founding director
Century Realty Chairman Larry Maxwell Resigns From Bank
CenterState board member leaves after bankruptcy filing.
Last Modified: Friday, August 13, 2010 at 12:14 a.m.
WINTER HAVEN | CenterState Bank of Florida and its holding company have lost longtime board member Larry Maxwell.
Maxwell, the chairman of Lakeland-based Century Realty Funds, resigned from the board of CenterState and its Davenport-based holding company, CenterState Banks Inc., on Aug. 5, according to a filing with the Securities and Exchange Commission.
"Mr. Maxwell reported that his decision to resign was based on other business issues and personal time constraints," the filing reads. "He further stated that he intends to continue to be a valued customer of CenterState and a supportive shareholder."
Maxwell was a founding director of CenterState Bank and owned more than 1.6 million shares, or roughly 6 percent, of the holding company's total common stock, as of March. Two days prior to his resignation from the boards, Century Realty Funds filed for Chapter 11 bankruptcy protection for a handful of its affiliate companies.
Maxwell's lawyer, Ron Clark of Lakeland, said the bankruptcy filings stemmed from more than $61 million in outstanding loans on commercial projects with BB&T and Wells Fargo banks, which were unwilling to extend loans on various commercial properties.
Clark said Maxwell's decision to leave the CenterState boards wasn't necessarily tied to the Century affiliates' financial issues.
"He's working very hard in a lot of areas and if he can't give something 100 percent he's not going to do it. That's his nature," Clark said.
John Corbett, president and chief executive of CenterState Bank, called Maxwell a "great advocate for the bank."
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