In the end the vote was clear-cut, with 95% of Lloyds TSB shareholders backing a merger with Halifax Bank of Scotland and the creation of the UK�s biggest retail bank.
In the end the vote was clear-cut, with 95% of Lloyds TSB shareholders backing a merger with Halifax Bank of Scotland and the creation of the UK's biggest retail bank.
But it was the start of a difficult birth for the superbank yesterday, as high emotions among small shareholders and bank staff who fear for their jobs dominated an otherwise carefully stage-managed event.
Sitting in front of a giant, green screen with a company logo writ large, the members of the Lloyds TSB board looked tiny, like figures from the Soviet politburo addressing the party faithful.
But they faced a far tougher ride from the audience, a gathering of around 1000 mostly elderly small shareholders who tended to view the proposed merger with a mixture of alarm and scepticism.
While yesterday's vote on the merger proposals, at a general meeting held at the SECC in Glasgow, may have been decided largely by the big shareholders, it was also a brief moment for the lesser folk to raise their concerns about the bank's future.
Among the sea of grey and pink heads were former and current employees, accountants and seemingly shrewd investors who had seen a lifetime of mergers come and go - not always with beneficial results.
In the past few months, they have witnessed the value of banking stocks tumble dramatically in the wake of the sub-prime and financial crises and now faced having their dividends suspended while Lloyds TSB issues preference shares to the government.
Those who addressed questions to the Lloyds TSB board included pensioners whose share dividends represent a retirement nest egg.
There were also a number of union reps - who evidently see no contradiction in being shareholder capitalists - who sought reassurances that compulsory redundancies would be avoided and that UK jobs would be favoured over outsourcing functions overseas.
Given that £1.5bn is expected to be saved in "synergy" benefits from the merger by 2011, cuts are clearly on the agenda.
Lloyds was also accused of taking over a "failed bank" and exposing itself to unnecessary risk. There appeared to be a lack of trust in the board, the market and assurances from the government over its new role as shareholder.
In the face of these concerns, Sir Victor Blank, the board's chairman, appeared reassuring and - odd though it may sound given the context - bullish.
The proposed acquisition, he told the audience, gives shareholders "a unique, strategic opportunity to create the leading financial services company in the UK" - one that would bring together "iconic" banking brands including Bank of Scotland, which would continue to trade as such north of the border.
He added: "I do appreciate that many of our employees may feel apprehensive about the merger".
He continued: "But by creating what I believe will be the leading UK financial company, we will provide enhanced opportunities for people who work in the group, although there will be inevitable rationalisation".
While carefully sidestepping any commitment not to outsource, and avoiding pinpointing the number of job losses, he spoke of both banks' track records in looking out for the best interests of staff, stressing any redundancies would be managed with "dignity and respect".
The timing of buying back preference shares from the government, thus enabling dividends to recommence, is currently 2009 but would be determined by the "trading environment and capital position" of the bank, Sir Victor said.
He even defended executive bonuses, saying Lloyds' performance was "different to that of its peers".
Eric Daniels, the Lloyds TSB group executive director dubbed the "Quiet American", also gave an upbeat appraisal of the bank's performance, saying it had continued to trade well despite the current market difficulties.
As one of the few figures to emerge from the banking crisis with kudos, he rattled off figures and assessments with ease when faced with tough questions over liquidity, wholesale lending and loan-to-value ratios.
Although there were plenty of voters who could speak to a lifetime of financial experience, others who dared to raise their voice were, well, a little less experienced.
"I just don't understand it," became the mantra of a Mr Stewart from Motherwell, who demanded to know why there was no-one from the HBOS board at the meeting to answer his increasingly combative questions.
"This is a meeting of the board of Lloyds TSB," Sir Victor told him - several times - before almost pleading with him to stop with the promise that the board would explain everything later, just after the meeting.
"I just don't understand it," Mr Stewart grumbled once more before retiring. It wouldn't be at all surprising if some poor member of the board is still attempting to enlighten him.
