, winning the women’s professional singles title in 1960.

(Image: Getty)

NOW: Serena and Venus Williams – Tennis Superstars; Business Powerhouses

• Sisters Venus and Serena Williams have been blazing an exemplary trail in tennis since they were little girls, competing in junior leagues and making a name for themselves as teenagers. Venus is ranked World No. 8 in singles and World No. 20 in doubles. She became the World No. 1 for the first time on February 2002, making her the first African American woman to achieve the feat during the open era. She is the reigning champion in women’s doubles at the French Open; has 21 Grand Slam titles; and has also won three Olympic gold medals, more than any other female tennis player. She also serves as CEO of interior design firm V Starr Interiors, fashion line, EleVen, and part-owner of the NFL’s Miami Dolphins.

• Serena is a former World No. 1 and ranked World No. 11 in singles and No. 20 in doubles with her sister. She regained this ranking for the fifth time in November 2009. She is the reigning champion in singles at Wimbledon, and in women’s doubles at the French Open. Her 27 Grand Slam titles places her ninth on the all-time list: She has won more Grand Slam titles in singles, women’s doubles, and mixed doubles than any other active female player. She has won two Olympic gold medals in women’s doubles. Serena founded apparel, handbag and jewelry lines, as well as a handbag, Aneres and Signature Statement, respectively; is part-owner of the Dolphins and plans to launch her own nail polish collection.

Sponsored by

HOW WE SELECTED OUR MOST POWERFUL WOMEN
What does it take to be named one of Black Enterprise’s 75 Most Powerful Women in Business? To identify our senior corporate executives and leading entrepreneurs—women responsible for developing product lines, positioning brands, operating core business areas, generating revenues, and with profit & loss oversight at the highest levels—our editorial and research teams pored over hundreds of biographies and résumés, as well as conducted interviews with potential candidates and leading trade associations for several months. Our selections met the following criteria:

Corporate business: Executives who hold C-Suite and/or president positions and have the title of senior vice president or above at the parent company. Managing significant lines of businesses, they serve as a representative on the executive leadership team of the top 1,000 publicly traded corporations; 400 largest privately held companies; leading global businesses with strong U.S. operations; or biggest financial services firms and contribute to the development of the business and financial strategy for the entire entity. Also on our listing are female executives who either retained their positions or have been promoted since their inclusion on BE’s 100 Most Powerful Executives in Corporate America released in February 2009. None of the executives listed have primary responsibilities for staff functions. This list does not include general counsels, chief diversity officers, domestic human resources officers, presidents of corporate foundations, or executives who oversee corporate communications, investor relations, community development, government affairs, and public/media outreach.

Entrepreneurship: Female BE 100s CEOs, COOs, and presidents with oversight of revenue generation, profitability, product and service development, and brand management for the entire company, as well as having gained industry-wide reputation and corporate board positions outside the company. Those included on the list run BE 100s companies that met the following criteria: industrial/services companies with gross revenue of $250 million or more; advertising agencies with gross billings of $250 million or more; commercial banks with assets of $200 million or more; asset managers with assets under management of $1 billion or more; private equity firms with capital under management of $2 billion or more; and investment banks with lead issues of $2 billion or more on either the taxable or tax-exempt rankings.

Our list, which begins on the next page, does not include any elected or appointed political representatives who currently hold national, state, or local office, including state treasurers, comptrollers, or commissioners who have oversight of corporations and industries. This list also excludes educators, activists, and heads of nonprofit and civic organizations.

You can also view the list here.

Sheryl Adkins-Green
Global Vice President, Brand Development
Mary Kay Inc.
Adkins-Green is responsible for leading global product strategy including product positioning, packaging, product education, and pricing for the $2.6 billion cosmetics giant. She manages product and packaging innovation for the Mary Kay skin care, color cosmetics, body care, and fragrance portfolios of products, currently sold in more than 35 global markets.

Claire Babineaux-Fontenot
SVP & Chief Tax Officer
Wal-Mart Stores Inc.
Babineaux-Fontenot, one of BE’s 100 Most Powerful Executives in Corporate America, oversees global tax administration and compliance issues for Wal-Mart in the U.S., Argentina, Brazil, Canada, Costa Rica, Guatemala, Honduras, Mexico, Nicaragua, Puerto Rico, El Salvador, China, Japan, and the United Kingdom. Prior to joining Wal-Mart, she served as partner-in-charge of the law firm Adams & Reese.

