- Associated Press - Wednesday, December 24, 2014

VIRGINIA BEACH, Va. (AP) - Virginia Beach Mayor Will Sessoms has resigned as president of TowneBank amid a conflict-of-interest investigation.

The Virginian-Pilot reports (http://bit.ly/1zSlPTl ) that the bank announced Tuesday that Sessoms is stepping down because of a new corporate policy forbidding executives from holding elective office.

The newspaper reported in November that Sessoms has cast dozens of votes affecting clients who together had borrowed at least $140 million from TowneBank. The investigation tracked every vote taken by the City Council since Sessoms’ 2009 inauguration and compared them with more than 3,000 real estate sales documents, land deed records, council agendas and lawsuits.

The bank had suspended Sessoms with pay pending its own investigation. A special prosecutor was appointed to determine whether his votes violated the state’s conflict-of-interest laws.

Sessoms has denied wrongdoing.

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Information from: The Virginian-Pilot, http://pilotonline.com

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