Leader of North Dakota bank abruptly resigns

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The president and chief executive of BNCCORP in Bismarck, N.D., has stepped down.

The $1 billion-asset company said in a press release Friday that Timothy Franz resigned, effective immediately. Daniel Collins, the company’s chief financial officer, will serve as interim CEO.

The company said it will look for a permanent chief executive.

BNCCORP, the parent of BNC National Bank, did not say why Franz left. Franz, who had been CEO since 2013, also stepped down from BNCCORP’s board.

With Franz’s departure, the size of the board was reduced to six directors.

“During his tenure, Tim has modelled high ethical standards and this mutual agreement is not related to any regulatory, compliance, financial reporting or similar matter,” Michael Vekich, the company’s chairman, said in the release.

“The board is focused on improved execution, business and financial performance, good governance practices, near-term strategic priorities, maintaining the organization’s safe and sound practices in a volatile economic environment and driving shareholder value,” Vekich added.

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