Updated 22 days ago
- Age: 127 years
- ID: 10068873/103
4655 Executive Drive Suite 1500 San Diego, California 92121-3134
The Firm also handled a ground breaking case for the Cleveland Trust Company that resulted in the establishment of the first multi-county bank holding company in Ohio. Prior to this litigation, an Ohio bank was restricted to operating in only the county in which it was founded. Our client, Cleveland Trust, was the only exception as it had pre-existing branches in Lake and Lorain counties due to a statutory grandfather clause. However, the bank wanted to expand and approve a reorganization that would involve a holding company and three new subsidiary banks, each subsidiary covering banking within one county and each having an independent corporation, board of directors, and capital structure. Thirteen suits were filed by small banks to stop the reorganization as a transparent evasion of the state's bank branching laws. The Ohio Supreme Court upheld the reorganization as not violating the states' branch banking law since it involved independent as opposed to branch banking. This case..
Registration numbers: 223597 (W)
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