EDWARDSVILLE — A minority shareholder in First Co. Bancorp claims the bank's majority shareholders are overly compensating themselves and shifting assets that should be shareholder dividends.
Marcia Billhartz, as trustee of the Marcia Billhartz Revocable Trust U/A dated 10/25/90, filed a complaint Aug. 11 in the Madison County Circuit Court against First Co. Bancorp Inc., Ward Billhartz, The Ward Billhartz Trust and Mark Zavaglia, alleging breach of fiduciary duty.
According to the complaint, The Ward Billhartz Trust owns 1,671 "Class A" common shares of First Co. Bancorp, Mark Zavaglia owns 65 Class A common shares and Marcia Billhartz is a minority shareholder. Marcia Billhartz inherited her shares on Aug. 21, 2006, from her late husband, the suit states. Ward Billhartz and Zavaglia are both employees and directors of the bank. The plaintiff alleges that the majority share owners, Ward Billhartz and Zavaglia, have tried to oppress her by not paying her a dividend and are engaging in a "scheme to compensate themselves" with salaries and bonuses beyond "industry standards."
The plaintiff also alleges the defendants are "wasting the assets of the corporation" by "shifting earnings" that should be shareholder dividends and have failed to "inform" her about bank operations.
The plaintiff seeks a declaratory judgement to "not be bound" to the Stock Transfer Agreement and free to sell or transfer her bank shares, plus all other just relief.
She is represented by Christopher Byron and Christopher Petri of Byron Carlson Petri & Kalb LLC in Edwardsville.
Madison County Circuit Court case number 20-L-001146