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A. Peoples Trust and Savings Bank of Boonville, Indiana
Peoples is an independent bank chartered by the State of
Indiana. It was originally chartered in 1895 and has been in
continuous operation ever since. Peoples has only one office,
located in Boonville, Indiana, which has a population of
approximately 6,000. Boonville is the county seat of Warrick
County, Indiana, and is located near the southwest corner of the
State, approximately 14 miles east of Evansville, Indiana. The
primary customer base of Peoples is Warrick County, which does
not include Evansville. Warrick County is bordered on the west
by Vanderburgh County, and on the east by Spencer County.
Decedent's branch of the Hendrickson family has played the
leading role in the management of Peoples for more than 50 years.
James W. Hendrickson (J.W.), decedent's father, began working at
Peoples in 1939, while maintaining a law practice, and eventually
became its president. At his death in 1951, J.W. owned very few
shares of stock in Peoples; decedent, who inherited fewer than 10
shares of Peoples stock from J.W., thereupon took over as
president, and served as president for 40 years, until 1991, when
Mark took over as president. Like his father, decedent was a
practicing lawyer and maintained a solo probate practice during
the years he was employed by Peoples.
In 1957, while decedent was away on vacation, members of his
extended family attempted to gain control of Peoples. In order
to thwart the attempted hostile takeover, decedent borrowed money
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