Carol Baldwin Moody
SVP & Chief Compliance Officer
Nationwide Mutual Insurance Co.
In her current position, Baldwin Moody is charged with evaluating all compliance issues, adhering to regulatory agency rules, and ensuring that all corporate policies, procedures, and standards of conduct are followed. Prior to joining Nationwide, she served as the chief compliance officer for TIAA-CREF, ensuring that all the company’s mutual fund products met regulatory requirements.

Ingrid Beckles
SVP
Default Asset Management
Freddie Mac
Beckles leads an area responsible for developing and implementing loss mitigation and foreclosure strategies, and policies, procedures, and technologies that enable Freddie Mac to mitigate and manage credit losses as the company serves its mission to provide liquidity, stability and affordability to the housing market. Beckles has oversight and leadership responsibilities in nonperforming loan servicing, REO/property disposition, default, fees and claims, and collateral enhancement operations.

Donna M. Boles
SVP
Human Resources
BD (formerly known as Becton, Dickinson, & Co.)
Boles is responsible for the $7.2 billion global medical technology company’s worldwide human resources activities, reporting to BD’s chairman, president, and CEO. She is also a member of the BD leadership team and the development committee.

Rosalind G. Brewer
Division President
Southeast Operations
Wal-Mart Stores Inc.
Brewer was promoted to her post in 2007 and is currently responsible for managing sales and operation plans, including strategic growth opportunities for 800 stores and 250,000 associates.

Julia Brown
SVP
Procurement
Kraft Foods
With responsibilities that include the global procurement of all goods and services for the $42 billion food and beverage company, Brown oversees the supply chain for dozens of household brands, including Oscar Mayer, Crystal Light, Jell-O, Maxwell House, Nabisco, Oreo, and Kool-Aid.

Glynis A. Bryan
CFO
Insight Enterprises Inc.
Bryan, one of BE’s 100 Most Powerful Executives in Corporate America, manages financial strategy for the $4.8 billion global information technology hardware, software, and services company. Previously, she served as CFO at APL Logistics.

Janice Bryant Howroyd
Founder & CEO
Act-1 Group
Bryant Howroyd oversees operations of her firm (No.5 on the BE Industrial/Service Companies list with $735 million in revenues), which for more than 25 years has provided staffing, human resources, and management solutions to top 500 companies in entertainment, technology, fashion, and the biotech industry. The company operates branches throughout the U.S., and serves clients worldwide.

Teresa Bryce
President
Radian Guaranty Inc.
Bryce leads the mortgage insurance unit of the $1.8 billion company. A mortgage banking expert and former general counsel, she assumed her position in 2008 to develop strategies to reduce customer foreclosures and increase stock performance.

Ursula M. Burns
CEO
Xerox Corp.
Burns, the first African American woman to hold the position of CEO at an S&P 100 corporation, is focused on building the company into an indomitable force in the $132 billion business technology market through a combination of acquisition and organic growth. She joined Xerox in 1980 as a mechanical engineering summer intern and has risen consistently through the company’s ranks.

Gwendolyn L. Butler
President & COO
Capri Capital
Partners L.L.C.
Butler, one of the first African American female COOs in the commercial real estate investment management sector, has oversight of all investment, finance, and marketing personnel for the asset manager (No. 5 on the BE Asset Managers list with $4.2 billion in assets under management).

Ann-Marie Campbell
President, Southern Division
Home Depot
Campbell’s responsibilities include overseeing the sales and operations of more than 650 stores. Beginning her 20-plus year career with the $71.3 billion home improvements retailer as a cashier, Campbell now leads more than 100,000 associates in 15 states, Puerto Rico, and St. Thomas, Virgin Islands.

Pamela L. Carter
President, Cummins Filtration
Cummins Inc.
Appointed president in 2005, Carter, one of BE’s 100 Most Powerful Executives in Corporate America, is the first woman to serve as president of a major filtration company. Cummins’ various business units design, manufacture, distribute, and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems.

