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RICHTON BANK & TRUST COMPANY v. BOWEN

No. 2000-CA-01474-SCT.

798 So.2d 1268 (2001)

RICHTON BANK & TRUST COMPANY v. Elizabeth O. BOWEN and Evelyn B. Bowen.

Supreme Court of Mississippi.

October 31, 2001.

Attorney(s) appearing for the Case

H. Mitchell Cowan, E. Clifton Hodge, Jr., Jackson, Attorneys for Appellant.

Alan W. Perry, Jackson, Erik M. Lowery, Robert Chester Hutchison, Phillip Samuel Sykes, Jackson, Attorneys for Appellees.

BEFORE McRAE, P.J., AND COBB AND DIAZ, JJ.

DIAZ, Justice, for the Court:

¶ 1. On February 4, 1999, Richton Bank and Trust Company ("Bank"), pursuant to Miss.Code Ann. § 79-4-11.03 (2001), proposed a Plan of Share Exchange with Centon Bancorp, Inc. ("Holding Company"). The purpose of this exchange, among other reasons, was to form a holding company wherein the Bank could open itself up to more investment opportunities. Under this Plan, each Bank shareholder would receive one share of Holding Company...

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