Three More BofA Directors Quit

By Drew Nelles,  Newser Staff
Posted Aug 1, 2009 11:51 AM CDT
Bank of America joined other big banks in reporting a big second-quarter profit Friday, July 17, 2009, even as losses from failed loans continued to rise.   (AP Photo/Mark Lennihan, file)
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(Newser) – Three more Bank of America directors have resigned, upping the beleaguered lender’s recent board departures to 10, Bloomberg reports. John T. Collins, William Barnet III, and Gary Countryman did not leave because of any disagreement with company executives, the bank insists. More board members will be added later this year in the wake of Bank of America’s declining revenues and government bailouts.

“This shows that there is continued pressure to improve things and they are still looking around to see who was around when the bad stuff occurred,” a shareholder says. “They have brought in stronger directors and they are headed in the right direction.” Thirteen directors currently sit on the bank’s board.