Susan E. Chapman
Global Head of Operations
& Strategy, Citigroup
Corporate Realty Services
Citigroup
Chapman runs CRS’ operations including mergers and acquisitions, retail branch development, real estate administration, strategic projects, and global business relationship management for one of the largest corporate portfolios. She also co-leads real estate strategy around Citi’s $50 billion commitment to climate change.

Bernice Clark
SVP, Merchandise Marketing
Macy’s Inc.
Clark is responsible for marketing and merchandise for seasonal branding efforts as well as fashion, beauty, and home marketing across all media including TV, radio, direct mail, newspaper, magazine, online, and outdoor.

Nelda J. Connors
President,
Tyco Electrical & Metal Products
Tyco International
Connors leads a $1.4 billion global unit of Tyco, which manufactures galvanized steel tube, piping, conduits, and other materials for electrical, mechanical, and industrial applications.

Edith Cooper
Managing Director & Global Head of Human Capital Management
Goldman Sachs Group Inc.
Named partner in 2000, Cooper, one of BE’s 100 Most Powerful Executives in Corporate America, oversees all functions related to staffing, including company efforts in recruiting, development, promotion, and retention. Cooper serves on the firm’s management committee and is vice chairwoman of the partnership committees.

LaVerne H. Council
Corporate Vice
President & Chief
Information Officer
Johnson & Johnson
Council is responsible for management of information technology and related systems for Johnson & Johnson’s worldwide enterprise, which includes more than 250 operating companies and 3,500 information technology employees—all on an annual budget of $1.9 billion.

Gladys DeClouet
SVP, North America Company Operations,
Burger King Corp.
DeClouet, one of BE’s 100 Most Powerful Executives in Corporate America, is responsible for all operations and profitability of the U.S. and Canadian company-owned restaurants. The global executive also oversees ongoing strategic re-imaging efforts intended to increase restaurant traffic and drive sales.

Lori Dickerson Fouché
President, Commercial
Insurance Fireman’s Fund Insurance Co.
Allianz
Dickerson Fouché, one of BE’s 100 Most Powerful Executives in Corporate America, leads the company’s commercial insurance business, an operating unit consisting of $2.4 billion in insurance premiums and 650 employees. She is responsible for the profit and growth of the business and leads underwriting, product management, sales and marketing, finance, and operations.

Esi Eggleston Bracey
VP & GM
Global Cosmetics Innovation,
Branding and Operations
Procter & Gamble
With more than 1,000 people under her leadership, Eggleston Bracey is responsible for P&G’s CoverGirl and Max Factor brands globally. Both represent more than $2 billion in retail sales. During her tenure with the company, which began in 1991, Bracey made history as one of the youngest to be appointed general manager.

Amy Ellis-Simon
Managing Director, head of middle market & multi-product sales
Bank of America Merrill Lynch
In overseeing the multiproduct sales team, Ellis-Simon leads a group that serves as a single point of contact across the spectrum of debt and equity products, including convertibles, equities, equity derivatives, credit, and credit derivatives. Her current leadership spans 10 U.S. locations as she drives the institutional sales force.

Felicia J. Fields
Group Vice President, Human Resources & Corporate Services
Ford Motor Co.
Appointed to the position in March 2008, Fields leads the global human resources and corporate services functions. With the company since 1986, her previous positions include vice president for human resources and executive director of human resources, automotive operations, and corporate staffs. Her recognitions include 2009 HR Executive of the Year by the American Society of Employers.

Vicki L. Fuller
SVP & Director
Public Funds Group
AllianceBernstein L.P.
Working within a firm with approximately $498 billion in assets under management, Fuller is responsible for market and business development, product advocacy, and client services for state and local government clients totaling nearly $100 billion. She is an active supporter of the Toigo Foundation, an organization that assists M.B.A. graduates of color in pursuing careers on Wall Street.

Linda R. Gooden
EVP, Information
Systems & Global Services
Lockheed Martin
Gooden, one of BE’s 100 Most Powerful Executives in Corporate America, oversees 54,000 professionals who operate in all 50 U.S. states and about 60 countries. As a whole, they provide integrated information technology solutions, systems, and services to support worldwide missions of civil, defense, intelligence, and other government customers. Gooden’s division generated $11.6 billion in sales in 2008.

