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for example, was a young man whom decedent had supported much
like a foster child; John Farrell was a friend from military
service in World War II; and Alan Bender used to drive a laundry
truck and had the decedent on his route. None of the members of
the board had any formal training in banking,6 and only half the
members of the board had attended college. Despite the close
relationships of the other board members to decedent, however,
they were not a rubber stamp for decedent and Mark. The other
directors were strong-willed independent thinkers who contributed
to the board's deliberations. Moreover, those directors who were
also officers could use their positions as employees to subvert
any board decision with which they were in disagreement. But,
while the board was not a rubber stamp, many of the directors
thought similarly to decedent and were resistant to change.
3. Financial Management and Reporting
a. Outside Accountant
Peoples' longstanding regular accountant and auditor was
Ronnie Robinson, a sole practitioner in Evansville. Mr. Robinson
had no other financial institutions as clients.
6 Mark completed graduate banking training at the University
of Wisconsin in 1996. After the valuation date, Tony
Aylsworth, chief operating officer of Peoples since February
1998 (but not a member of the board), also completed
graduate banking training at the University of Colorado,
Boulder.
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