Stick a fork in YTB Travel. They are done.
STLToday:
Clay Winfield, a Madison County developer, resigned last Thursday. And Dr. Timothy Kaiser, an Alton physician, will not seek re-election at the company's annual shareholders meeting next month.
The two were principal shareholders in Meridian Bank, which was taken over by federal regulators in October and, according to regulatory filings, had lent money to YTB, including a $2.5 million loan to build its Wood River headquarters. The two also owned a company that rented and later sold office buildings in Edwardsville to YTB, and a second company that sold YTB a private jet. Winfield is also co-owner of the construction company that is building YTB's new headquarters, which has received at least $6.4 million for the job.
The move comes weeks after a statement from YTB's independent auditor criticizing the company's internal financial controls. It said the board had too little control over management spending and that executives had signed contracts without proper board approval. In its filing last week, YTB also said it will shift business away from an Indiana printing company owned by its top executives that did $3.4 million in YTB business last year.
