Bank South Chairman Resigns
ATLANTA (AP) _ Bank South Corp.’s top executive resigned Wednesday, two months after shareholders complained loudly about the bank’s losses.
After the resignation of Chairman and Chief Executive Officer Robert P. Guyton, Bank South’s directors named John C. Wilson as interim chief executive officer pending selection of a permanent successor.
Wilson is president and chief executive officer of Multimart Corp., an Atlanta-based international marketing concern. He is former chairman of the Federal Reserve Bank of Atlanta.
Bank South appointed Lynn H. Johnston acting chairman. Johnston also is chairman and CEO of the Life Insurance Co. of Georgia.
Company officials said Guyton offered his resignation Wednesday morning because he was ready to move on, not because of heat the bank has taken.
So far this year, the bank has reassigned its president and has forced the resignations of its chief credit officer and its head of corporate banking.
In 1990, Bank South lost $2.4 million, or 7 cents a share. Fourth-quarter net income was $8.4 million, or 25 cents a share, down 43 percent from a year earlier. In April, Bank South reported first-quarter net income of $5.6 million, or 16 cents a share, compared with a net of $11.5 million, or 34 cents a share, a year ago.
″I believe we have passed through our hard times. The economy appears to be moving out of the recession and that should allow Bank South to make continued progress at a faster pace,″ Guyton said in a statement.
″Now that Bank South appears to be over the hump, I feel it is the appropriate time to step aside as CEO and allow the directors to bring in a fr ato i nt se tnon ansee ale e oth enee ce tmhun eeeeeato i nt se tnon ans ee ale e oth enee ce tmhun BUST IT