Neil W. Brown, the chief risk officer at TCF Financial, has resigned from the Wayzata, Minn., company.
Brown's resignation was effective last week. David M. Stautz, managing director of corporate development and TCF's principal accounting officer, will serve as chief risk officer on an interim basis, the $17.9 billion-asset company said Friday in a filing with the Securities and Exchange Commission.
Susan D. Bode, currently the chief accounting officer for TCF National Bank, will assume the additional role of principal accounting officer for the company. Prior to joining TCF in April 2010, Bode served as managing director with the finance group of Residential Capital.
Brown, 53, was a longtime TCF executive and had served as president, chief operating officer and chief financial officer.
The company gave no explanation for Brown's resignation, but in a research note Sandler O'Neill & Partners said that it is one of the few large banks still struggling to put its credit woes behind it.
TCF's third-quarter earnings totaled $9.3 million, down 71% from a year ago, after the company delayed reporting its results for a week. It recorded a net after-tax charge of $20.6 million because of regulatory guidance that requires banks to write down the value of mortgages to collateral value in cases where the borrower has been through Chapter 7 bankruptcy.
TCF's shares were trading at $11.49 Monday morning, down more than 3% from Friday's closing. Sandler O'Neill said in its note that banks' shares tend to come under pressure when a credit executive resigns unexpectedly and no permanent replacement is named.