Coronado First Bank in California said Tom Stickel, its founder and former chairman, resigned from its board because of a disagreement over whether it should open a branch in downtown San Diego.

"Tom felt strongly that the economic and banking climates make this the wrong time to open downtown," Bill Huck, the $72 million-asset bank's chairman, said in a press release issued Monday. "He preferred for the bank to remain in Coronado for now. However, the majority of the board felt that the present uncertainties will make a strong, local bank an even more attractive option for people who may be anxious about certain large, out-of-town financial institutions that seem to confront new challenges every day."

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