UPDATE at 1:01 a.m. on March 19
Trustee Dennis Alter, the namesake of the Fox School of Business’ Alter Hall, abruptly resigned from the Temple University Board of Trustees last Tuesday.
Alter declined to comment on his resignation during a phone call Monday evening with The Temple News.
Per his time on the Board, Alter said he “enjoyed [his] time on the Board immensely.”
Alter’s latest four-year term on the Board was set to expire in October 2019.
Board of Trustees Chairman Patrick O’Connor told The Temple News on Monday that Alter resigned during the Board’s last executive session last Tuesday and declined further comment.
Executive sessions are private and precede the Board’s public session. Alter’s resignation was not disclosed during the public session. Alter declined to disclose to The Temple News why his resignation wasn’t publicly announced.
Alter was unanimously reappointed to the Board in March 2016, about nine months after he and two other defendants settled a case with the Federal Deposit Insurance Corporation for $23.5 million, The Temple News reported in April 2016. The FDIC sued Advanta Bank Corporation, of which Alter is the former chairman and CEO, for $219 million, according to a complaint filed in June 2013.
CORRECTION: This article misstated the amount of the FDIC’s settlement with Alter and Advanta Bank Corporation. Alter and two other defendants settled for $23.5 million.