Business Context and Reporting Period
MetroCity Bankshares, Inc. filed a Form 8-K dated May 19, 2023, reporting the results of its 2023 Annual Meeting of Shareholders held on May 18, 2023. The company is listed on Nasdaq under the symbol MCBS.
Meeting Participation and Voting Results
- Of 25,143,675 shares outstanding as of the record date, 20,103,781 shares, or 79.96%, were represented in person or by proxy.
- Four incumbent Class II directors were elected to serve until the 2026 Annual Meeting.
| Director | For | Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| Frank Glover | 17,507,384 | 433,799 | 3,612 | 2,158,986 |
| William J. Hungeling | 17,769,745 | 171,656 | 3,394 | 2,158,986 |
| Francis Lai | 15,129,818 | 2,811,365 | 3,612 | 2,158,986 |
| Nack Y. Paek | 17,765,105 | 179,069 | 621 | 2,158,986 |
Shareholders also ratified Crowe LLP as the company’s independent registered public accounting firm for the year ending December 31, 2023.
| Proposal | For | Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| Ratification of Crowe LLP | 20,065,155 | 3,125 | 35,501 | None |
Financial Metrics and Material Changes
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, guidance, or other operating and financial metrics. It does not report a material change versus a prior comparable period.
Guidance, Risks, and Unusual Items
The filing contains no management outlook, guidance, risk update, contingency, or unusual financial item. Its primary disclosure is the outcome of the shareholder votes.
Important Facts to Verify
- Confirm the election of all four Class II directors and their terms through the 2026 Annual Meeting.
- Confirm the 79.96% shareholder participation rate and the reported broker non-votes.
- Confirm shareholder ratification of Crowe LLP for the year ending December 31, 2023.
- Review subsequent filings for any changes to board composition, auditor status, or corporate governance.