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Wrong Bill Bradshaw?

Bill Bradshaw

President

Citizens State Bank

HQ Phone:  (254) 576-1333

Direct Phone: (972) ***-****direct phone

Email: b***@***.com

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Citizens State Bank

107 NE 3Rd St

Hubbard, Texas,76648

United States

Company Description

Citizens State Bank is a member of Baylor Bancshares, Inc., a four bank holding company based in Seymour, Texas. CSB is one of the oldest banks in Texas, and celebrated its one hundredth anniversary on January 25, 2007. Our office is located at 112 W. Prince...more

Background Information

Employment History

Vice President

American National Bank of Texas


Agent

Balkcums


Affiliations

Princeton Area Chamber of Commerce

Member


Web References(15 Total References)


FRAZIER v. BEARD, 1996 NCBC 1

www.ncbusinesscourt.net [cached]

Each of the first three causes of action are based solely on vicarious liability for the acts of William Bradshaw, an official of Citizens.
The claim against the Balkcums is based solely on unjust enrichment. Each cause of action must be examined in light of the individual transaction, the role of Bradshaw in the transaction, and the defendants involved. {4} Bradshaw had worked for Citizens since 1950. Until 1982, Citizens had been a mutual savings and loan association. At that time, it converted to a stock company, and the Fraziers, collectively, became the largest shareholder in the new bank, holding approximately 5% of the outstanding shares. The stock of Citizens was not widely traded, and no brokerage house made a market in the stock. Trades were small in size. Almost from the beginning, Citizens began maintaining a list of people who were interested in buying or selling their Citizens stock. The person at Citizens responsible for maintaining that list in 1992 was Bradshaw, who was senior vice president and secretary of the corporation. Bradshaw's procedure for handling inquiries concerning buying and selling stock was not disputed and is set forth in his affidavit. He stated: 5. It was my procedure, upon receiving a call from a person wishing to sell stock, to write down his name, the number of shares he wished to sell and the price at which he wished to sell. If someone called wanting to purchase stock, I recorded his name, the number of shares he wished to purchase, and the maximum price he wished to pay, if that information was given to me. On occasion, potential purchasers called and asked if I would let them know when any shares became available and did not indicate a price. {5} With respect to the sales to the Harbinsons and the Lingafelts which involved Bradshaw, it is undisputed that none of the parties to the transaction knew who the other parties were until long after the transactions were completed. The Harbinsons and the Lingafelts were on Bradshaw's list of potential purchasers at times when the Fraziers offered stock for sale. Their purchases were handled in accordance with the procedure set forth above. {6} With respect to the sales to the Lingafelts and the Balkcums on November 25, 1992, it is undisputed that neither Citizens nor Bradshaw performed any duties or services in connection with the transaction. The ministerial services typically performed by Bradshaw were handled by Peoples Bank in Newton, North Carolina. Bradshaw had nothing to do with these transactions. Bradshaw denied the existence of such merger negotiations. Before each of the subsequent transactions in which Bradshaw was involved, Frazier made similar inquiries with respect to merger negotiations and received similar responses from Bradshaw. Before each of the subsequent transactions in which Bradshaw was involved, Frazier made similar inquiries with respect to merger negotiations and received similar responses from Bradshaw. {11} It is also undisputed that not one of the defendants had any knowledge of the statements made by Bradshaw or McGee. {13} With respect to the Harbinsons, plaintiffs concede that they were totally innocent purchasers with (1) no knowledge that Bradshaw made any statements, and (2) no knowledge that there were any merger negotiations ongoing. To permit plaintiffs to recover for unjust enrichment under such circumstances would wreak havoc with our commercial system. Any purchaser or seller could sue for unjust enrichment based upon allegations that he or she made a bad decision in reliance on misleading information supplied by a nonparty to the transaction. {14} With respect to the Lingafelts, there is no evidence in the record to support a finding that they knew of any statements made by Bradshaw or McGee, and they have denied such knowledge under oath. {16} With respect to the Balkcums, it is undisputed that they did not know of any statements made by Bradshaw or McGee. In this case, the wrong plaintiffs seek to rectify is the alleged inducement to sell their stock at too low a price as a result of the alleged fraudulent, wrongful, and negligent statements of Bradshaw, McGee and Citizens. Plaintiffs sued Bradshaw and Citizens and received a significant sum of money pursuant to a settlement agreement which was filed under seal and reviewed by this Court. Each of those causes of action is predicated upon vicarious liability for the acts of Bradshaw. No allegation of direct wrongdoing is asserted against either the Harbinsons or the Lingafelts, and their liability is solely dependent upon the existence of an alleged agency relationship between them and Bradshaw. The Court finds that there is no genuine issue of material fact with respect to the relationship between the purchasers of the Fraziers' stock and Bradshaw. The Harbinsons and the Lingafelts are entitled to summary judgment because (1) there was no agency relationship between either the Harbinsons or the Lingafelts and Bradshaw giving rise to liability under these circumstances; and (2) if there was an agency relationship, as a matter of law, plaintiffs elected a remedy against the agent and cannot now pursue the undisclosed principals. {22} The transactions at issue here are the September 23, 1992, and November 5, 1992 sales. Again, the Court assumes for purposes of this motion that Bradshaw's statements to the Fraziers about the merger negotiations were incorrect, misleading, and material to their decision to sell their stock. It is undisputed that the Harbinsons and the Lingafelts did not know about the statements and did not authorize Bradshaw to make any statements about merger negotiations or any other statement for that matter. Bradshaw responded in his capacity as a bank employee, acting for the bank. The information was not sought in response to an offer to purchase from either group of defendants being conveyed by Bradshaw on their behalf. At the time the statements were allegedly made, the defendants in each transaction had not even been contacted about buying the shares. Bradshaw could not have been acting in their employment or in furtherance of their business. Once the plaintiffs had decided to sell, Bradshaw went down his list and found purchasers for those shares at the price set by Frazier. Then Bradshaw and Citizens performed purely ministerial duties in completing the transaction. They simply do not support a finding that Bradshaw could have been the agent for the defendants at the time and under the circumstances that he made the statements. The fact that Bradshaw later performed duties for both the sellers and buyers in completing the transactions cannot serve to bootstrap him into an agency position at the time the statements were made. The analysis of his status as an agent must be made at the time the statements creating the liability occurred. At that point, the defendants were not even in the picture, and Bradshaw was acting for his employer, Citizens.


csbprinceton - About Us

www.csbprinceton.com [cached]

William E. Bradshaw
President/CEO William E. Bradshaw


Princeton Area Chamber of Commerce - Board Members

princetontxchamber.com [cached]

Bill Bradshaw
Citizens State Bank 972-736-2423


Testimonials | JC Millwork, Inc.

www.jcmillwork.com [cached]

Bill Bradshaw - President
972.736.2423


farmersvillechamber.com

Bill Bradshaw
112 W. Princeton Drive Princeton, Texas 75407 972-734-2424


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