PORT CHESTER, N.Y. - Village Financial Services Ltd. said its chief executive officer, David V. Winstead, had resigned because of a philosophical difference with the board of directors.

Mr. Winstead, a director as well as president and CEO, said he would pursue other interests. Edmund C. Grainger Jr., chairman and CEO of the holding company and chairman of its subsidiary, Village Bank, will fill Mr. Winstead's roles until a successor is named.

On Monday, the company said Village Bank would take a fourth-quarter loan-loss provision of about $2.5 million, on top of $3.5 million in the third quarter, after a field examination.

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