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Smith, a Columbia lawyer and real estate broker, was named interim chairman after CEO and Chairman Mack Whittle left the company a little more than a week ago.
Whittle, who founded the parent of Carolina First bank in 1986, had announced in September he would retire at year's end. Whittle will remain a board member until 2011.
The bank that grew quickly through acquisitions has suffered a tough year on troubled real estate loans on the coast and in Florida. Those bad loans helped lead to a $201 million write-off earlier this year.
Some have questioned whether Whittle left to protect his retirement package after the largest bank based in South Carolina applied for government bailout money. The bank is seeking between $115 to $347 million from the bailout fund, according to a regulatory filing.
A condition of getting bailout money is that executives cannot receive so-called "golden parachutes." Whittle's retirement package was valued at about $18 million in September, according to a regulatory filing.
Smith declined comment last week on the timing of Whittle's departure with the bailout request. He noted Whittle left as the succession process was proceeding well. The bank is being run by a trio of company officers, he said. A new CEO is expected in place by year's end.
Efforts to reach Smith today were unsuccessful.
Timmons, the new vice chairman, is an officer with Canal Insurance Co., a Greenville commercial vehicle insurer.
To see more of The State, or to subscribe to the newspaper, go to http://www.thestate.com. Copyright (c) 2008, The State, Columbia, S.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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