M&A: Village Bank & Trust Financial Corp.

Form Type: 8-K

Filing Date: 2024-12-19

Corporate Action: Merger

Type: New

Accession Number: 000155837024016382

Comments: The document reports the results of a special meeting of shareholders held by Village Bank & Trust Financial Corp. on December 19, 2024. Shareholders voted on four proposals related to the merger with TowneBank. Proposal 1, concerning the Merger, received 1,298,806 votes in favor, 1,691 against, and 11,097 abstentions, demonstrating strong support for the merger. Proposal 2, which involved an amendment to the Company’s articles of incorporation to facilitate the merger, also passed with similar voting results. Proposal 3, regarding executive compensation tied to the merger, was approved in an advisory capacity with 1,160,309 votes for and 117,356 against. Lastly, Proposal 4, focused on the possibility of adjourning the meeting, was rendered unnecessary as the earlier proposals passed. Overall, an approximate 87.42% of the total outstanding shares were represented during the vote.

Document Link: View Document