The vice chairman of Tidelands Bank has resigned, citing differences with fellow board members over the resignation of the lender’s president and chief executive officer.
J. Louis Grant, an independent director of the Mount Pleasant-based bank and its parent company, announced during a morning conference call last Tuesday that he was stepping down, according to a filing with Securities and Exchange Commission.
The previous day, Robert E. “Chip” Coffee abruptly resigned from Tidelands, which has been struggling financially.
The bank said its SEC filing that Grant did not explicitly specify his reasons for quitting in a letter dated Wednesday. But it went on to say it “believes that his resignation is the result of a disagreement” regarding the board’s “deliberative process in accepting” Coffee’s resignation.
Reached by telephone today, Grant said that description “expresses my sentiments exactly.” He declined to elaborate.
Larry Tarleton, acting chairman of Tidelands Bancshares Inc. and a former publisher of The Post and Courier, said in an email that he could not comment beyond the SEC filing.
Grant is an executive with Robinson Grant & Co., a certified public accounting firm on Hilton Head Island.
At the time of his resignation, he served on four committees at Tidelands. He also was vice chairman and secretary of both the holding company and the bank.
Contact John McDermott at 937-5572.