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.

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.