Board Reportedly Wants Abboud Out: Directors of...

Board Reportedly Wants Abboud Out: Directors of First City Bancorp. of Texas want A. Robert Abboud to step down as chairman and chief executive of the troubled Houston bank holding company, a published report said. A meeting of the board has been called today, and “if there is any announcement, it would come after that meeting,” said company spokesman Jim Day. He refused further comment on a Wall Street Journal report that the directors are attempting to work out a plan for Abboud’s resignation that wouldn’t breach his management contract. The report, citing bank sources, also said four of Abboud’s senior aides, including President and Chief Operating Officer Robert D. Richley, have launched an effort to remove Abboud.