Ill. Bank Shareholder Sues Over Merger Disclosures

A shareholder of Illinois-based retail bank First BancTrust Corporation filed suit in Delaware federal court late Tuesday alleging the company’s directors omitted material information about its financial projections in a proxy statement detailing a proposed merger with First Mid-Illinois BancShares Inc.

In the proposed class action complaint, First Bank shareholder Paul Parshall alleged violations of the Securities Exchange Act of 1934 by the directors of the bank when they purportedly didn’t include sufficient information in a proxy statement outlining the $73 million acquisition by First Mid-Illinois...

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