Carver Bancorp of New York fired its chief executive officer Monday and warned of losses for the quarter that ended Dec. 31.

The company said it has hired a search firm to find a replacement for Thomas L. Clark Jr., who had been president and chief executive officer. Mr. Clark came to the troubled institution in 1995 to help its board fight calls from shareholders to sell.

The board, which includes former Mayor David Dinkins, has fought off shareholder proposals to sell at each of its last two annual meetings.

Carver is parent of $431 million-asset Carver Federal Savings Bank, one of the largest minority-owned institutions in the city. Until a chief executive is named, the company will be managed by a committee of directors and the thrift's remaining senior managers.

The company said it expects a pretax loss of $5 million to $7 million during its third quarter. It said the losses come from chargeoffs related to its consumer loan portfolio and from problems in converting data processing from a vendor to an in-house system.

In midday trading Monday, Carver shares were down 12.5 cents, at $7.5625.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.