D & N Financial Corp. v. RCM Partners Ltd. Partnership

OPINION

FARNAN, District Judge.

I. FACTS

A. Introduction

This case essentially involves a dispute between a savings bank and its largest shareholder over the bank’s recent poor financial performance and what should be done about it. Plaintiff is D & N Financial Corporation (hereinafter “D & N”), a corporation with its principal place of business in Hancock, Michigan. Its sole subsidiary is D&N Savings Bank, a federally chartered stock savings bank with $2.6 billion of assets. These assets were mostly acquired from the lending of depositors’ funds for real estate loans and other types of…