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HOME UNITY v. DEPT. OF BANKING

126 Pa.Commw. 425 (1989)

560 A.2d 248

HOME UNITY SAVINGS AND LOAN ASSOCIATION, Petitioner, v. COMMONWEALTH of Pennsylvania, DEPARTMENT OF BANKING, Respondent.

Commonwealth Court of Pennsylvania.

Decided June 7, 1989.

Attorney(s) appearing for the Case

Timothy F. Malloy, Alan J. Davis, Wolf, Block, Schorr & Solis-Cohen, Philadelphia, for petitioner.

Paul S. Diamond, David H. Pittinsky, Douglas M. Lurio, Richard J. Bortnick, Dilworth, Paxson, Kalish & Kauffman, Philadelphia, for intervenor, Samuel Rappaport.

Hugh A. Benson, Chief Counsel, David E. Shakespeare, Asst. Counsel, Harrisburg, for respondent.

Before BARRY, COLINS and SMITH, JJ.

OPINION

BARRY, Judge.

Home Unity Savings and Loan Association (Home Unity) appeals from an order of the Deputy Secretary of Banking (Deputy Secretary) approving the proposal of Samuel H. Rappaport (Rappaport) to acquire up to 25% of the outstanding shares of Home Unity's common stock.

Home Unity is a permanent reserve fund stock savings association. Rappaport was the beneficial owner of slightly less than 10% of its outstanding shares of common stock...

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