According to the News & Record, in explaining the resignation during his divorce proceedings:
Robbie Perkins responded, saying he had to resign because he could not pay the home equity line owed to the bank for the couple’s house.According to Newbridge Bank's 8-K filed with the Securities and Exchange Commission:
Mr. Perkins indicated that his decision to resign is due to increased family and business responsibilities, including his position as Mayor of the City of Greensboro, all of which have caused him to reduce his activities in other areas. Mr. Perkins’ decision to resign was not the result of any disagreement with the Company or its management.
Thank you, Roch.
ReplyDeleteIn fairness to all concerned, both could be true. I suspect the statement to the N&R is *more* true, however, and that's a bit of a problem for the bank and Robbie inasmuch as Robbie knew or should have known that his activities as a director, including the state of his financial relationship with the bank on whose board he sat, likely would be considered "material" under SEC regulations and therefore subject to disclosure.
ReplyDeleteThat's true, they are not mutually exclusive; and it is also true that resigning because he could not pay back a loan to the bank would probably be material, indeed.
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