Independence Federal Savings Bank in Washington announced Tuesday that E. Leroy Morris, its interim president and chief executive, has submitted his resignation and will step down March 23.
The troubled $161 million-asset thrift also said a court has granted its request for permission to disseminate proxy materials to shareholders so it could hold an annual meeting.
Mr. Morris, also the thrift's chief financial officer, was named the interim president and CEO in June. He succeeded Thomas L. Batties, who resigned.
Three days after Mr. Batties stepped down, Independence was hit with an enforcement order from the Office of Thrift Supervision requiring it to improve its Bank Secrecy Act oversight and take steps to improve its performance. The order also said that Independence, which lost more than $2 million last year, should find a buyer if it did not have the resources to turn itself around.
The African-American-owned thrift said that Mr. Morris was resigning to pursue other opportunities.
It also announced that the U.S. District Court for the District of Columbia had modified an earlier injunction that prevented Independence from distributing proxy materials to shareholders.
