Standish out as BFNB president, director
Two weeks after being relieved of chief executive duties by Beach First National Bancshares, Walt Standish has resigned as president and director of the Myrtle Beach-based bank company.
Standish, who joined Beach First in 2000, resigned Friday.
Beach First is in a world of trouble financially. Last month it announced that it lost a staggering $30 million in 2009. That’s a substantial increase over 2008, when it lost $3.7 million.
Stock in Beach First, trading for nearly $14 a share two years ago, is currently at 86 cents.
In a written agreement between the Federal Reserve Bank of Richmond, Beach First was told not to declare or pay dividends, purchase or redeem shares or take any other actions that reduce the capital of Beach First National Bank without regulatory approval.
The Fed said Beach First had 60 days to submit to the Richmond Fed an acceptable written plan to maintain sufficient capital at Beach First on a consolidated basis.
The Fed order comes just over three months after another regulator, the Office of the Comptroller of the Currency, ordered Beach First to submit a revised three-year capital plan.
In mid-February, Standish was replaced as chief executive officer on an interim basis by John S. Poelker. In conjunction with this appointment, the bank entered into a consulting agreement with The Poelker Consultancy.
At that time, however, the company said that Standish agreed to retain the title of president of both Beach First National Bancshares and Beach First National Bank.