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March (March), decedent's daughter, is the executrix and
residuary legatee of the estate. March's legal address was
Potter Valley, California, at the time the petition in this case
was filed.
A. Decedent's Stock Acquisitions
Decedent inherited 12,369 shares of Savings stock and 1,143
shares of Willits stock from his wife, Charlotte, in 1983. The
balance of the Savings shares owned by decedent at the time of
his death was obtained either as gifts from his father-in-law or
by purchase.
B. Savings Bank of Mendocino
1. Background
In 1991, Savings was headquartered in Ukiah, California, and
had seven branch offices. Savings was founded on November 28,
1903, by Judge J.M. Mannon (J.M.) and a few other investors who
contributed $50,000 in total to the venture. J.M. was elected
president of Savings in 1914, and upon his death in 1926, his
son, Charles M. Mannon (C.M.), who was also one of the original
stockholders, was named president of Savings. C.M. was the
father of Charlotte, decedent's wife. Decedent began working for
Savings in 1935, and served as its president from 1964 until
1976, when he became a director. At the time of trial, Charles
B. Mannon (Mannon), the grandson of C.M. and decedent's nephew
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