A man who has sued dozens of banks has filed a lawsuit objecting to Brentwood-based Reliant Bank’s acquisition of Clarksville’s First Advantage Bank.
According to a recent regulatory filing, First Advantage shareholder Paul Parshall filed a lawsuit claiming First Advantage’s board of directors didn’t disclose enough about the deal to shareholders and accepted inadequate terms for the merger. The lawsuit also names Reliant as a defendant. Parshall seeks to stop the merger and is asking for unspecified damages.
Parshall has made a habit of suing banks. Searching Parshall’s name on a database of district court cases shows 81 lawsuits. In many of these cases, Parshall is listed as a plaintiff suing a bank. That number only represents federal cases, and doesn’t include lawsuits filed in local courts, such as the new Reliant suit.
Parshall had already sued two banks in federal court in January before filing the lawsuit opposing Reliant’s merger late last month.
In his lawsuits, which often oppose bank mergers, Parshall frequently withdraws the lawsuit quickly.
In 2017, the Napa Valley Register reported that Parshall filed a lawsuit opposing the merger of two community banks in Northern California. In that case Parshall’s stock in the community bank was only worth $805.
A few weeks later, Parshall withdrew his claim. The Napa Valley Register reported that the banks did not pay Parshall a settlement to drop the lawsuit.
In September 2019, he sued a New Jersey bank, but withdrew the lawsuit within a few weeks. Court documents don’t mention whether he received a financial settlement for withdrawing the lawsuit.
In addition to suing banks, Parshall is often involved in trademarks disputes as a defendant. In 2017, American City Business Journals, which runs business publications in cities across the U.S., including the Nashville Business Journal, sued Parshall over rights to the name Dayton Business Journal.
Last year, the Pennsylvania newspaper Patriot News reported that Penn State sued Parshall for selling beer and cigars using the University’s name.
Representatives from Reliant Bank didn’t respond to questions about the lawsuit before publication. A regulatory filing notes that Reliant and First Advantage believe Parshall’s claims are meritless and intend to defend against the lawsuit.