Kim Goodman
EVP, Merchant
Services Americas
American Express
In the position since 2007, Goodman, one of  BE’s 100 Most Powerful Executives in Corporate America, is responsible for overseeing all aspects of the company’s relationships with American Express Card merchants in the U.S., Canada, and the Caribbean.

Mirian M. Graddick-Weir
EVP, Human Resources
Merck & Co., Inc.
Graddick-Weir, one of BE’s 100 Most Powerful Executives in Corporate America, is responsible for all aspects of human resources for Merck’s 100,000 colleagues worldwide. She joined Merck in 2006 from AT&T, where she was executive vice president of human resources and employee communications since 2004.

Angela Guy
SVP, GM
SoftSheen-Carson
L’Oreal USA
Guy is the top executive for the SoftSheen-Carson division of L’Oreal USA, a leading beauty products company. In this capacity she oversees all aspects of the SoftSheen-Carson ethnic brand in the U.S., Canada, and the Caribbean. SoftSheen-Carson brands include Dark & Lovely and Magic Shave.

Carla A. Harris
Managing Director
Morgan Stanley
With Morgan Stanley since 1987, Harris’ recent focus within the firm has been the strategic client group at MS Investment Management. In that role, the Wall Street veteran provides investment advice to corporations, public pension plans, foundations, and endowments. The company’s emerging managers’ platform is also under her leadership.

Kim Harris Jones
SVP & Corporate Controller
Kraft Foods Inc.
Appointed in October 2009, Harris Jones serves as controller for the entire corporation. She held various finance positions at Chrysler Group L.L.C. before joining Kraft as senior vice president, corporate planning & analysis in June 2009.

Bridgette P. Heller
Worldwide President,
McNeil Nutritionals, L.L.C.
Johnson & Johnson
Heller’s responsibilities at the Johnson & Johnson subsidiary include overseeing the global business for the company’s innovative nutritional products, including its flagship brand and market leader, Splenda Sweetener products. She was one of BE’s 100 Most Powerful Executives in Corporate America in her previous role as J&J’s global president, baby care.

Mellody Hobson
President
Ariel Investments L.L.C.
Company-wide management and strategic planning are Hobson’s core duties as she oversees all operations outside of research and portfolio management for Ariel Investments (No. 4 on the BE    Asset Managers list with $4.4 billion in assets under management). With the firm since 1991, she serves as chairwoman of the board of trustees for the mutual funds and corporate director of three public companies.

Catherine L. Hughes
Founder & Chairperson
Radio One Inc.
Hughes is the founder and chairperson of Radio One Inc. (No. 13 on the BE Industrial/Service Companies list with $350 million in revenues). Radio One is the first African American company in radio history to dominate several major markets simultaneously and possesses the first woman-owned radio station to rank No. 1 in any major market.

Frankie D. Hughes
President & Chief
Investment Officer
Hughes Capital Management
Before founding her firm (No. 14 on the BE Asset Managers list with $1.08 billion in assets under management) in 1993, Hughes was director of the asset management division, portfolio manager, and member of the Investment Policy Committee at W.R. Lazard & Co. where, she managed $1.1 billion in fixed income assets for institutional clients.

Jessica C. Isaacs
SVP, Field Operations and Global Reinsurance,
Chartis International
AIG
Isaacs, one of BE’s 100 Most Powerful Executives in Corporate America, has global responsibility for the personal lines of business operations in South America, Africa, the UK, Ireland, and North America. Isaacs also has global responsibility for all reinsurance negotiations and treaty placements in 57 countries where her division operates.

Melissa E. James
Managing Director
Morgan Stanley
James runs the loan products group at Morgan Stanley. She has responsibility for managing the origination of more than $50 billion of loan commitments for the firm’s clients. James is also a member of Morgan Stanley’s capital commitment committee.

Sheila C. Johnson
CEO & Founder
Salamander Hospitality
Johnson founded Salamander Hospitality—which owns, manages, and develops hotels, resorts, and inns—in 2005. Previously, Johnson was a founding partner of Black Entertainment Television (BET). Johnson is the only African American woman to have ownership in three professional sports teams (WNBA’s Washington Mystics, the NBA’s Washington Wizards, and the NHL’s Washington Capitals).

