Rory Brown, the chairman and chief executive of Florida-based Lydian Private Bank, has resigned after a financial report adjusting the bank’s fourth quarter results to show $33 million of capital disappearing, South Florida Business Journal reports.

James Meany remains the bank’s president, and it has not been confirmed whether he is also acting as interim CEO, according to the publication. Brown was one of the bank’s founders.

In late April, Lydian reportedly revised its fourth quarter results, with the later results showing a $33 million difference in the bank’s Tier 1 capital, down from $116.7 million to $83.8 million. This means it fell below “well-capitalized” status, with a Tier 1 capital ratio of 4.86 per cent.

The firm, which according to its website has offices in Palm Beach, Coral Gables, Palm Beach Gardens, Sarasota and Tampa Bay, received a cease and desist order in December 2010 for operating with an inadequate level of capital, among other practices.

In the SFBJ, it is reported the resignation may help the bank with an $155 million capital raising, by appeasing regulators.