Spence also has served on the board of directors for Reliance Bancshares Inc., a bank holding company headquartered in St. Louis. Spence said he resigned from the board effective in March. In February, the company announced it would stop making the $2.2 million annual dividend it was supposed to pay to the U.S. Treasury on the $42 million it received under the Troubled Asset Relief program. Spence said he doesn't recall any details about that decision...
In early 2011, Reliance suspended payments on TARP, and a month later, Spence resigned from the bank’s board.
“I resigned from the bank board over this issue,” Spence said.
Effective March 15, 2011 David R. Spence resigned as a Director of Registrant. Their resignations are not related to any disagreements with Registrant’s operations, policies or practices.
If Dave Spence's new story is to be believed, he completely forgot the reason he resigned from the board of a major corporation just a few months ago, but has since remembered it all quite clearly now that it's become a political problem for him.
And if Dave Spence's new story is to be believed, Reliance filed bogus paperwork with the Securities and Exchange Commission.