First PacTrust's plan to have power sharing between two chief executives was short-lived.

The $1.6 billion-asset company said late Friday that Gregory Mitchell, who had been its CEO since November 2010, had resigned. The resignation comes roughly a month after First PacTrust announced that Mitchell would share the CEO title with Steven A. Sugarman, a financier who led a recapitalization of the Irvine, Calif., company two years ago.

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