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Re: Enterprising Investor post# 16

Thursday, 12/04/2014 3:11:57 PM

Thursday, December 04, 2014 3:11:57 PM

Post# of 57
Regarding EXSR- that appears to be a unique situation which might prevent a merger. A controlling interest is owned by a trust with dividends going to support a community college scholarship fund. This was set up by Frank Doyle, the bank founder, and his will dictates that the trust is not allowed to sell the stock.

http://www.metroactive.com/bohemian/11.30.11/news-1148.html

"Doyle's will prohibits the Doyle Trust Fund from selling its stock, which is a controlling interest in Exchange Bank. This was Doyle's way of assuring that the bank would not be sold. "

However, the article goes on to say that it's conceivable that a court might strike that provision if it were challenged.

More info here-

http://www.bohemian.com/northbay/deep-doyle/Content?oid=2173728

http://www.marinatimes.com/2012/06/doyles-legacy-goes-farther-than-his-drive/