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Montgomery Bancshares director sells entire stake, steps down from board

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Montgomery Bancshares director sells entire stake, steps down from board

The controlling shareholder group of Montgomery, Ill.-based Montgomery Bancshares Inc. has acquired 2,889 shares from other shareholders and canceled 862 of them. The 2,889 shares represented a 12.04% stake in the company.

The remaining 2,027 shares were purchased for $117,624 in total and split between siblings Susan Volkert and Michael Volkert. Members of the Volkert family now own an aggregate 15,073 shares, or a 65.14% stake. Susan Volkert is on the board of directors.

One of the selling shareholders was Stephen Morcos, also a board member at the time of the sale agreement. Morcos has stepped down from the board.