Clay Resigns as PNC Bank Director

Three Chimneys owner said it is more difficult to be a bank director and customer.

Robert Clay, who operates Three Chimneys Farm near Midway, Ky., has resigned as a director of PNC Financial and it subsidiary PNC Bank after serving more than 22 years.

According to a filing with the Securities and Exchange Commission, Clay’s resignation was effective June 11 and was "not due to any disagreement with PNC on any matter related to PNC’s operations, policies, or practices."

Clay said his resignation was not related to PNC’s decision to curtail its equine lending after acquiring National City Bank in late 2008, but that it was in some ways related to his position as a PNC customer.

"I am long-time customer of PNC and plan to continue to be a customer," Clay said, "and recent changes in regulations make it harder and harder for a customer to also serve as a director. I have been a director for a long time and have been proud to see it grow from having $12 billion in assets to more than $265 billion in assets now."