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CLAY BANK REPLACES NEWEST PRESIDENT - Shake-up Follows Audits And Examinations, Board Says Legg Resigned |
| (09/19/2003) |
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There was a major shake-up at the Clay County Bank Wednesday, with President Scott Legg being replaced. Legg was given the bank president's job when J. D.
Morris was sent to prison for stealing money from the institution. Morris was the former President of the West Virginia Board of Education. The bank's board of directors may have been responding to directions issued by federal banking officials, which included a cease and desist order earlier this year after the bank was found out of compliance. The bank said Legg was not fired, but he resigned because of health problems. Examination of the Clay bank has indicated a pattern of unsafe and unsound practices as well as violations of state and federal laws, rules and regulations. Greg Gency has been appointed interim President with Brett Stover the new number two executive, during Wednesday's board meeting. An audit called for "A review of each existing officer's job responsibilities, performance and abilities. The review shall focus on an assessment of the duties performed by the president, senior vice president, all vice presidents and the internal auditor and shall result in a formal determination of the ability of each individual to perform competently his or her assigned duties." "The primary purpose of this review shall be to aid in the development of a management structure suitable to the Bank's needs and that is adequately staffed by qualified and trained personnel. If existing personnel do not satisfy the Bank's needs, they should be terminated and replaced with personnel who can perform the duties on an interim basis while the Board conducts a personnel search from outside the bank," said the directive. The bank has apparently been plagued with internal problems, including an ill-fated loan to Filicon, which was to have brought jobs to the area. One or more suits are involved regarding the demise of the company. Accusations have been made against the bank over improper practices in the making of loans. Details in the Clay Communicator. |
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