Independence Bancshares in Greenville, S.C., has dismissed Gordon Baird as chief executive and suspended its development of a real-time payments technology.

The $104 million-asset company terminated Baird's employment on Friday, according to a regulatory filing. Independence also terminated employees who were involved in the real-time payments initiative.

The filing did not explain why Baird and the other employees were let go.

Baird will remain a company director. He owned about 11% of Independence's stock as of Sept. 15.

Additionally, Independence said it will explore strategic alternatives for assets related to its real-time payments project, including the potential purchase of intellectual property assets owned by a company affiliated with Baird.

Baird, a former Citigroup executive, joined Independence in March 2013, with backing from former Citi President and Chief Operating Officer Robert Willumstad and others.

In May, Independence raised $8.5 million to further its plans developing the new payments system. In July 2014, Independence disclosed plans to potentially expand into other services, including prepaid debit products and debit card issuance.