Farmers Bankshares, Inc. Announces Results of Annual Meeting

Rhea-AI Summary

Farmers Bankshares, Inc. (OTC-PINK: FBVA) reported the outcomes of its annual shareholder meeting held on May 12, 2022, with 76.6% of shares represented. All nine nominated directors were reelected, despite receiving a range of 37.56% to 40.08% approval votes, indicating significant dissent, as 59.92% to 62.44% of votes were withheld. Additionally, 38.15% supported the advisory vote for the independent auditor, while 61.85% opposed it. Management aims to keep open communication with shareholders to enhance value and performance.

Positive

• None.

Negative

• Directors received only 37.56% to 40.08% of approval votes for reelection, suggesting shareholder dissatisfaction.
• 38.15% of shares supported the advisory vote for the independent auditor, indicating lack of consensus.

WINDSOR, Va., May 24, 2022 /PRNewswire/ -- Farmers Bankshares, Inc. (OTC-PINK: FBVA) today announced results of its annual meeting of shareholders held on May 12, 2022.  Approximately 76.6% of outstanding shares were represented in-person or by proxy at the meeting.  Each of the nine Directors nominated in the Farmers Bankshares' proxy statement were reelected for the relevant terms. 

"We will continue to have open dialogue with our shareholders as we work to drive value and strong results," said William A. Gwaltney, Chairman of Farmers Bankshares' Board of Directors. "Our Board is proud of Farmers Bankshares' operating results, and we are confident that the management team has the right strategy going forward.  We are well-positioned to drive shareholder value as we serve customers and our community."

"We appreciate hearing directly from shareholders at our annual meeting," said Vernon Towler, President and CEO of Farmers Bank. "Our Board, management team and employees will continue to serve customers and drive strong performance."

The election of each of Farmers Bankshares' director nominees requires the affirmative vote of a plurality of shares voted at the meeting.  Directors nominated for reelection received a range of 37.56% to 40.08% of votes for reelection, and 59.92% to 62.44% of votes were withheld.  Approximately 38.15% of shares voted were in favor of the advisory vote to ratify Farmers Bankshares' independent auditor, and 61.85% were against.

About Farmers Bankshares, Inc.

Headquartered in Windsor, Virginia, Farmers Bankshares, Inc. is the holding company for Farmers Bank, Windsor, Virginia.  Farmers Bank was founded in 1919, and is a community bank which operates eight branches and services areas throughout Tidewater Virginia.  Additional information is available at the company's website, www.farmersbankva.com.

The common stock of Farmers Bankshares, Inc. trades on the OTC Pink Marketplace under the symbol FBVA.  Any stockbroker can assist with purchase of the company's stock, as well as with sales of holdings.

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SOURCE Farmers Bankshares, Inc.

FAQ

What were the results of Farmers Bankshares' annual meeting on May 12, 2022?

At the annual meeting, 76.6% of shares were represented, and all nine directors were reelected.

What percentage of votes were withheld for the directors at Farmers Bankshares?

Votes withheld for directors ranged from 59.92% to 62.44%.

How many shares were in favor of the advisory vote for the independent auditor?

38.15% of shares voted in favor of the advisory vote for the independent auditor.

What is the stock symbol for Farmers Bankshares?

Farmers Bankshares trades on the OTC Pink Marketplace under the symbol FBVA.