After almost 30 years with the company he founded, Peter Vosotas no longer is chairman of the board and a director at Nicholas Financial, an indirect special finance company that originates subprime loans with more than 1,600 dealers.

According to the company’s filing with the Securities and Exchange Commission, Vosotas resigned as of June 25.

“Mr. Vosotas’ decision was based on personal reasons and was not the result of any disagreement with the company on any matters relating to the company’s operations, policies or practices,” Nicholas Financial said.

Then on Tuesday, the company’s board unanimously appointed president and chief executive officer Ralph Finkenbrink to serve as chairman of the board.

The board also unanimously elected Kevin Bates, the company’s senior vice president of branch operations, as a director to fill the vacancy created by Vosotas’ resignation.

The leadership of Nicholas Financial wasn’t finished making major decisions.

The board also determined to discontinue its previously announced exploration of possible strategic alternatives for the company, including, but not limited to, the possible sale of the company to Prospect Capital Corp. or another third party, potential acquisition and expansion opportunities and/or a possible debt or equity financing.

“After careful consideration, the board determined that the company and its shareholders' interests will be best served at this time by the company focusing on its operations as a stand-alone entity,” Nicholas Financial said.

Officials also indicated their annual general meeting of company shareholders, which was tentatively scheduled to be held on July 30, now will be held on Aug. 12, 2014.

The company anticipates mailing a proxy statement and related materials on or about July 11 to shareholders entitled to vote at the annual meeting.

The series of moves caps what’s been a whirlwind few months for Nicholas Financial.

Coming off an appeal to remain listed on Nasdaq, the board of directors voted in June to terminate an agreement to be acquired by Prospect Capital Corp., through a deal that hit snags because of demands by the Securities and Exchange Commission.

During a June meeting, the company’s board determined certain conditions requisite to consummation of the arrangement “could not be satisfied by the termination deadline,” which was June 12.

According to Prospect Capital’s latest quarterly filing with the SEC, agency officials asserted that certain unconsolidated holding company subsidiaries through which Prospect holds an investment in operating subsidiaries should be consolidated. Consequently, Prospect said the requirement is delaying the effectiveness of its registration statement on Form N-14 related to the transaction involving Nicholas Financial.

Last December, Prospect entered into a definitive agreement to acquire 100 percent of the common stock of Nicholas Financial for $16 per share, pushing the total transaction figure to $340 million.

But just before Nicholas Financial’s special meeting, Prospect Capital learned that it would not be required to restate its prior period financial statements to consolidate certain wholly-owned or substantially wholly-owned holding company subsidiaries based on its discussions with the staffs of the Division of Investment Management and the Office of the Chief Accountant of the SEC.

Meanwhile, Nicholas Financial appealed the determination by Nasdaq to delist the company’s common shares from the Nasdaq Global Select Market.

On May 20, Nasdaq advised the company that the hearing panel handling such an appeal granted the company’s request for continued listing. The decision was subject to the condition that, on or before Aug. 31, the company informs the panel that the company has solicited proxies and held an annual meeting of shareholders.

The new developments regarding that potential acquisition and its standing on Nasdaq all came after Nicholas Financial watched its net earnings soften as it closed its 2014 fiscal year.

For the three months that ended March 31, net earnings decreased 40 percent to $2,860,000 as compared to $4,787,000 for the same span a year earlier.

The company’s fourth-quarter diluted earnings per share decreased 41 percent to $0.23 as compared to $0.39 a year ago. Nicholas Financial’s revenue increased less than 1 percent to $20.443 million for the fourth quarter, compared to $20.372 million during the previous year’s quarter.

For the 2014 fiscal year, Nicholas Financial reported that its net earnings decreased 16 percent to $16.703 million as compared to $19.941 million for the 2013 fiscal year.

Diluted earnings per share decreased 17 percent year-over-year to $1.36 from $1.63. Annual revenue increased 1 percent to $82.629 million, up from $82.11 million.

“Our results for the three and 12 months ended March 31 were adversely affected by a reduction in the gross portfolio yield, an increase in the provision for losses and an increase in operating expenses compared to corresponding periods ended March 31, 2013,” Vosotas said.

“Each period was also significantly affected by professional fees associated with the previously announced potential sale of the company. Such fees were principally related to fiscal 2014 and resulted in a higher effective tax rate as the majority were not deductible for income tax purposes,” Vosotas continued.

“The after-tax impact on diluted earnings per share by such professional fees totaling $1,131,000 and $2,312,000 was approximately $0.09 and $0.18 for the three and twelve months ended March 31, respectively,” he went on to say.

Despite the softening of some financial readings, Nicholas Financial originated more contracts in both Q4 and the fiscal year. The company’s number of contracts jumped from 4,240 to 4,661 in the fourth quarter, and from 14,789 to 15,949 for the year.

The company presently operates 65 branch locations in Southeastern and Midwestern states.