A shareholder of Centralia, Ill.-based CSB Financial Inc. has sued the company, its top executive, and its directors after CSB allegedly rejected an offer to be bought for $10.8 million in cash.

The class action, which was filed this month in a Delaware court, alleges that CSB's chief executive officer, K. Gary Reynolds, rejected a bid in March to sell the $48 million-asset thrift holding company for $14.75 a share.

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.