Solera National Bancorp (SLRK) lost its proxy battle at the ballot box, though the Lakewood, Colo., company still hopes it can win in the courtroom.

Michael Quagliano, an Illinois restaurateur and real estate developer who launched an aggressive campaign for board control, resoundingly defeated Solera's candidates in a shareholder vote last week, according to a regulatory filing Wednesday. Quagliano's six candidates received an average of nearly 1.2 million votes, about 73% more than each of Solera's nominees. Shareholders also endorsed Quagliano's proposal to shrink Solera's board to five directors.

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