Onbancorp's largest shareholder, Seymour Holtzman, withdrew his proposal that the bank's board put the bank up for sale, citing injuries he suffered during a recent accident. He said he broke two ribs.
On Oct. 10, Mr. Holtzman said he would ask fellow shareholders during the bank's annual meeting to find a buyer in a bid to increase the stock's price. The stock has risen 9.4% so far this year, lagging the industry.
Two weeks later, Onbancorp sued Mr. Holtzman, alleging he violated securities laws by distributing false information about the company and its directors.
Onbancorp shares tktkt to tktk, as tktktk shares changed hands. Average daily volume over the past six months has been about 53,000 shares.