Affinity Bancshares Holds Special Meeting of Stockholders

Affinity Bancshares, Inc. (NASDAQ: AFBI) disclosed in a Form 8-K filing with the Securities and Exchange Commission on November 4, 2024 that they held a Special Meeting of Stockholders on the same day.

The key matters under consideration during the meeting were summarised by the company as follows:

1. A vote on the approval of the Purchase and Assumption Agreement, dated May 30, 2024, as amended, involving Affinity Bank, National Association, and Atlanta Postal Credit Union. The agreement entailed Atlanta Postal’s takeover of a significant portion of Affinity Bank’s assets and liabilities, including deposit liabilities. The results of the vote revealed 4,468,453 votes in favor, 8,332 votes against, and 2,269 abstentions, with no broker non-votes recorded.

2. A vote endorsing the voluntary dissolution of Affinity Bancshares, Inc. through a Plan of Dissolution and Complete Liquidation, post the completion of the asset sale. The plan outlined the winding-up of affairs and the distribution of remaining net assets, including proceeds from the sale agreement with Atlanta Postal, to the company’s stockholders. The vote tallied 4,465,782 in favor, 11,003 against, and 2,269 abstentions, with no broker non-votes.

3. Another vote concerned the non-binding advisory confirmation of the compensation that the named executive officers would receive regarding the asset sale. The results showed 4,116,682 votes for, 219,091 votes against, and 143,281 abstentions, with no broker non-votes.

Moreover, Affinity Bancshares also proposed a motion to adjourn the meeting if there were insufficient votes for proposals 1 and 2. However, this proposal was not necessary as both proposals 1 and 2 were approved by the stockholders during the Special Meeting.

The filing concluded by stating that there were no additional financial statements or exhibits submitted.

In conclusion, Affinity Bancshares conducted a consequential Special Meeting of Stockholders on November 4, 2024, where crucial corporate decisions were put to vote and subsequently approved by the shareholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Affinity Bancshares’s 8K filing here.

About Affinity Bancshares

Affinity Bancshares, Inc operates as the holding company for Affinity Bank that provides various banking products and services in Georgia. The company offers various deposit accounts, including savings accounts, checking accounts, certificates of deposit, and individual retirement accounts, as well as Kasasa (rewards) deposit program for checking accounts with interest rates or cash-back rewards.