HCSB FINANCIAL CORPORATION (OTCMKTS:HCFB) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07. Submission of Matters to a Vote of Security Holders.
On July 27, 2017, HCSB Financial Corporation (the “HCSB”) held a special meeting of its shareholders (the “Special Meeting”). Of the 405,232,383 shares of voting common stock outstanding and entitled to vote at the Special Meeting, 383,573,987 were present in person or by proxy, and the following matters were voted upon and approved by our shareholders at the Special Meeting:
| 1. | To consider and vote on the Agreement and Plan of Merger, under which HCSB will merge with and into United Community Banks, Inc.: |
| For | Against | Abstain | Broker Non-Votes |
|
383,333,411 |
231,625 | 8,951 | — |
| 2. | To cast a non-binding advisory vote to approve the compensation that certain executive officers of HCSB will receive under existing agreements or arrangements with HCSB in connection with the merger: |
| For | Against | Abstain | Broker Non-Votes |
| 382,756,453 | 788,670 | 28,864 | — |
Aproposal to approve the adjournment or postponement of the Special Meeting, if necessary or appropriate, including to solicit additional proxies to approve the Merger Agreement was not voted on because the proposal to approve the Merger Agreement had passed.
Of the 90,531,557 shares of non-voting common stock outstanding and entitled to vote at the Special Meeting solely on proposal number 1, 90,531,557 were present in person or by proxy, and such matter was voted upon and approved by our non-voting shareholders at the Special Meeting:
| 1. | To consider and vote on the Agreement and Plan of Merger, under which HCSB will merge with and into United Community Banks, Inc.: |
| For | Against | Abstain | Broker Non-Votes |
| 90,531,557 | — | — | — |
About HCSB FINANCIAL CORPORATION (OTCMKTS:HCFB)
HCSB Financial Corporation is a holding company for Horry County State Bank (the Bank). The Bank is a state chartered bank. Its primary market includes Horry County in South Carolina and Columbus and Brunswick Counties in North Carolina. The Company’s segments include Commercial, Commercial Real Estate, Consumer and Residential. From its over eight branch locations, it offers a range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and individual retirement account (IRAs), as well as a range of non-deposit investment services. In addition, it offers a range of loan products designed for consumers, businesses and farmers. The Bank also offers other services, such as cash management services, sweep accounts, repurchase agreements, mobile banking, remote deposit capture, safe deposit boxes, travelers checks, direct deposit of payroll and social security checks, online banking and automatic drafts for various accounts.
