The chief financial oificer of U.S. Central Credit Union resigned Monday, saying in a resignation letter that his continued presence would hurt the institution.
As chief financial officer, Glen A. Carter was involved in U.S. Central's controversial $255 million investment in Banco Espanol de Credito, a Spanish bank seized by regulators in December 1993.
"The investment activities of U.S. Central have been the subject of intense, and often unwarranted, scrutiny and criticism by numerous constituencies," Mr. Carter wote in a letter to James R. Bell, president of U.S. Central.
"The scrutiny has distracted U.S. Central from vigorously pursuing its mission and the criticism threatens the confidence placed in U.S. Central by its regulators, its members, and the financial community at large."
Noting that he has been "the focus of much of the scrutiny and criticism," Mr. Carter wrote: "I believe that my continued participation in the management of U.S. Central will only delay the end of that distraction and the threat to that confidence."
Mr. Carter had been chief financial officer of U.S. Central since April 1992.