Ex-minority shareholders of Texas' Broadway Bancshares have filed a lawsuit claiming the company forced them to sell their stock at a discounted price.

The San Antonio-based company offered $67 per share to 120 shareholders as part of a conversion to an Internal Revenue Code subchapter S corporation. S corporations are allowed only a limited number of shareholders, so institutions such as $995 million-asset Broadway have to buy out small investors to make the switch.

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