Integrity Bancshares Inc. of Alpharetta, Ga., has fired its chief executive officer eight weeks after announcing that troubled commercial real estate loans would take a $21 million bite out of its second-quarter earnings.
The $1.3 billion-asset company said late Tuesday that its president and CEO, Steven M. Skow, had left the company Monday. Harold A. "Kelly" Klem, Integrity's chief operating officer, will serve as the interim CEO until a successor can be found, the company said.
Integrity also said the Nasdaq Stock Market Inc. advised the company after it failed to file its quarterly report for the period that ended June 30 that its common stock was subject to delisting. Integrity said it has not been able to file the report, because its resources are tied up with an ongoing Federal Deposit Insurance Corp. examination. It said it expects to file its quarterly report within three weeks.
The FDIC began examining Integrity after it revealed April 30 that it had $83 million of troubled loans associated with or controlled by a single guarantor, according to a filing with the Securities and Exchange Commission.
At midday Wednesday, Integrity's stock was trading at $5.66 a share. It has dropped 56% so far this year.
