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Despite an impressive number of mergers and acquisitions in the local banking field in the past two years, the industry has largely been spared the messy takeover fights and hostile assaults that have come to characterize the takeover game these days. That may all be about to change.
At week's end, Central Fidelity Bank of Richmond and Colonial American Bankshares Corp. of Roanoke were still far apart on the future of Central's recent $60 million bid for Colonial. Colonial American, whose board rejected the offer at a meeting held on Tuesday, maintains that the Central Fidelity offer got a full and fair hearing and was rejected by a majority of the outside members of the board.
Central Fidelity Bank President William F. Shumadine charged that the full and fair hearing lasted 15 minutes, with no opportunities for questions, and added that the offer hasn't been withdrawn.
Central Fidelity Chairman and Chief Executive Officer Carroll L. Saine, who made the 15-minute presentation, said late Wednesday that the bank's stock-swap offer still stood and that the bank "remains encouraged by support for its merger offer it has received from major Colonial American stockholders. . . ."
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