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Investor asks to raise stake in bank; takeover denied

Leland Boren, a Grant County-based entrepreneur and investor, plans to ask for the Federal Reserve Board’s approval to increase his holdings in Independent Alliance Banks Inc. to more than 10 percent of the total shares, according to a public notice published in The Journal Gazette.

Karen Cameron, executive vice president, said Boren is already a major investor in the Fort Wayne-based company. The move is “absolutely not” the sign of a hostile takeover of the company, she said.

“He must be purchasing just a few more shares,” she said Friday. “He’s been involved with us forever.”

Boren didn’t respond to a request for comment.

Independent Alliance Banks Inc. controls iAB Financial Bank, whose branches were formerly known as Grabill Bank and Marklebank.

The company has 1,373,195 shares outstanding. The last sale was for $62.50 a share on April 12 on the Over the Counter Bulletin Board, according to Yahoo Finance.

No one investor now owns 10 percent or more of the shares, Cameron said.

She declined to say how many shareholders the company has, explaining that public disclosure isn’t required by law.