Joseph Kellard reports:
A director at Citizens Independent Bancorp in Logan, Ohio, resigned after members of management chastised him for an email security breach.
The $181 million-asset company said in a filing with the Securities and Exchange Commission that Michael Shawd resigned Aug. 18 as one of nine directors of the company and Citizens Bank of Logan. “Mr. Shawd resigned due to a disagreement with the Company’s board of directors regarding his violation of the Company’s Information Security Policy in using an unsecured email server to send confidential bank information to the other directors on the board,” the filing said.
In his resignation letter to the board, Shawd said that none of his actions, “in part or in total, deserved discussion of being forced out. I consider it pretext for cultural issues with executive management.”
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