Redwood Capital Bancorp Annual Meeting of Shareholders

Rhea-AI Summary

On May 19, 2022, Redwood Capital Bancorp (OTCQB:RWCB) held its Annual Meeting of Shareholders on May 18, 2022, where two key items were approved. The board members were re-elected, maintaining all nine current members. Additionally, Richardson & Company, LLP was appointed as the independent public accountants for 2022. The meeting saw over 70% of RWCB shares voted. Total assets increased to $579.5 million as of March 31, 2022, up 6% from the previous year. The board also declared a quarterly cash dividend of $0.07 per share, payable on May 10, 2022.

Positive

• Total assets increased to $579.5 million, a 6% rise from March 31, 2021.
• Quarterly cash dividend declared at $0.07 per share.

Negative

• Two additional board nominations received after proxy materials were finalized; neither nominee had verified share ownership.

EUREKA, Calif.--(BUSINESS WIRE)-- On May 19, 2022, REDWOOD CAPITAL BANCORP (OTCQB:RWCB), the only locally owned and operated community bank holding company (the Company) in Humboldt County, announced the Annual Meeting of Shareholders was held on Wednesday, May 18, 2022, at the Company’s wholly owned subsidiary, Redwood Capital Bank, 402 G Street, Eureka, California.

During the meeting, two items of business were voted on and approved.

The first item was the re-election of all nine current members of the Board who are:

V. Tyrone Champ					W. Timothy Needham
John E. Dalby					K Jeff Nelson
John J. Gierek, Jr.					Michele D. Rieke
Jennifer Harris					Steven M. Strombeck
J. William McAuley

The second item was the ratification and appointment of Richardson & Company, LLP to serve as the Company’s independent public accountants for 2022.

Over 70% of RWCB shares were voted at the meeting and the voting turnout was consistent with prior years. The Board of Directors thanks the shareholders for their continued support.

Since the issuance of the Company’s 2022 proxy materials that included the re-election of the nine existing directors listed above, the Company received two additional nominations. Both nominations were received after the proxy materials were finalized and sent to the transfer agent for distribution. Of these two nominees, one purportedly owns 500 shares which has not been verified and the other owns no shares. Neither are customers of Redwood Capital Bank. There were no votes cast for either nominee.

Company performance continues to shine in the major balance sheet categories of assets, loans and deposits. Total assets as of March 31, 2022 were $579.5 million, an increase of 6% from the same period of March 31, 2021. Additionally, the Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on May 10, 2022 to shareholders of record at the close of business on April 25, 2022. The annualized dividend of $0.28 combined with Tangible Book Value appreciation from March 31, 2021 to March 31, 2022 was 2.76%. Market value for RWCB was $22.60 per share as of close of business March 31, 2022.

Since inception, Redwood Capital Bank’s primary focus has always been on the community we serve. We are extremely proud that we continue to serve our customers and produce a strong financial performance for our shareholders. Taking care of our shareholders and customers is paramount to how we do business every day. The Board of Directors sincerely thanks our shareholders, customers and community for their ongoing support of Redwood Capital Bank.

For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Jennifer Budwig, Acting CEO at (707) 444-9817 or via email at: jbudwig@rdwo.com, or stop by our headquarters and main office at 402 “G” Street, Eureka, CA 95501. Redwood Capital Bancorp (OTCQB:RWCB) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.

This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005396/en/

Jennifer Budwig, Acting CEO, (707) 444-9817

Source: Redwood Capital Bancorp

FAQ

What were the key outcomes of the May 18, 2022, meeting for Redwood Capital Bancorp (RWCB)?

The meeting resulted in the re-election of all nine board members and the appointment of Richardson & Company, LLP as independent public accountants for 2022.

What was Redwood Capital Bancorp's (RWCB) total assets as of March 31, 2022?

Total assets for RWCB were $579.5 million as of March 31, 2022, a 6% increase from the prior year.

How much was the dividend declared by Redwood Capital Bancorp (RWCB)?

The board declared a quarterly cash dividend of $0.07 per share, payable on May 10, 2022.

What percentage of shares were voted at the Redwood Capital Bancorp (RWCB) meeting?

Over 70% of RWCB shares were voted at the meeting.

What were the market value and annualized dividend for RWCB as of March 31, 2022?

The market value for RWCB was $22.60 per share, and the annualized dividend was $0.28.