Hawthorn Bancshares Announces Results of 2024 Annual Meeting

Rhea-AI Summary

Hawthorn Bancshares (NASDAQ: HWBK) announced the re-election of four Class II directors at its June 4, 2024 Annual Meeting. Frank E. Burkhead, Brent M. Giles, Jonathan L. States, and Gus S. Wetzel, III will continue to serve three-year terms expiring in 2027. Mr. Burkhead has been a director since 2014, Mr. Giles since 2023 (also CEO), Mr. States since 2022, and Mr. Wetzel since 2018.

The 12-member board also includes Gregg A. Bexten, Kathleen L. Bruegenhemke, Douglas T. Eden, Philip D. Freeman, Shawna M. Hettinger, Jonathan D. Holtaway, Kevin L. Riley, and David T. Turner. Additionally, the advisory directorate comprises Charles G. Dudenhoeffer and Dr. Gus S. Wetzel, II.

Shareholders approved FORVIS, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, and also approved the advisory vote on executive compensation.

Positive

• Re-election of experienced directors ensures leadership stability for the next three years.
• Approval of FORVIS, LLP as independent registered public accounting firm provides continuity in financial oversight.
• Ratification of executive compensation signals shareholder confidence in management.

Negative

• No new directors were added, potentially limiting fresh perspectives on the board.
• Re-election of long-term directors may lead to stagnation in strategic direction.

JEFFERSON CITY, Mo., June 07, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Hawthorn Bancshares, Inc. of Jefferson City, MO (NASDAQ: HWBK) announced that at the Company’s June 4, 2024 Annual Meeting of Shareholders, Frank E. Burkhead, Brent M. Giles, Jonathan L. States and Gus S. Wetzel, III were re-elected as Class II directors to serve three-year terms expiring 2027.

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. Giles has served as director and Chief Executive Officer of Hawthorn Bancshares since 2023. Mr. States has served as director of Hawthorn Bancshares since 2022 and is currently a member/owner of Little Dixie Construction. Mr. Wetzel has served as director of Hawthorn Bancshares since 2018 and is currently an owner of Meadows Contracting, LLC and Meadows Development Company.

Other members of the 12-member Board include Gregg A. Bexten, Kathleen L. Bruegenhemke, Douglas T. Eden, Philip D. Freeman, Shawna M. Hettinger, 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 FORVIS, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024 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, Springfield, Independence, Columbia, Clinton, Osceola, Warsaw, Belton, Drexel, Harrisonville and California, Missouri.

Contact:	Brent M. Giles
	Chief Executive Officer
	TEL: 573.761.6100
	www.HawthornBancshares.com

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 were the results of Hawthorn Bancshares's 2024 Annual Meeting?

Hawthorn Bancshares re-elected four Class II directors and approved FORVIS, LLP as the accounting firm for 2024.

Who were re-elected as Class II directors in Hawthorn Bancshares's 2024 Annual Meeting?

Frank E. Burkhead, Brent M. Giles, Jonathan L. States, and Gus S. Wetzel, III were re-elected.

When do the terms of the re-elected Hawthorn Bancshares directors expire?

The terms of the re-elected directors will expire in 2027.

Who is Hawthorn Bancshares's independent registered public accounting firm for 2024?

FORVIS, LLP has been appointed as the independent registered public accounting firm for 2024.

Was the executive compensation approved at Hawthorn Bancshares's 2024 Annual Meeting?

Yes, the shareholders approved the advisory vote on executive compensation.