Independence Bancshares, Inc. (OTCMKTS:IEBS) Files An 8-K Submission of Matters to a Vote of Security Holders

Independence Bancshares, Inc. (OTCMKTS:IEBS) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders.

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On January 9, 2018, Independence Bancshares, Inc. (the “Company”) held a special meeting of its shareholders (the “Special Meeting”).

Of the 20,502,760 shares of common stock outstanding and entitled to vote at the Special Meeting, 16,357,186 were present in person or by proxy, and the following matters were voted upon and approved by the holders of our common stock at the Special Meeting:

1.

Proposal to approve the Agreement and Plan of Merger, dated as of September 25, 2017, by and among First Reliance Bancshares, Inc., FR Merger Subsidiary, Inc. and the Company (the “Merger Agreement”).

For Against Abstain Broker Non-Votes
13,983,918 2,309,268 64,000

Of the 8,425 shares of Series A Preferred Stock outstanding and entitled to vote at the Special Meeting, 7,925 were present in person or by proxy, and the following matters were voted upon and approved by the holders of our Series A Preferred Stock at the Special Meeting:

1.

Proposal to approve the Merger Agreement.

For Against Abstain Broker Non-Votes
7,925

Of the 20,502,760 shares of common stock outstanding and entitled to vote at the Special Meeting and the 8,425 shares of Series A Preferred Stock outstanding and entitled to vote at the Special Meeting (each of which votes with the common stock as a single class as to this proposal and entitles the holder to 1,250 votes), 26,263,436 were present in person or by proxy, and the following matters were voted upon and approved by our shareholders, voting as a single class, at the Special Meeting:

2.

Proposal to approve, on a non-binding advisory basis, the compensation that certain executive officers of the Company will receive under existing agreements or arrangements with the Company in connection with the merger.

For Against Abstain Broker Non-Votes
23,469,253 2,685,883 108,300

A proposal 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.


About Independence Bancshares, Inc. (OTCMKTS:IEBS)

Independence Bancshares, Inc. operates as the bank holding company for Independence National Bank (the Bank). The Company operates through four segments: Community Banking, Transaction Services, Asset Management and Parent Only. The Bank is engaged in the business of banking and providing services related to banking, including accepting demand deposits and saving deposits, and providing commercial, consumer and mortgage loans principally in Greenville County, South Carolina. The Bank’s other services include mobile banking, online banking, commercial cash management, remote deposit capture, safe deposit boxes, automated teller machine, bank official checks, traveler’s checks and wire transfer capabilities. The Bank offers credit cards for personal and business clients The Bank offers merchant transaction processing and equipment for clients. It offers other community bank services, including cashier’s checks, banking by mail, direct deposit and the United States Savings Bonds.

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