MNSB MainStreet Bancshares Inc

 

At the 2023 Annual Meeting of Shareholders, held on May 17, 2023, the persons listed below were elected to serve as directors of the Company, each for a term of three years and the appointment by the Audit Committee of Yount, Hyde & Barbour, PC as the Company’s independent registered public accounting firm for fiscal year 2023 was ratified.

 

The Inspector of Elections reported the vote of shareholders at the Annual Meeting as follows: 

 

PROPOSAL 1:  Election of Directors

 

In addition, there were 1,039,662 broker non-votes for each nominee.    

 

PROPOSAL 2:  Ratify Appointment of Yount, Hyde & Barbour, P.C.

 

 

On May 17, 2023, the Board of Directors declared a quarterly cash dividend on the outstanding shares of the Company’s 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (the “Series A Preferred Stock”). On September 15 and 25, 2020, the Company issued an aggregate of 1,150,000 depositary shares (the “Depositary Shares”), each representing a 1/40th ownership interest in a share of the Series A Preferred Stock, with a liquidation preference of $1,000 per share of Series A Preferred Stock (equivalent to $25 per Depositary Share), which represents $28,750,000 in aggregate liquidation preference.

 

The declared cash dividend equated to approximately $0.47 per Depositary Share, or $18.75 per share of Series A Preferred Stock outstanding. The cash dividend is payable on June 30, 2023, to shareholders of record as of the close of business on June 15, 2023. When, as, and if declared by the Board of Directors, future dividend payment dates on the Series A Preferred Stock and associated Depositary Shares will be payable quarterly, in arrears, on March 30, June 30, September 30 and December 30 of each year.

 

The Company’s Depositary Shares trade on the Nasdaq Capital Market under the symbol “MNSBP.”