Hawthorn Bancshares Announces Results of 2021 Annual Meeting

Rhea-AI Summary

The Board of Directors of Hawthorn Bancshares, Inc. (NASDAQ: HWBK) confirmed the re-election of Frank E. Burkhead and Gus S. Wetzel, III as Class II directors for three-year terms at the June 8, 2021 Annual Meeting of Shareholders. Burkhead, a director since 2014, co-owns Burkhead & Associates, LLC, while Wetzel, in the board since 2018, owns Meadows Contracting, LLC. Shareholders also ratified the appointment of KPMG, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021.

Positive

• Re-election of Frank E. Burkhead and Gus S. Wetzel, III as Class II directors indicates stability in leadership.
• KPMG, LLP appointed as independent accounting firm could enhance transparency and credibility.

Negative

• None.

JEFFERSON CITY, Mo., June 10, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Hawthorn Bancshares, Inc. of Jefferson City, MO (NASDAQ: HWBK) announced that at the Company’s June 8, 2021 Annual Meeting of Shareholders, Frank E. Burkhead and Gus S. Wetzel, III were re-elected as Class II directors to serve three-year terms expiring 2024.

Mr. Burkhead has served as director of Hawthorn Bancshares since 2014 and is currently co-owner of Burkhead & Associates, LLC and owner of Burkhead Wealth Management. Mr. Wetzel has served as director of Hawthorn Bancshares since 2018 and is currently owner of Meadows Contracting, LLC and Meadows Development Company.

Other members of the 7 member Board include Kathleen L. Bruegenhemke, Philip D. Freeman, Jonathan D. Holtaway, Kevin L. Riley and David T. Turner. The Company’s advisory directorate is composed of Charles G. Dudenhoeffer and Dr. Gus S. Wetzel, II.

Shareholders approved ratification of the appointment of KPMG, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021 and the shareholder advisory vote on executive pay.

About Hawthorn Bancshares, Inc.

Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank of Jefferson City, Missouri with additional locations in the Missouri communities of Lee's Summit, Liberty, St. Louis, Springfield, Independence, Columbia, Clinton, Osceola, Warsaw, Belton, Drexel, Harrisonville, California and St. Robert, Missouri.

Statements made in this press release that suggest Hawthorn Bancshares' or management's intentions, hopes, beliefs, expectations, or predictions of the future include "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the company's quarterly and annual reports filed with the Securities and Exchange Commission.

FAQ

What key decisions were made at the Hawthorn Bancshares Annual Meeting on June 8, 2021?

The Board confirmed the re-election of Frank E. Burkhead and Gus S. Wetzel, III as Class II directors and ratified the appointment of KPMG, LLP as the independent public accounting firm for the fiscal year ending December 31, 2021.

How long will the re-elected directors serve at Hawthorn Bancshares?

Frank E. Burkhead and Gus S. Wetzel, III will serve three-year terms expiring in 2024.

Who are the members of the Hawthorn Bancshares Board of Directors?

The Board includes Frank E. Burkhead, Gus S. Wetzel, III, Kathleen L. Bruegenhemke, Philip D. Freeman, Jonathan D. Holtaway, Kevin L. Riley, and David T. Turner.

What was the outcome of the shareholder advisory vote on executive pay at Hawthorn Bancshares?

The shareholders approved the advisory vote on executive pay, indicating general support for the company's compensation practices.