The resignation of a Compass Bancshares director is unlikely to affect a proxy battle at Alabama's fourth-largest bank, though the board member was considered sympathetic to the dissident faction.

Compass announced late last week that Thomas E. Jernigan had resigned "because of his other business interests and time constraints." Mr. Jernigan is president and chief executive of a textile firm, Marathon Corp., and owns 1.3% of Compass' stock, according to the bank's most recent proxy statement.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.