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.
"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.
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