A director at Citizens Independent Bancorp in Logan, Ohio, resigned after members of management chastised him for an email security breach.
The $181 million-asset company said in a filing with the Securities and Exchange Commission that Michael Shawd resigned Aug. 18 as one of nine directors of the company and Citizens Bank of Logan. "Mr. Shawd resigned due to a disagreement with the Company's board of directors regarding his violation of the Company's Information Security Policy in using an unsecured email server to send confidential bank information to the other directors on the board," the filing said.
In his resignation letter to the board, Shawd said that none of his actions, "in part or in total, deserved discussion of being forced out. I consider it pretext for cultural issues with executive management."
Shawd went on to cite a "harassment charge" he called "meritless" and said he doubted he is "the only director that mistakenly sent bank emails to an unsecured server." He also charged that the company's management operated "without proper checks and balances" and put its "self-interest ahead of the bank and its shareholders."
According to the filing, the directors unanimously "disagree with Mr. Shawd's contentions." The company said it did not plan to replace him on the board "at this time."
Shawd and the company did not return requests for comment.
Shawd joined the board in April 2013 and was chairman of the company's audit committee. He was also a member of the board's executive loan committee.
Shawd owns Goddard-Shawd Insurance Agency in Barlow, Ohio, according to the bank's website.