Territorial Bancorp Inc. Announces Results of Annual Meeting

Rhea-AI Summary

Territorial Bancorp, parent of Territorial Savings Bank, held its annual stockholders meeting on May 16, 2024. During the meeting, Allan S. Kitagawa and John M. Ohama were re-elected to the Board of Directors for three-year terms. Stockholders ratified Moss Adams LLP as the independent public accounting firm for 2024 and approved executive compensation on an advisory basis. Territorial Savings Bank, chartered in 1921, operates from Honolulu and has 28 branches across Hawaii.

Positive

• Two board members, Allan S. Kitagawa and John M. Ohama, were re-elected for three-year terms, ensuring continuity in governance.
• Stockholders approved the appointment of Moss Adams LLP as the independent registered public accounting firm, indicating confidence in the company’s financial oversight.
• Executive compensation was approved on an advisory basis, reflecting shareholder support for the company's management decisions.

Negative

• No significant new business developments or strategic initiatives were announced in the meeting, which might be seen as stagnation by investors.
• Reelection of current board members may not bring fresh perspectives to the company's leadership.

HONOLULU, Hawaii, May 16, 2024 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc., (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announces the results of its 2024 Annual Meeting of Stockholders held on May 16, 2024.

Two members of the Board of Directors, Allan S. Kitagawa and John M. Ohama were each elected to serve for a three-year term. Stockholders also ratified the appointment of Moss Adams LLP as the independent registered public accounting firm for the Company for the year ending December 31, 2024, and approved the Company’s compensation of named executive officers on an advisory basis.

Territorial Savings Bank is a state chartered savings bank that was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has 28 branch offices in the State of Hawaii.

Contact:		Walter Ida
		(808) 946-1400

 

 

FAQ

What was announced at Territorial Bancorp's 2024 annual meeting?

Territorial Bancorp announced the re-election of two board members, the ratification of Moss Adams LLP as the independent accounting firm, and the approval of executive compensation on an advisory basis.

When was Territorial Bancorp's 2024 annual meeting held?

The annual meeting was held on May 16, 2024.

What decisions were made about Territorial Bancorp's board of directors in 2024?

Allan S. Kitagawa and John M. Ohama were re-elected to the Board of Directors for three-year terms.

Who will be Territorial Bancorp’s independent public accounting firm in 2024?

Moss Adams LLP was ratified as the independent registered public accounting firm for the year ending December 31, 2024.

Was executive compensation approved at Territorial Bancorp's 2024 annual meeting?

Yes, the stockholders approved the company's executive compensation on an advisory basis.

How many branches does Territorial Savings Bank have?

Territorial Savings Bank has 28 branch offices in the State of Hawaii.