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CAPOBIANCO v. FIRST NATL. BANK OF PALMERTON

March 15, 1974

Anna T. CAPOBIANCO et al., Plaintiffs,
v.
The FIRST NATIONAL BANK OF PALMERTON et al., Defendants


Muir, District Judge.


The opinion of the court was delivered by: MUIR

I. Introduction.

 Plaintiffs are shareholders of The First National Bank of Palmerton, in Palmerton, Pennsylvania. They filed a complaint, alleging illegality in the election of bank directors at the annual meeting on January 29, 1974.

 Thereafter Plaintiffs moved for a preliminary injunction and a hearing was held thereon. The matter turns on whether the notification given by Plaintiff Anna T. Capobianco of the nomination of directors to the Bank's board was in compliance with applicable law requiring information with respect to the "total number of shares that to the knowledge of the notifying shareholders will be voted for each of the proposed nominees."

 The motion for a preliminary injunction must be denied as one of the chief prerequisites to the granting of such relief has not been met.

 II. Findings of Fact.

 1. The First National Bank of Palmerton is a banking association organized under the National Banking Laws.

 2. On or about January 4, 1974, the Bank and Defendant Silliman, its President, mailed to the stockholders of the Bank a "Notice of the Stockholders' Annual Meeting of The First National Bank of Palmerton" and a proposed proxy in favor of management's slate for the directorate.

 3. Anna T. Capobianco, the Estate of Faust Capobianco, and Anna Marie Checho are the record or beneficial owners of 5,835 shares of the capital stock, $25.00 par value, of The First National Bank of Palmerton (the "Bank"), representing 36.5% of the Bank's 16,000 issued and outstanding shares.

 4. James L. Leuthe and Salvatore Checho are the record or beneficial owners of 94 shares and 40 shares, respectively, of the capital stock, $25.00 par value, of the Bank.

 5. Anna Marie Checho is the daughter of Anna T. Capobianco and the late Faust Capobianco and is the wife of Salvatore Checho.

 6. Faust Capobianco was the husband of Anna T. Capobianco and the father-in-law of James L. Leuthe and Salvatore Checho.

 7. On January 11, 1974, Mrs. Anna T. Capobianco caused a Notification of Nomination to be personally ...


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