FIRST SOUTH BANCORP, INC. (NASDAQ:FSBK) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07.
The Annual Meeting of Stockholders (the "Annual Meeting") of First South Bancorp, Inc. was held on Thursday, June 29, 2017 at 11:00 a.m. eastern time, at the First South Bank Operations Center located at 220 Creekside Drive, Washington, North Carolina.
The stockholders eligible to vote at the Annual Meeting were those of record as of May 16, 2017. A certified list of stockholders eligible to vote at the Annual Meeting indicated 9,501,016 votes were entitled to be cast at the Annual Meeting, of which 3,167,005 votes represented a quorum. A total of 8,332,622 votes, representing 87.7% of the votes eligible to be cast, were present in person or by proxy at the Annual Meeting, constituting a quorum.
The purpose of the Annual Meeting was for considering and acting upon the following five matters: the election of one director of the Company to serve a three-year term; to ratify the appointment of Cherry Bekaert LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2017; a non-binding advisory vote on executive compensation; a non-binding advisory vote on the frequency of stockholder voting on executive compensation; and a stockholder proposal requesting the Board of Directors to consider taking steps necessary to achieve a sale, merger or other disposition of the Company.
The following are the results of the voting for each the five matters presented:
| 1. | The election of a director nominee: |
| Broker | |||
| For | Withheld | Non-Vote | |
| Marshall T. Singleton | |||
| Number of votes | 4,908,750 | 568,289 | 2,855,593 |
| 2. | The ratification of appointment of Cherry Bekaert LLP as Independent Registered Public Accounting Firm: |
| For | Against | Abstain | |
| Number of votes cast | 7,912,808 | 296,940 | 122,884 |
There were no broker non-votes with respect to this proposal.
| 3. | Approval of a non-binding advisory vote on executive compensation: |
| Broker | ||||
| For | Against | Abstain | Non-Vote | |
| Number of votes cast | 4,367,016 | 698,585 | 411,438 | 2,855,593 |
| 4. | Approval of a non-binding advisory vote on the frequency of stockholder voting on executive compensation: |
| Broker | |||||
| Three Years | Two Years | One Year | Abstain | Non-Vote | |
| Number of votes cast | 2,977,597 | 240,955 | 1,814,991 | 443,496 | 2,855,593 |
| 5. | Proposal 5 was a stockholder proposal requesting the Board of Directors to consider taking steps necessary to achieve a sale, merger or other disposition of the Company. The stockholder proponent or his appointed representative failed to appear and properly present the proposal, to SEC Rule 14a-8(h). Therefore, the proposal was not considered or voted on at the Annual Meeting. |
About FIRST SOUTH BANCORP, INC. (NASDAQ:FSBK)
First South Bancorp, Inc. is the bank holding company for First South Bank (the Bank). Through the Bank, the Company operates a commercial banking business. The Bank is a North Carolina chartered commercial bank. The Bank’s segment is providing general commercial banking services to its markets located in the state of North Carolina. The Bank’s principal business consists of attracting deposits from the general public and investing the funds in commercial real estate loans, commercial and industrial business loans, consumer loans and loans secured by first and second mortgages on owner-occupied, single-family residences in the Bank’s market area. The Bank provides both personal and business on-line banking services. Its services include mobile banking, mobile deposits, e-statements, bill paying, funds transfers between accounts, automated clearing house originations, wire transfers and stop payment orders for checks, as applicable by personal or business account type.