Debra Lee
Chairman & CEO
BET Holdings Inc.
Viacom
Lee is responsible for BET’s original programming strategy and last September, she managed the launch of Centric, the 24-hour entertainment network featuring artists, music, series, movies, and reality programming. She also oversees the company’s current growth initiatives, including international distribution of the brand in the United Kingdom and Africa.

Freda Lewis-Hall, M.D.
SVP & Chief Medical Officer
Pfizer Inc.
As the most senior physician at the pharmaceutical giant, Lewis-Hall leads medical, patient safety, regulatory affairs, and quality assurance efforts throughout Pfizer, as well as outreach to doctors and other medical professionals. Prior to joining Pfizer, Lewis-Hall was at Vertex Pharmaceuticals, where she was responsible for clinical and nonclinical development and both medical and regulatory affairs.

Wonya Lucas
Chief Marketing Officer
Discovery Communications
Lucas oversees brand strategy and coordination across the media and entertainment company’s global businesses. She is responsible for strengthening the company’s properties and increasing global viewership among its channels, which include Discovery Channel, Animal Planet, and TLC.

Candace S. Matthews
Chief Marketing Officer
Amway Corp.
Matthews, BE’s 2009 Corporate Executive of the Year, oversees Amway’s global marketing team, which focuses on global category marketing and includes beauty, nutrition, and wellness, Global Amway Brand, and consumer and market research. Previously, Matthews served as president of Soft-Sheen Carson, consumer products division of L’Oreal USA.

Glenda McNeal
SVP & GM Global
Client Group, Merchant Services Americas
American Express
McNeal, one of BE’s 100 Most Powerful Executives in Corporate America, is the general manager of the global client group in Merchant Services Americas, a role she assumed in June 2009. She’s responsible for managing global customer relationships in the retail, oil, airline, lodging, car rental, and online industries.

Karen Mincey
VP, Information Technology & Chief Information Officer
TECO Energy
Mincey is a 27-year veteran in the electric utility industry. She leads a team of technical professionals responsible for TECO Energy’s corporate computing systems. Under her leadership, TECO Energy has been recognized as one of the “100 Best Places to Work in IT” and among Information Week’s “Top 500 Companies in Technology Innovation.”

Valerie Mosley
SVP, Fixed Income
Portfolio Manager
Wellington
Management Co.  L.L.P.
As partner of the $540 billion global money management firm, Mosley manages fixed income portfolios for corporate and public pension funds, endowments, and mutual funds. She also chairs the firm’s industry strategy group, which examines themes and secular trends and identifies which industries to emphasize and which sectors to avoid.

Kim Nelson
SVP, President
Snacks Unlimited
General Mills
Nelson, one of BE’s 100 Most Powerful Executives in Corporate America, is responsible for ensuring the profitable growth of some of America’s most popular snack brands, including Nature Valley Granola Bars and Chex Mix. Her portfolio of businesses reported $1.1 billion in net sales to General Mills.

Christina Norman
CEO
OWN: The Oprah Winfrey Network
Norman manages all business and creative areas of the new cable channel and multiplatform media venture designed to entertain, inspire, and empower people to live their best lives. Prior to OWN, Norman worked at MTV: Music Television, where she most recently served as president, providing the leadership, strategy, and management for MTV, MTV2, mtvU, MTV Tr3s, and MTV.com.

Felicia Norwood
CEO & President, Active Health
Management Inc.
Aetna
Norwood, one of BE’s 100 Most Powerful Executives in Corporate America, oversees a wide range of business operations, including sales and marketing, account management, product development, healthcare delivery, and legal and government relations. Active Health is a subsidiary of Aetna Inc. and the leading provider of health management services.

Lisa Opoku
Managing Director & COO, Securities Division, Asia
Goldman Sachs
Originally from Ghana, Opoku manages the day-to-day activities of the global financial services giant’s Hong Kong-based Asia securities division. Her previous role at the firm was serving as COO for the Fixed Income, Currency & Commodities Bank Loan Syndications and Trading businesses in New York and London.

Lisa Pickrum
EVP & COO
The RLJ Cos.
Pickrum is responsible for operations, infrastructure, and business development. She helped create the global private equity firm with $60 billion under management including RLJ Development L.L.C. (No. 8 on the BE Industrial/Service companies list with$ 605.2 million in revenues). Pickrum serves on several boards including Rollover Systems Inc., Bright Beginnings Inc., and Liberia Women’s Advisory Council.

