West Coast Community Bancorp Announces Annual Shareholder Voting Results

Rhea-AI Summary

West Coast Community Bancorp (OTCQX: SCZC) reported results of its April 23, 2026 annual meeting where 8,441,376 shares (80.55% outstanding) were voted. All 11 director nominees were elected. Shareholders approved indemnification agreements, eliminated written-consent actions, and appointed Crowe LLP; an amendment to eliminate cumulative voting failed.

Positive

• All 11 director nominees elected with majority plurality support
• Indemnification agreements ratified by shareholders
• Amendment to remove shareholder written-consent approved (majority shares)
• Crowe LLP appointed as independent registered public accounting firm for 2026

Negative

• Amendment to eliminate cumulative voting failed despite 79.62% votes cast For
• Significant broker non-votes: 1,929,076 shares (18.41% outstanding)

Market Context

This announcement detailed annual meeting outcomes, including election of all 11 director nominees a...

Analysis

This announcement detailed annual meeting outcomes, including election of all 11 director nominees and strong support for proposals such as indemnification agreements and auditor selection, which received 8,335,821 votes “for.” One governance change—eliminating cumulative voting—did not secure the required majority of shares outstanding. Investors may track how these governance structures, high participation of 8,441,376 shares, and future board decisions align with long-term strategic and financial performance.

Key Figures

Shares represented: 8,441,376 shares Participation rate: 80.55% Shares outstanding: 10,480,171 shares +5 more

8 metrics

Shares represented 8,441,376 shares Annual meeting, 2026

Participation rate 80.55% Of 10,480,171 shares entitled to vote

Shares outstanding 10,480,171 shares Issued and outstanding, entitled to vote

Director nominees 11 nominees All elected by plurality of votes cast

Proposal 2 For votes 5,885,125 shares Indemnification agreements, majority of votes cast required

Proposal 3 For votes 5,185,111 shares Eliminate cumulative voting, majority of shares outstanding required

Proposal 4 For votes 5,656,746 shares Eliminate shareholder action by written consent

Proposal 5 For votes 8,335,821 shares Appointment of Crowe LLP for 2026

Key Terms

indemnification agreements, cumulative voting, shareholder action by written consent, independent registered public accounting firm, +2 more

6 terms

indemnification agreements financial

"Shareholders ratified the proposal for indemnification agreements between the Company and its nonemployee"

Indemnification agreements are contracts in which one party agrees to pay for losses, legal costs, or damages another party might face — like a friend promising to cover repair bills if their dog breaks your window. For investors, these agreements matter because they determine who ultimately bears financial and legal risk, affecting a company’s potential liabilities, cash flow needs, and the willingness of executives or partners to take on roles or deals.

cumulative voting financial

"Proposal 3: Eliminate Cumulative VotingShareholders failed to approve the amendment of the Articles"

A voting system for electing a company's board where each shareholder can pool all their votes and cast them for one or more board candidates rather than spreading votes evenly. Think of it like having 100 stickers you can put all on one favorite class representative instead of giving one sticker to each candidate. It matters to investors because it gives minority holders a realistic chance to secure board representation and influence company decisions, affecting governance, strategy and therefore investment value.

shareholder action by written consent regulatory

"Proposal 4: Eliminate Shareholder Action by Written ConsentShareholders approved the amendment"

A shareholder action by written consent is a way for owners of a company to approve corporate decisions by signing a document instead of meeting in person. It matters to investors because it can speed major changes (like board shifts or policy approvals), let a group push through actions without a public vote, and signal shifts in control or strategy that may affect the company's risk, governance and stock value—think of it as a signed petition replacing a town-hall vote.

independent registered public accounting firm financial

"Selection of Independent Public AccountantsShareholders approved the appointment of Crowe LLP as the Bank's independent registered public accounting firm"

An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.

sba regulatory

"The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley."

SBA stands for Small Business Administration, a U.S. government agency that offers support to small businesses through loans, grants, and counseling. It matters to investors because its programs can help small businesses grow and succeed, potentially leading to new investment opportunities or economic growth in local communities. Essentially, the SBA serves as a bridge, helping small businesses access resources they might not otherwise afford.

usda regulatory

"SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture"

The United States Department of Agriculture (USDA) is the federal agency that sets food and farming policy, enforces safety and inspection rules, and publishes regular data on crops, livestock and agricultural markets. Its reports and decisions act like a weather forecast for food and farm businesses—shaping crop prices, supply availability, subsidies and trade rules—so investors watch USDA announcements to gauge future commodity prices, company revenues and regulatory risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SANTA CRUZ, Calif., April 23, 2026 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp", OTCQX: WCCB), the parent company of West Coast Community Bank ("Bank"), headquartered in Santa Cruz, Calif., today announced the results of its annual election of directors and four additional proposals. A total of 8,441,376 shares were represented and voted at the meeting, constituting 80.55% of the 10,480,171 issued and outstanding shares entitled to vote at the meeting.

