Magazine article American Banker

N.C. Governor Demanding Indicted Ex-Banker Resign

Magazine article American Banker

N.C. Governor Demanding Indicted Ex-Banker Resign

Article excerpt

A showdown is brewing in North Carolina between the state's governor and a former community banker who is now under indictment.

Gov. Jim Hunt is calling on D. Mark Boyd, former chairman and chief executive officer of Lincolnton-based Carolina First Bancshares, to resign immediately from an advisory state banking commission. Mr. Boyd was indicted this month on four felony counts of securities fraud in connection with Carolina First's pending acquisition of Community Bank and Trust Co., a $101 million-asset bank in Marion, N.C.

But Mr. Boyd said he has no plan to step down until he gets his day in court. "I feel everyone's long-run interests will be best served for me to resign soon," he wrote in a letter to the governor. "I plan on this being accomplished when I can communicate my side of the story to the general public."

Mr. Boyd relinquished his posts at $563 million-asset Carolina First after the indictments were handed down. He is charged with buying shares of Community Bank and Trust while Carolina First was negotiating to buy it.

In his letter, Mr. Boyd insisted that "no investigative or law enforcement authority" had contacted him before the indictment, and he maintained that a lawyer had told him the stock purchase was legal.

But the governor is standing firm. "The governor's office notified Mr. Boyd a week or two ago that we thought it would be in the best interest of both the commission and the state for him to step down," said Sean Walsh, press secretary to Mr. …

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