Frederick D. Ledbetter v. First State Bank & Trust Company, Trustee

GODBOLD, Senior Circuit Judge:

Frederick D. Ledbetter is the beneficiary of a written, revocable trust, of which he is also the trustor, and First State Bank and Trust Company is the trustee. The bank, located in Georgia, is a wholly owned subsidiary of First State Corporation (“FSC”), a two-bank holding company. The bank, as trustee for plaintiff, owns less than %% of 1% of the outstanding stock of FSC. Considering other trusts for a number of plaintiffs relatives, the bank owns nearly 40% of the holding company’s outstanding stock, although it has the power to vote only 6% to 8%.

Plaintiff…