Days after rejecting a takeover offer, Peekskill (N.Y.) Financial Corp. has been sued by a shareholder who is demanding that the company's board reconsider.

Peekskill last week rebuffed a $48.3 million-or $17.25 per share-cash offer from BRT Realty Trust, a Great Neck, N.Y., real estate investment trust. Instead, the thrift company plans to continue with its modified Dutch auction, which is in progress and set to expire Jan. 27.

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