- Key insight: Longtime OCC official Jason Sisack, who joined Carver Bancorp as a risk management advisor to CEO Donald Felix, said he views his new role as a "personal and professional challenge."
- Expert quote: "What can I accomplish on the other side of the table? How will I do without the [regulatory] hammer?" Sisack said.
- Forward look: Sisack joins Carver as it seeks to work its way out from a formal agreement with the OCC, which requires it to strengthen its strategic planning and boost profitability.
New York City-based Carver Bancorp, which has been operating since May under a regulatory enforcement action, has tapped a retired Office of the Comptroller of the Currency official to serve as senior enterprise risk management advisor.
Hiring Jason Sisack, who retired in September after 26 years at the OCC, "strengthens [Carver's] leadership team at a critical moment," Carver CEO Donald Felix said Tuesday in a press release. "His regulatory background and track record of working with bank CEOs and boards nationally will be essential as we build our operational capabilities and accelerate growth."
Sisack's arrival comes more than five months after Carver entered into a formal agreement with the OCC, which cited deficiencies in the bank's strategic planning and financial performance. The $718 million-asset Carver has reported losses totaling nearly $22 million since its last annual profit in 2018, according to data from the Federal Deposit Insurance Corp.
Sisack, who will advise Felix, told American Banker that he had intended to enjoy some down time before embarking on his next career move. Those plans changed after Carver approached him.
"Don Felix made it impossible not to join him," Sisack said, adding that he was impressed by the CEO's vision of transforming Carver into a great urban bank. "It's very compelling."
Carver is the holding company for the 77-year-old Carver Federal Savings Bank, which is headquartered in Gotham's Harlem neighborhood.
Sisack served as assistant deputy comptroller for the OCC's Atlanta and New York City field offices between 2015 and 2025. He led examiner teams in both roles. As a result of his work, Sisack said he developed "a respect and liking for the community bank business model."
"I've witnessed firsthand how community banks drive economic growth and expand financial access," Sisack said. "New York is the banking capital of the world. I think there would have been a lot of [other] opportunities out there, but I can have a bigger seat at the table, working with the CEO."
Felix
But Carver has recently received a vote of confidence from a longtime executive at another New York City bank. Bruce Mann, the chief financial officer at Bronx-based Spring Bank, has
Mann told American Banker last month that he plans to remain a passive investor. Carver "knows what they need to do, and they're working on it," Mann said.
Mann has continued to accumulate Carver stock. In an Oct. 31 regulatory filing, Mann disclosed that he'd purchased nearly 56,000 more shares, increasing the size of his ownership stake to 7.2%.
For his part, Sisack said he views his new job at Carver as a "personal and professional challenge."
"This felt like the right time to embrace a new challenge, to directly shape and enhance a bank's operations from within," Sisack said. "What can I accomplish on the other side of the table? How will I do without the [regulatory] hammer?"
