CHICAGO -- Following an animated debate about golden parachutes, Continental Bank Corp. shareholders on Monday approved a proposed $2.3 billion buyout by BankAmerica Corp.

About 75% of Continental's outstanding shares were voted at the banking company's annual meeting, with about 99% of voted shares cast in favor of the BankAmerica transaction. San Francisco-based BankAmerica is paying about $1.9 billion for Continental's common stock, plus more than $400 million for its preferred shares.

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