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IN RE McCALLUM ESTATE

Docket No. 83045.

153 Mich. App. 328 (1986)

395 N.W.2d 258

In re McCALLUM ESTATE McCALLUM v. FIRST STATE BANK OF EAST DETROIT

Michigan Court of Appeals.

Decided May 13, 1986.

Attorney(s) appearing for the Case

McShane & Bowie (by Terry J. Mroz), for plaintiff.

McInally, Brucker, Newcombe, Wilke & DeBona, P.C. (by Wilber M. Brucker, Jr.), for First State Bank of East Detroit and First State Financial Corporation.

Before: GRIBBS, P.J., and D.E. HOLBROOK, JR., and T. ROUMELL, JJ.

PER CURIAM.

The directors and shareholders of defendant First State Bank of East Detroit (Bank) determined to form a bank holding company pursuant to § 130 of the Michigan Banking Code, as amended, MCL 487.430; MSA 23.710(130). They used the so-called "phantom" or "interim bank" method whereby, through a consolidation with a newly created interim bank, the stock of the Bank was transferred to defendant First State...

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