WARREN v. CENTURY BANKCORPORATION, INC.

No. 60414.

741 P.2d 846 (1987)

W.K. WARREN, Natalie O. Warren, John Joseph King, Jr., the William K. Warren Foundation, William K. Warren and the First National Bank and Trust Company of Tulsa, Trustees for Elizabeth Warren Blankenship Trusts D-1, D-2 and D-3, Dorothy Warren King Trusts D-2, D-3, D-4 and D-5, and Patricia Warren Swindle Trusts D-1, D-2, D-3 and D-4, W.K. Warren, Jr. and the First National Bank and Trust Company of Tulsa, Trustees for Warren Young Trust A, Marilyn Warren Cowart Trusts B-1 and B-2, and Marilyn Warren Vandever Trust C-3, Plaintiffs-Appellees, v. CENTURY BANKCORPORATION, INC., an Oklahoma corporation, Joseph P. Byrd, III, Jack M. Cochran, John O. Dean, Jack O. Dickson, Gerald J. Estep, John R. Forrester, H.D. Hale, Jewell Russell Mann, Mike Robinowitz and M. Milton Wolff, Directors of Admiral State Bank, an Oklahoma corporation, Action Financial Corporation, an Oklahoma corporation and Admiral Bank, an Oklahoma corporation, Defendants-Appellants.

Supreme Court of Oklahoma.

As Corrected February 4, 1987.

Rehearing Denied September 15, 1987.


Attorney(s) appearing for the Case

John Henry Rule, Gable & Gotwals, Pat Malloy, Malloy and Malloy, Tulsa, for plaintiffs-appellees.

Kevin M. Abel, Abel & Associates, Tulsa, for defendant-appellant Admiral State Bank, now Century State Bank.

Floyd L. Walker, Pray, Walker, Jackman, Williamson & Marlar, Tulsa, for all other defendants-appellants.


OPALA, Justice.

The minority shareholders of Century Bank [Bank] brought this shareholders' derivative suit1 against the Bank's directors [directors], Century Bankcorporation, Inc. [Century] and Action Financial Corporation [Action]. Century owns more than 80% of the Bank's stock. Action is a wholly-owned subsidiary of Century and is in the business of making loans. The minority stockholders alleged...

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