JoAnn H. Price
Co-founder/Managing
Partner
Fairview Capital
Price is a member of Fairview’s investment committee and a manager for all of the firm’s sponsored funds. Prior to co-founding Fairview (No. 2 on the BE Private Equity firms list with $2.6 billion in capital under management), Price served as president of the National Association of Investment Cos. in Washington, D.C.

Vikki Pryor
President & CEO
SBLI USA Mutual Life
Insurance Co. Inc.
Since joining the company in 1999, she’s initiated the turnaround of the 70-year-old company. Pryor and her team administered the expansion of SBLI USA, and currently oversee $15.3 billion of insurance in force, more than $1.4 billion in assets, and nearly 300,000 customers across the country.

Mary E. Pugh
President & Chief
Investment Officer
Pugh Capital
Management Inc.
One of the most sought-after advisers in the fixed-income investment arena, Pugh oversees operations for her firm (No. 12 on the BE Asset Managers list with $1.2 billion in assets under management). She chairs the investment committee and manages its flagship core fixed-strategy portfolio.

Sylvia Rhone
President, Universal Motown Records, EVP
Universal Records
Universal Music Group
Rhone is responsible for overseeing all aspects of traditional, digital, and strategic marketing; artist development; sales and distribution, radio and video promotions; international affairs; and publicity for the label’s diverse roster of artists. In addition, Rhone is responsible for guiding the overall corporate development and branding of Universal Motown.

Anna Richo
SVP & Chief
Compliance Officer
Amgen Inc.
Richo holds global responsibilities for the biotechnology giant’s compliance and business ethics programs, including all companywide activities related to standards and product development, manufacturing, marketing, and reporting. She also manages Amgen’s privacy program, enterprise records, and information management programs.

Cathy D.  Ross
SVP & CFO,
FedEx Express
FedEx Corp.
Ross, one of BE’s 100 Most Powerful Executives in Corporate America, oversees the worldwide financial affairs of FedEx Express, including financial planning, financial analysis, reporting and forecasting, and global controller oversight functions. She manages more than 2,000 finance professionals throughout the U.S., Asia, Europe, the Middle East, Canada, and Latin America.

Stacey Ryan-Cornelius
Senior Partner,
Worldwide Controller
Ogilvy & Mather
In this role, Ryan-Cornelius oversees internal and external financial accounting and reporting, as well as the analysis of the firm’s 450 operating companies for the international advertising, marketing, and public relations agency. She also works with the CEO and CFO to manage the company’s global finances.

Debra Sandler
Chief Consumer Officer
Mars Inc.
The former worldwide president of McNeil Nutritionals, maker of the world’s No. 1 sugar substitute, Splenda, Sandler is now chief consumer officer for Mars Inc., maker and distributor of confections, snacks, pet food, and other products sold in more than 150 countries. She was BE’s 2008 Corporate Executive of the Year and is one of BE’s 100 Most Powerful Executives in Corporate America.

Kim D. Saunders
President & CEO
M&F Bancorp, Inc.
As president and CEO at M&F (No.11 on the BE Banks list with $270.3 million in assets), Saunders has guided the bank through its first acquisition in 85 years with Mutual Community Savings Bank. The bank is now worth more than $260 billion and based in five major North Carolina cities: Durham, Raleigh, Greensboro, Winston-Salem, and Charlotte.

Suzanne Shank
President & CEO
Siebert Brandford Shank & Co. L.L.C.
Shank has been president and CEO since the municipal finance firm (No. 6 in taxable securities with $21 million in lead issues and No. 1 in tax-exempt securities with $5.3 billion in lead issues on the BE Investment Banks list) opened in 1996. With 18 offices nationally, the firm has managed deals for state and local governments across the country totaling more than $550 billion.

Deloris Sims
President & CEO
Legacy Bank
Legacy Bank (No. 13 on the BE Banks list with $224.5 million in assets) is the only bank holding company in the U.S. organized by African American women. Deposits have grown at a rate of about 21% each year, including 2008. Sims is part of a select team of community bank CEOs tapped by President Barack Obama in his effort to reboot the economy and encourage small business lending.

