In Brief: Proposal to Find Buyer For Bank Voted Down

Shareholders rejected a proposal to put Eagle Bancshares and its Tucker (Ga.) Federal Bank on the sale block.

J.C. Serrato, an investor who owns 4.79% of Eagle's common stock, had sponsored the resolution, which was defeated by a 2-to-1 margin. Tucker Federal president Richard B. Inman Jr. said the company did not have offers from potential suitors. The resolution would have required the board of directors to seek out a buyer.

In March, Mr. Serrato said management failed to implement out an effective business plan. In the quarter ended June 30, the $57 million- asset banking company earned $2.9 million, or 50 cents a diluted share.

In voting Thursday, shareholders overwhelming approved management's slate for the boards of directors. C. Jere Scehler Jr., Weldon A. Nash Jr., and William F. Wadrop Jr. were elected to three-year terms.

Eagle Bancshares is a unitary thrift holding company engaged in community banking, mortgages, and real estate development. It operates 15 branches in the Atlanta area.

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