Pursuit Announces Retirement of Chairman of the Board of Directors


Following almost three decades on the Board of Directors at Pursuit and as Chairman for the last seven years, Daryl Forsythe has announced his retirement effective December 14, 2022. Pursuit is pleased to announce that Michael Pugh has assumed the role of Chairman of Pursuit’s Board of Directors upon Daryl’s retirement.

Daryl has served as Chairman of the Board since 2015 while he was President and CEO of NBT Bank and later Chairman of their Board of Directors. Throughout his tenure on the board, Daryl has leveraged his exceptional leadership experience in commercial banking services and trust and investment services to serve Pursuit, its partners, and the small business owners it serves. “Daryl has been a visionary in financial services, applying his tremendous insight, experience, and passion to improving businesses and building better economies,” says Chris Levy, Pursuit President and CEO.

Former CEO of Pursuit, Patrick MacKrell shares, “With over 50 years of industry experience and in-depth organizational knowledge, Daryl has led the Board to support Pursuit’s strategic direction and mission of fostering positive economic development.” Commenting on his retirement, outgoing Chairman of the Board Daryl Forsythe says, “It has been a tremendous honor to serve as Chairman of the Board of Directors at Pursuit alongside our dedicated Board members. I am thrilled to ensure a successful transition and to position Pursuit to continue responding to business owners’ needs for years to come. With extensive experience in providing banking solutions for customers so that they can achieve their financial goals, Michael Pugh, President and CEO of Carver Federal Savings Bank, will be an exceptional Chairman, and this Board will accomplish much on behalf of the organization and the communities Pursuit serves.”

Reflecting on his appointment, Michael Pugh says, “I’m honored to be leading the Board. Together, the members of the Board bring decades of experience and immeasurable commitment to their work. We will focus on advancing Pursuit’s long-standing mission while continuing to innovate, provide guidance, and support Pursuit’s strategic direction to ensure business owners’ financing needs are met.”

“As a thoughtful and passionate leader, Michael has helped bring cutting-edge strategies to organizations’ most urgent and complex challenges,” says Levy. “His voice and vision will help Pursuit continue to positively impact small businesses through the power of financial services.”

Michael Pugh has more than 29 years of experience as a banking executive and is a qualified financial expert. With significant Board of Directors experience, he has comprehensive knowledge of internal controls and leadership influence for Audit and Compliance, Nominating and Governance, Credit, and Institutional Strategy Committees. Michael is a proven leader in bank technology integrations, strategic and capital planning, and regulatory risk management.

About Pursuit

At Pursuit, the mission is simple: to provide businesses with affordable loans and resources to reach higher, transform and grow. Pursuit is a community-focused lender where businesses can access more than 15 loan programs that provide financing from $10,000 to $5.5 million with affordable rates and terms. Pursuit is a nationally recognized organization that focuses on serving businesses and lending partners in Connecticut, New Jersey, New York, and Pennsylvania. Learn more at www.pursuitlending.com.

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