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and it had four branches, three in Davenport and one in Donahue,
Iowa. It filed a consolidated Federal income tax return with two
wholly owned subsidiaries.
DBTC's only class of stock was thinly traded in the
Davenport over-the-counter market. It had 1.2 million shares
outstanding, and DBTC's founder (V.O. Figge) and his five
children (collectively, the Figges) owned, collectively and
beneficially, the following numbers and percentages of these
shares:
Number Percentage
V.O. Figge 41,843 3.5
John K. Figge 61,140 5.1
James K. Figge 63,450 5.3
Thomas K. Figge 71,855 6.0
Ann Figge Brawley 77,890 6.5
Marie Figge Wise 69,655 5.8
385,833 32.2
DBTC's directors and executive officers, other than the Figges,
owned another 69,727 (5.8 percent) of these shares on
September 18, 1991.
2. The Transaction
In 1989, Iowa adopted interstate banking legislation that
allowed, for the first time, the acquisition of Iowa banks by
banking institutions located in States which were contiguous with
Iowa and which had enacted reciprocal legislation. DBTC's
management expected that national banking would follow and that
many large banks, including some from outside Iowa, would be
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