Two months after being forced out as chairman, a director of a suburban Philadelphia bank has lost his bid to replace one-third of the directors and pressure the board into seeking a merger.

Shareholders of Madison Bancshares Group, Blue Bell, Pa., voted overwhelmingly last week to reelect the current chairman and three directors. About 74% of the shares were voted for management's nominees, who were opposed by a four-person slate nominated by director and former chairman Alan T. Schiffman, according to bank officials.

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