Carolina First BancShares of Lincolnton, N.C., said its longtime president, James E. Burt 3d, has succeeded its indicted chief executive officer, D. Mark Boyd 3d.

Mr. Boyd has been charged with securities fraud in connection with purchases of stock in Community Bank and Trust Co. of Marion, N.C., which Carolina First has agreed to acquire.

He went on "voluntary suspension" from his Carolina First posts in early October and resigned them all Nov. 27, the company said.

Mr. Boyd had also been the chairman of the $583 million-asset company and its Lincoln Bank.

Mr. Burt became acting chairman Oct. 2 and retains that title. The 38- year banking veteran has been president and chief operating officer of the company since 1990. Earlier he was president and CEO of Commercial National Bank in Shreveport, La.

Carolina First announced June 5 that it had a deal to buy Community Bank and Trust. The state, and the Federal Deposit Insurance Corp., and the Federal Reserve approved the deal, but the Fed later stayed its approval and said it would further examine the allegations about Mr. Boyd's stock purchases.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.