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A major shareholder opposed Citadel's merger.

July 16, 1985

Hecco Ventures, a partnership that owns about 9.5%of Citadel Holding's common stock, said in a filing with the SEC that it plans to vote against a proposed merger with Great Western Financial that was reported in May. Great Western plans to acquire Citadel Holding, parent company of Fidelity Federal Savings & Loan Assn., through an exchange of stock worth more than $100 million. A shareholders meeting has not yet been set because the SEC has not approved the proxy materials, according to Spencer Scott, Citadel's chairman.

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