Donna Sims Wilson
President
M.R. Beal & Co.
Sims Wilson oversees revenue growth with corporations, public pension plans, and institutional asset management firms for New York–based M.R. Beal & Co. (No. 10 in taxable securities with $18.8 million in co-lead issues and No. 3 in tax-exempt securities with $2.1 billion in lead issues on the BE Investment Banks list). She also collaborates with federal government agencies on mortgage-related issues.

Gwendolyn Smith Iloani
President & CEO
Smith Whiley & Co.
At Smith Whiley (No. 10 on the  BE Private Equity Firms list with $300 million in capital under management), Smith Iloani oversees the firm’s investment and portfolio management activities. She is a member of the firm’s executive committee and is the chairman of the investment committee.

Colleen Taylor
EVP, Treasury Management
& Merchant Services
Capital One
Taylor’s responsibilities involve overseeing teams throughout the country that are engaged in supporting business development, implementation, and servicing efforts within the bank’s real estate, middle market, small business, and private banking groups. She also leads the merchant services business to increase Capital One’s market share, revenues, and profitability.

Sherice Torres
SVP, Global Home Entertainment
& Adult-Brand Licensing,
MTV Networks
Viacom
Torres, one of BE’s 100 Most Powerful Executives in Corporate America, manages the home entertainment portfolio for the entire MTV Networks portfolio of brands, including Nickelodeon, Comedy Central, MTV, VH-1, CMT, and Logo. She also oversees and sets the strategic vision for the execution of home entertainment plans worldwide: the U.S., Canada, Germany, UK, France, and Australia.

Tracey Travis
SVP, Finance & CFO
Polo Ralph Lauren Corp.
Travis, one of BE’s 100 Most Powerful Executives in Corporate America, has been senior vice president of finance and chief financial officer since January 2005. Travis served as senior vice president, finance of Limited Brands Inc. from April 2002 until August 2004, and chief financial officer of Intimate Brands Inc. from April 2001 to April 2002.

Monica L. Walker
President, Chief
Investment Officer-Equity
Holland Capital
Management L.L.C.
A founding partner of Holland Capital Management L.L.C. (No. 11 on the BE Asset Managers  list with $1.3 billion in assets under management), Walker oversees the overall business and financial operations of the Chicago-based firm. She also oversees the research team for the firm’s large-cap and mid-cap growth equity strategies.

Kathy N. Waller
VP & Controller
Coca-Cola Co.
Waller joined Coca-Cola in 1987 and has risen through the ranks to become a solid support in managing the finances of the world’s largest beverage company. Revenues were $31.9 billion this past fiscal year. According to company reports, Coca-Cola is currently on track to deliver $500 million in annualized savings from productivity initiatives by year-end 2011.

Robin L. Washington
SVP & CFO
Gilead Sciences Inc.
In her position since 2008, Washington oversees worldwide finance and investor relations functions of the $5.3 billion biopharmaceutical company, whose revenues have grown 26% since 2007.

Mary Beth West
EVP & Chief
Marketing Officer
Kraft Foods Inc.
As part of Kraft’s executive management team, West, one of BE’s 100 Most Powerful Executives in Corporate America, is responsible for consumer insights and strategy, integrated marketing communications, consumer services, and sustainability and Tassimo hot beverage business globally.

Carol H. Williams
President, CEO & Chief Creative Officer
Carol H. Williams Advertising
Williams oversees one of the nation’s largest black-owned advertising agencies (No. 2 on the BE Advertising Agencies list with $311 million in billings). Her firm provides consumer research, strategic marketing, advertising planning, and media placement for clients such as the U.S. Army, Procter & Gamble, Coca-Cola, General Mills, and The Walt Disney Co.

Kathleen Wilson-Thompson
SVP & Chief Human Resources Officer
Walgreens
Wilson-Thompson, one of BE’s 100 Most Powerful Executives in Corporate America, oversees the strategy and delivery of all human resources-related activities at the nation’s largest drugstore chain. She serves as a member of the executive management team.

