West Coast Community Bancorp Announces Annual Shareholder Voting Results

Rhea-AI Summary

West Coast Community Bancorp (OTCQX: SCZC), holding company for Santa Cruz County Bank, announced the results of its annual election of directors. A total of 6,628,756 shares (79% of issued and outstanding shares) were represented and voted. All director nominees were elected with support ranging from 86% to 95%. Crowe LLP was ratified as the Bank's independent public accounting firm for 2024, with 99.51% votes in favor. The 2024 Equity Compensation Plan was approved with 91.59% votes in favor. Post-meeting, the board set the number of directors for the next year at eight.

Positive

• 79% of issued and outstanding shares were represented and voted, indicating strong shareholder participation.
• All director nominees received high approval ratings, from 86% to 95%.
• Crowe LLP was ratified as the independent public accounting firm with 99.51% in favor.
• The 2024 Equity Compensation Plan was approved with 91.59% votes in favor.

Negative

• No specific negative aspects were identified in the press release.

SANTA CRUZ, Calif., May 29, 2024 /PRNewswire/ -- West Coast Community Bancorp (OTCQX: "SCZC") ("Bancorp"), the holding company for Santa Cruz County Bank ("Bank"), headquartered in Santa Cruz, California, today announced the results of its annual election of directors. A total of 6,628,756 shares were represented and voted at the meeting, constituting 79% of the 8,391,254 issued and outstanding shares entitled to vote at the meeting. There was no solicitation in opposition to management's nominees for director as listed in the proxy statement for the annual meeting, and all of such nominees were elected pursuant to the vote of the shareholders. The vote on the election of the eight (8) nominees for director was as follows:

Director	For	Percent of Votes Cast "For"	Withheld	Percent of Votes Withheld
John C. Burroughs	4,159,615	86.75	635,512	13.25
Kenneth R. Chappell	4,372,504	91.19	422,623	8.81
Caroline D. Chapin	4,490,668	93.65	304,459	6.35
Craig A. French	4,346,774	90.65	448,353	9.35
Thomas N. Griffin	4,270,614	89.06	524,513	10.94
Stephen D. Pahl	4,342,246	90.56	452,881	9.44
Krista Snelling	4,573,907	95.39	221,220	4.61
James L. Weisenstein	4,242,358	88.47	552,769	11.53

The number voting "For" constituted over 86% of the total number of shares represented for all directors listed to this item of business.

The appointment of Crowe LLP as the Bank's independent registered public accounting firm for 2024 was ratified, with the number of shares voted as follows:
For: 6,596,158
Against: 10,788
Abstain: 21,810
The number voting "For" constituted 99.51% of the total number of shares represented and voting at the meeting with respect to this item of business.

In the final matter voted on at the annual meeting, shareholders approved the West Coast Community Bancorp 2024 Equity Compensation Plan. Shares were voted as follows:
For: 4,391,970
Against: 377,021
Abstain: 26,136
The number voting "For" constituted 91.59% of the total number of shares represented and voting at the meeting with respect to this item of business.

Following the meeting, the Bank's board set the number of directors to serve on the board for the ensuing year at eight (8). 

About Santa Cruz County Bank and West Coast Community Bancorp
Founded in 2004, Santa Cruz County 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, California with eight branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley, and Watsonville. Santa Cruz County 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, Santa Cruz County 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, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local nonprofit organizations.

To find out more about West Coast Community Bancorp, please visit www.sccountybank.com.

Forward-Looking Statements
This 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 (including but not limited to changes in depositor behavior in relation thereto), inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, health of  the real estate market in California, Bancorp's ability to effectively execute its business plans, and other factors beyond Bancorp and 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. Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

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SOURCE West Coast Community Bancorp

FAQ

What were the results of the West Coast Community Bancorp's 2024 annual shareholder meeting?

All director nominees were elected with support ranging from 86% to 95%, Crowe LLP was ratified as the independent public accounting firm with 99.51% votes in favor, and the 2024 Equity Compensation Plan was approved with 91.59% votes in favor.

What percentage of shares were represented at West Coast Community Bancorp's 2024 annual meeting?

79% of the issued and outstanding shares were represented and voted at the meeting.

How was the vote distributed among director nominees at West Coast Community Bancorp's 2024 annual meeting?

The approval ratings for the director nominees ranged from 86% to 95%.

What was the outcome of the vote to ratify Crowe LLP at West Coast Community Bancorp's 2024 annual meeting?

Crowe LLP was ratified as the Bank's independent public accounting firm for 2024 with 99.51% of votes in favor.

Was the 2024 Equity Compensation Plan approved at West Coast Community Bancorp's annual meeting?

Yes, it was approved with 91.59% of votes in favor.