Proposal 1: Election of Directors
All 11 nominees for director as listed in the proxy statement for the annual meeting were elected pursuant to the vote of the shareholders. Nominees required a plurality of the votes cast for election.

Director	For	Percent of   Votes   Cast "For"	Withheld	Percent of   Votes   Withheld	Percent of    Shares  Outstanding
Judith N. Bornstein	6,339,437	97.35	172,863	2.65	60.49
Caroline D. Chapin	6,409,074	98.41	103,226	1.59	61.16
Kenneth R. Chappell	6,257,479	96.09	254,821	3.91	59.71
Wayne S. Doiguchi	6,238,532	95.80	273,768	4.20	59.53
Craig A. French	5,973,430	91.73	538,870	8.27	57.00
Kurt J. Gollnick	6,464,284	99.26	48,016	0.74	61.68
Daniel R. Hightower, M.D.	6,470,184	99.35	42,116	0.65	61.74
Alexander B. Potts	6,394,741	98.19	117,559	1.81	61.02
Gunlek L. Ruder	6,347,849	97.47	164,451	2.53	60.57
Krista Snelling	6,387,746	98.09	124,554	1.91	60.95
James L. Weisenstein	6,288,164	96.56	224,136	3.44	60.00

Proposal 2: Indemnification Agreements
Shareholders ratified the proposal for indemnification agreements between the Company and its nonemployee directors and executive officers. The proposal required a majority of the votes cast for approval.

	Shares	Percent of   Votes Cast	Percent of   Shares Outstanding
For	5,885,125	90.37	56.15
Against	410,579	6.30	3.92
Abstain	216,596	3.33	2.07
Broker Non-Votes	1,929,076		18.41

Proposal 3: Eliminate Cumulative Voting
Shareholders failed to approve the amendment of the Articles of Incorporation to eliminate cumulative voting. While 79.62% of votes cast supported the amendment, the proposal required a majority of the shares outstanding for approval.

	Shares	Percent of   Votes Cast	Percent of   Shares Outstanding
For	5,185,111	79.62	49.47
Against	1,241,661	19.07	11.85
Abstain	85,528	1.31	0.82
Broker Non-Votes	1,929,076		18.41

Proposal 4: Eliminate Shareholder Action by Written Consent
Shareholders approved the amendment of the Articles of Incorporation to eliminate shareholder action by written consent. The proposal required a majority of the shares outstanding for approval.

	Shares	Percent of  Votes Cast	Percent of Shares Outstanding
For	5,656,746	86.86	53.97
Against	736,576	11.31	7.03
Abstain	118,978	1.83	1.14
Broker Non-Votes	1,929,076		18.41

Proposal 5: Selection of Independent Public Accountants
Shareholders approved the appointment of Crowe LLP as the Bank's independent registered public accounting firm for 2026. The proposal required a majority of the votes cast for approval.

	Shares	Percent of   Votes Cast	Percent of   Shares Outstanding
For	8,335,821	98.75	79.54
Against	2,684	0.03	0.03
Abstain	102,871	1.22	0.98
Broker Non-Votes	0		0.00

ABOUT WEST COAST COMMUNITY BANCORP AND WEST COAST COMMUNITY BANK
Founded in 2004, West Coast Community Bank is the wholly owned subsidiary of West Coast Community Bancorp, a bank holding company. The Bank is a top-rated, locally operated and full-service community bank headquartered in Santa Cruz, Calif. with branches in Aptos, Capitola, Cupertino, King City, Monterey, Salinas, San Luis Obispo, Santa Cruz, Scotts Valley and Watsonville. West Coast Community Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus and direct access to decision makers. The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley. As a full-service bank, West Coast Community Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, West Coast Community Bank has supported regional well-being by actively participating in and donating to local nonprofit organizations. Visit wccb.com for more information.

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SOURCE West Coast Community Bancorp

FAQ

How many shares voted at West Coast Community Bancorp (SCZC) annual meeting on April 23, 2026?

8,441,376 shares were represented and voted, equal to 80.55% of outstanding shares. According to the company, that figure reflects votes cast on director elections and four proposals at the annual meeting.

Were the West Coast Community Bancorp (SCZC) director nominees elected at the 2026 meeting?

Yes. All 11 nominees were elected pursuant to shareholder votes requiring a plurality. According to the company, each nominee received a majority of votes cast in their respective tallies.

What happened to the proposal to eliminate cumulative voting for West Coast Community Bancorp (SCZC)?

The amendment to eliminate cumulative voting failed because it did not receive a majority of shares outstanding. According to the company, 79.62% of votes cast were For, representing 49.47% of shares outstanding.

Did shareholders approve eliminating shareholder action by written consent for SCZC?

Yes. Shareholders approved the amendment to eliminate written-consent actions by a majority of shares outstanding. According to the company, the For votes represented 53.97% of shares outstanding.

Who will be the independent registered public accounting firm for West Coast Community Bancorp (SCZC) in 2026?

Crowe LLP was approved as the independent registered public accounting firm for 2026. According to the company, the appointment achieved 98.75% of votes cast, equaling 79.54% of shares outstanding.