Stanton v. Republic Bank of S. Chicago

This matter involves three consolidated cases which were each before the trial court for a determination of the “fair value” of plaintiffs’ share of common stock of South Chicago Savings Bank (the Bank). The trial court determined the fair value of plaintiffs’ shares to be $7,950.87 per share with a prejudgment interest rate of 7.345%. On direct appeal to this court, pursuant to Supreme Court Rule 302(b), we now affirm.

Under a plan of reorganization adopted by the Bank’s directors, subject to the approval of plaintiffs and other shareholders, the Bank became the wholly owned subsidiary of a…