Alliance Bancorp of Hinsdale, Ill., a western suburb of Chicago, said its shareholders rejected a slate of dissident candidates for its board. The three candidates were nominated by La Salle Financial Partners, a large shareholder based in Kalamazoo, Mich.

La Salle had said it wanted board representation because it feared that Alliance would be sold at a "fire sale" price. Alliance, the parent of Liberty Federal Bank, had countered that it was La Salle that intended to sell the company.

Alliance said last week that the preliminary count showed 65% of its 8.5 million shares were voted in favor of five directors nominated by management.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.