OAKLAND, Calif.-- Civic Bancorp's Claude B. Hutchinson Jr. was for many years one of Northern California's most prominent businessmen. In May, he began a year's term as head of the California Bankers Association. Now he's just another banker without a job.
Frustrated by a surge in problem loans, Civic's board of directors demanded last month that Mr. Hutchinson step down as chief executive. Although he was invited to remain as chairman, he resigned.