Solera National Bancorp Inc (OTCMKTS:SLRK) Announces President’s Resignation: Stock Falls

The departure of officers can often prove to be a trigger for a company’s stock one way or another and that is what seemed to have happened with the Solera National Bancorp Inc (OTCMKTS:SLRK) stock on Friday.

Market Stats

On Friday, SLRK stock slid 2.42% to $11.99 with more than 24.7K shares, compared to its average volume of 2K shares. The stock moved within a range of $11.70 – 12.20 after opening trading at $12.20.

Departure of Director or Certain Officers

However, in this context, it is perhaps necessary to note that although the stock declined by as much as 3% on Friday, the actual news about the departure of a key personnel was not made on the same day. In fact, the announcement was actually made on February 3 and hence, it may be said that it is unlikely that the news had led to the move.

However, it may still be a good idea for investors to be abreast of the situation. The company announced at the time the executive vice president and chief credit officer Peter Lindquist and President as well as member of the board Kreighton Reed had both resigned from their positions.

It is clear to see that such high profile resignations from any company can often prove to be a problem and may have come to the attention of investors as well. However, it remains to be seen if the stock continues to decline or not.

Traders Corner

SLRK stock is trading below the 20-Day and 50-Day Moving averages of $12.29 and $12.08 respectively. Moreover, the stock is trading below the 200-Day moving average of $12.14.