The troubled North Country Financial Corp. of Manistique, Mich., said former chairman and chief executive Ronald G. Ford, who agreed in June to pay $500,000 to settle a class action, has resigned from its board.
The lawsuit, against the $339 million-asset company and several of its officers, accused it of unsafe banking practices and providing misleading financial data to investors. North Country, which has been plagued by asset-quality problems, reported losses totaling $36 million in 2002 and 2003 and $3.3 million in this year's first half.
The company, which announced Aug. 13 that it had agreed to sell itself to outside investors for $30 million, disclosed Mr. Ford's departure Thursday in a Securities and Exchange Commission filing. He had been its chief executive officer from 1999 to 2002, its chairman from 1999 to 2003, and a director since 1987. He left the board Sept. 3.
