Former Yadkin chief leaves just days after company's sale to F.N.B.
That didn’t last long.
F.N.B. Corp. in Pittsburgh disclosed in a regulatory filing Thursday that Scott Custer resigned from its board roughly a week after it bought Yadkin Financial in Raleigh, N.C., where he had been president and CEO. The deal closed on March 11.
The $30 billion-asset F.N.B. agreed in July to buy Yadkin for $1.4 billion, making it one of the biggest bank mergers of 2016. F.N.B. disclosed a few months later that Custer would join its board and serve on its credit risk and Community Reinvestment Act committees.
Custer resigned “to pursue other business opportunities,” F.N.B. disclosed in its latest filing.
Custer also terminated his consulting agreement with F.N.B.
Under terms of the one-year agreement, F.N.B. would have paid Custer $600,000 to meet with clients and help with retaining and recruiting employees. F.N.B. also disclosed that it had granted Custer “a limited waiver” of noncompete restrictions in his employment agreement with Yadkin.