Yadkin Financial in Elkin, N.C., will pay its former leader $2.2 million over the next year as part of an ongoing management transition.
The $4.3 billion-asset company disclosed in a regulatory filing last week that Joe Trowell is no longer involved in day-to-day operations after shifting from chairman to non-executive chairman on June 30.
Trowell, who helped orchestrate the bank's 2014 merger with VantageSouth, will serve as a consultant to Yadkin for the next three years. He will be paid $2.2 million in severance, over 52 weekly installments, according to a severance agreement included with the regulatory filing. Trowell will also receive pay for his consulting services.
Scott Custer, who led VantageSouth prior to last year's merger, is Yadkin's chief executive.