Oprah Winfrey
CEO
Harpo Productions Inc.
This supervising producer of The Oprah Winfrey Show and head of Harpo Productions (No. 14 on the BE Industrial/Service Companies list with $340 million in revenues) runs a multimillion-dollar company that spans the media spectrum of television, print, radio, and film production. Winfrey will launch The Oprah Winfrey Network (OWN) in 2011.

Mary Winston
SVP & CFO
Giant Eagle Inc.
Winston serves as senior vice president and chief financial officer for Giant Eagle Inc., a supermarket chain with 158 corporate and 63 franchised stores and more than $8 billion in revenues. Prior to joining Giant Eagle, Winston served as executive vice president and chief financial officer for Scholastic Corp., a $2 billion global publishing, education, and media company.

Deborah C. Wright
Chairman & CEO
Carver Bancorp Inc.
With 150 employees, Wright is the head of Carver Bancorp Inc., the holding company for Carver Federal Savings Bank (No. 1 on the BE Banks list with $789.9 million in assets). Previously, she was president and chief executive officer of Upper Manhattan Empowerment Zone Development Corp.

This article originally appeared in the February 2010 issue of Black Enterprise magazine.

William C. Thompson, New York City comptroller; Hazel Dukes, NAACP-New York City branch president; Deborah C. Wright, Carver Bank Chairman and CEO (Source: Carver Bank)

While many large commercial banks cling to life or become engulfed by the specter of death, Carver Federal Savings Bank is celebrating its 60th anniversary. Proving to not only have a propensity for withstanding economic turmoil, the black-owned bank has also sought growth opportunities during the downturn.

On Wednesday, the who’s who of New York’s political arena joined Deborah C. Wright, Carver chairperson and CEO, and more than 75 guests including Rep. Charles Rangel in a celebratory reception at the bank’s headquarters in the heart of Harlem.

In honor of the bank’s milestone, New York City declared Feb. 19 Carver Federal Savings Bank Appreciation Day.

“One of the reasons we haven’t been pushed around by a lot of the financial problems is because our customers are loyal to us and we’re loyal to them,” said Wright, who is a member of the Black Enterprise Board of Economists. “You can’t succeed if your customers aren’t succeeding.”

As many African Americans strive to deal with the personal ramifications of the financial crisis, Carver’s duel presence as an educational resource in the black community has become more pronounced.

“I think everybody is so concerned about their finances and about debt and about understanding how credit works and their FICO score,” said Blondel Pinnock, president of Carver Community Development Corp. (CCDC). The CCDC has also been holding financial empowerment workshops around New York.

Inspired by African American scientist and agricultural researcher, George Washington Carver, a group of black Harlemites pooled their resources in 1948 to found the bank.  Though Harlem was a hub of black business and homeownership in the 1940s, access to capital was a major challenge the bank sought to alleviate. The financial institution was started with assets of $250,000 that included $14,000 in cash and the rest in pledges from community residents. By 2006, Carver’s assets had grown to $765 million.

Though larger banks continue to falter, Carver, which employs 154 people at branches in Brooklyn, Queens, and Manhattan, continues to stand firm. Carver ranked No. 1 on the B.E. Banks list in 2008.

But it hasn’t been completely immune from the credit crunch and ailing job market. Wright said there has been an increase in loan delinquencies.

“Our basic business is commercial real estate and churches, and for the first time we’ve seen contributions at churches go down, so they’re under a little stress,” Wright explained. “We’re seeing landlords stressed out because they’re losing tenants. The main thing is we underwrote those loans in a very conservative way, and we have confidence that they’ll pull through.”

For the third quarter ending in December, Carver’s total assets dropped to $790 million from $796 million in year-over-year figures. Deposits dropped to $621.5 million, a 5% decrease compared with the same quarter in 2007.

But Carver, the largest black-owned financial institution, is optimistic about its prospects. It received $19 million in the first round of funds distributed as part of the federal government’s Troubled Assets Relief Program (TARP).

“The trick is to invest that capital for growth,” Wright said. “We hope to be in a position to consolidate some of the banks that are in trouble and some that aren’t. We hope to pick up some branches and obviously to expand loans to our community, which we’re already doing. So for us, the capital is for growth” she added.

William C. Thompson, New York City comptroller, praised the institution’s “rich and strong tradition,” adding “Carver’s best days are still ahead of them.”