SAN FRANCISCO - Independent Bancorp of Arizona's move to replace its high-profile leader, Anthony M. Frank, was due to its need for a full-time chairman, not pressure from investors, the company's former chief said on Monday.

Independent, parent of Phoenix-based Caliber Bank, announced last week that Mr. Frank, a long-time thrift executive and former postmaster general, had resigned as chairman and chief executive and given up his seats on the bank and holding company boards.

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