Charles M. Williams, co-chief executive of CertusBank, has quit the Greenville, S.C., company, which he co-founded, amid allegations of gross mismanagement.

Williams "voluntarily resigned" as co-CEO of $1.7 billion-asset CertusBank and as a director of holding company CertusHoldings, according to Rich Myers, a company spokesman. Williams' resignation took effect Monday.

"He had been considering such a move for several months for personal reasons and the bank has been working to ensure a smooth transition," Myers said in an emailed statement.

"CertusBank is deeply appreciative of Mr. Williams' contributions to the bank," Myers said.

The bank declined to respond to additional queries, Myers said.

The announcement of Williams' departure comes five days after an American Banker article detailed management's high level of spending on a number of items that have also become a concern to bank investors. Among them are payments of roughly $10 million to a consulting firm owned by Williams and the bank's other top officers, including nearly $146,000 for the services over three months of Williams' son, Bryan, a recent college graduate.

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