The owner of Tidelands Bank told stock-market regulators today that its former president and chief executive officer quit on Monday.
The disclosure that Robert E. “Chip” Coffee stepped down from the lender and its board of directors was made in a filing this morning with the Securities and Exchange Commission. The departure of a CEO and other “material events” at a publicly traded U.S. company are required to be disclosed to the SEC.
It was first reported Wednesday on www.postandcourier.com that Coffee had left the struggling Mount Pleasant-based bank, but the timing of his departure was not released.
In today’s filing, Tidelands Bancshares Inc. gave no reason for Coffee’s resignation.
The company announced Wednesday that Thomas H. Lyles, chief administrative officer, had been appointed acting CEO. It also said that Alan Jackson, its chief financial officer, had been named acting president.
In today’s filing, Tidelands said its Coffee was entitled to “certain benefits” under a May 2008 employment agreement but did not identify them.
Lyles said today that Coffee waived his rights to some of his key severance benefits about 18 months ago, including a lump-sum payment of three times his annual salary and medical, dental and hospitalization insurance coverage for up to three years.
The bank has struggled in recent years under a pile of bad real estate loans. It recently reported a $16.5 million deficit for 2010. In the previous two years it lost a combined $16.1 million.
See Friday’s editions of The Post and Courier for more details.