CHICAGO -- The top nine officers of Continental Bank Corp. will become eligible for $23 million of severance benefits when the unit is sold to BankAmerica Corp., but disenting the golden parachutes and seeking to block the deal.

San Francisco-based BankAmerica by Sept. 30 hopes to complete the acquisition of the $23 billion-asset Continental, in a cash and stock deal valued at roughly $2.3 billion. At an estimated $37.14 per share, the price represents roughly 124% of book value at March 31.

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