Harrison resigns from First National

Published 12:00 am Wednesday, July 13, 2005

Longtime CEO William T. Harrison of First National Bank of Shelby County resigned recently.

His resignation comes after a time of turmoil at the bank that culminated in an agreement between the board of directors and the Office of the Comptroller of the Currency that certain changes would be made in the bank’s operation.

According to the agreement, if First National met the requirements, the bank would be allowed to stay in operation.

Over a period of several years, the OCC charged the bank &uot;with violations of law, rule or regulation, with unsafe or unsound banking practices.&uot;

The agreement also charged the bank failed to comply with a previous agreement that set forth certain oversight measures.

Bank attorney Ron Snider said last week Harrison’s resignation is the only personnel change that has occurred at the bank.

&uot;There are no other changes as far as I know,&uot; Snider said.

Snider said Harrison’s resignation had not been a requirement of the agreement between the bank’s board and the OCC.

&uot;He resigned of his own volition,&uot; Snider said, indicating the board had not made any determination whether a new chief executive officer would be named or whether Harrison’s duties would simply be re-assigned.

Snider would not elaborate regarding other changes in the bank’s future, especially whether the board was seeking a buyer for the longtime Shelby County operation.

&uot;As we’ve said in the past, the board is considering its options,&uot; Snider said.

He said, however, there have been expressions of interest along those lines.