Darla Moore, the Lake City financier for whom the USC business school is named, will resign at the end of the year from the board of Carolina First bank's Greenville-based parent company.
Moore, who joined The South Financial Group board in 2005, said in a letter released Friday that her departure had nothing to do with the bank's financial woes, including losing more than $1 billion since the beginning of 2008.
"I've been considering this matter for some time, primarily as a result of the level of other commitments that I have," Moore wrote to board chairman C.B. Smith, a Columbia lawyer. "Please understand that this has nothing to do with my level of support for TSFG or Carolina First bank, and I certainly wish the company nothing but the best, particularly as it traverses these difficult economic times."
South Carolina's largest state-grown bank was told this week by Nasdaq that it needed to raise its stock price to remain listed on the exchange. South Financial shares reached an all-time low of 53 cents Dec. 3 and closed at 60 cents Friday. It traded at $15.63 at the beginning of 2008.
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- Andrew Shain