Dec. 31--Yadkin Financial Corp. said in a regulatory filing that board member James Smoak resigned from his position with the parent company and its bank subsidiary due to a disagreement with Yadkin's growth strategy.
Smoak provided a verbal resignation, which was effective Dec. 20.
At the time of his resignation, Smoak served on the company's audit committee and had been on the board since 1987. He retired as president and chief executive of Yadkin Valley Bank and Trust Co. in 2002.
In its 2013 proxy filing, the bank described Smoak as "having an intimate understanding of the bank's business and organization, as well as substantial banking industry expertise and management experience."
The bank said it has no immediate plans to fill Smoak's board seat, leaving it with 10 directors.
Joseph Towell, the bank's president and chief executive, said in a statement that Smoak chose "to shift his focus away from an official capacity with the company."
Since Smoak announced his resignation, he has received 600 shares of Yadkin Financial stock that were listed as a gift at a combined $11,010, according to a report on insider trading at MSNmoney.com.
For 2013, Smoak has received 6,600 shares of bank stock as a gift for a total value of $61,035.
Mark DeMarcus, the bank's chief operating officer, said Tuesday that the gift designation means the board member gifted stock to a designated entity. He said Smoak's gifting decisions typically were made at year's end.
The bank had another board member, Daniel Park, resigned in April 2009 because of a disagreement with a growth strategy. In that instance, Park opposed its purchase of American Community Bancshares Inc. of Charlotte as potentially detrimental to Yadkin's financial health.