Shareholders of a tiny Ohio bank have sued its founders, seeking to recover their initial $4.5 million investment.

Towne Bancorp, Perrysburg, Ohio, began selling shares to the public in August 1992 and planned to close the public offering by Dec. 31, 1992. Unable to raise the needed funds by that date, the company applied for several extensions from the Securities and Exchange Commission and opened its subsidiary bank in October 1996.

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