Yabsley v. Conover

MEMORANDUM OPINION

KOCORAS, District Judge.

The plaintiffs in this action are nine former shareholders of the National Bank of Earlville, (the bank), a publicly-held national bank in Earlville, Illinois. As of July 30, 1982, the plaintiffs owned 818 of the 4000 outstanding shares of bank stock. On or about that date, the bank issued a proxy statement announcing a special shareholders meeting on August 24, 1982 to consider a plan of reorganization. Pursuant to the proposed reorganization, the National Bank of Earlville would merge with the Second National Bank of Earlville, an interim bank…