Three Chimneys Farm owner Robert N. Clay resigned Friday as a director of PNC Financial Services Group and its subsidiary, PNC Bank.
Clay "resigned to focus on other responsibilities and not due to any disagreement with PNC on any matter related to PNC's operations, policies or practices," according to the bank's filing with the Securities and Exchange Commission.
Clay, who has been on the board since 1987, said Tuesday that leaving the board would give him greater financial flexibility with his PNC shares, which he said he now can sell or put up as collateral.
According to PNC's proxy, as of Dec. 31, Clay had 26,047 shares of stock, with options for 8,000 shares. PNC shares (PNC: NYSE) closed Tuesday at $61.96, up $1.76.
"It gives me the freedom to use my equity, my shares in the bank, for whatever purpose I want to. As long as I'm a director, I couldn't do that," Clay said.
He said changes in federal banking regulations have made it more difficult to be both a customer and a director of a bank.
"I either had to leave the bank as a customer or leave the bank as a director. I wasn't faced with that choice, but it's hard to be director and a customer at the same time," Clay said.
"I've been a longstanding customer; I'm in good standing now," he said.
Three Chimneys Farm in Midway is home to Kentucky Derby winners Big Brown and Smarty Jones, as well as top sire Dynaformer.
"I've been on the board for a long time. I'm proud of my service. We've grown that bank in a big, big way," Clay said.
During his stint on the board, Pittsburgh-based PNC has gone from $12 billion in assets to $265 billion in assets.