Bank of the Carolinas Corp. in Mocksville, N.C., said that its chief financial officer, Eric E. Rhodes, has resigned from the company.
Rhodes also stepped down as CFO of the company's banking unit, Bank of the Carolinas, according to a Securities and Exchange Commission filing Friday. The $506 million-asset company said only that Rhodes was leaving for personal reasons. It has not yet named a replacement.
Rhodes' departure comes three weeks after Bank of the Carolinas reported a $7.1 million loss for the third quarter and a $20.4 million loss for the nine months that ended Sept. 30, due in part to an increase in problem loans.
In September, the Federal Reserve said it had entered into a written agreement with the company for it to serve as a source of strength for Bank of the Carolinas. The banking unit also has been operating under a consent order from the Federal Deposit Insurance Corp. since April.
