Integrity Mutual Funds Inc., which last month sealed a deal to sell its mutual fund business, is losing its chief financial officer.

Heather Ackerman notified the the Minot, North Dakota-based firm on March 31 that she is resigning effective May 28, according to an SEC filing on Thursday.

Ackerman is leaving to pursue other opportunities, said Integrity interim president and CEO Bradley Wells.

Anita Mitzel, assistant controller, will assume Ackerman's accounting duties.The Integrity board will designate a new CFO at its meeting next month.

Ackerman joined Integrity in 1998 as a fund accountant. She then became an assistant portfolio manager in 2000, was promoted to controller in 2001 and took on the CFO post in 2003.

Last month, Integrity inked an agreement to sell its mutual fund division to a group composed of some of its employees as well as those of Viking Fund Management (see The MFWire, 03/10/09). Integrity Mutual Funds Inc. will instead focus on its brokerage operations and rechristen itself to reflect the change.

Integrity Mutual Funds Inc. posted a net loss of $4.2 million in the fourth quarter, compared to net income of $229,372 in the year-ago period. 

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