Current Report Filing (8-k)
April 09 2019 - 2:18PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report: April
9, 2019
Bank
of South Carolina Corporation
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(Exact name of registrant as specified in its charter)
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South Carolina
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0-27702
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57-1021355
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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256
Meeting Street Charleston, SC
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29401
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
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(843) 724-1500
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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¨
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2).
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¨
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Emerging
growth company
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If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Item 2.02 Results of Operations and
Financial Condition
On April 9, 2019, the Bank of South Carolina
Corporation (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended
March 31, 2019. The information contained in the press release is deemed to be “filed” under the Securities Exchange
Act of 1934 as Item 2.02 to this report, and such press release is incorporated herein by reference.
Item 5.07 Submission of Matters to a
Vote of Shareholders
The 2019 Annual Meeting of Shareholders
of the Company was held on April 9, 2019. At the meeting, the Company’s shareholders re-elected eighteen Directors until
the 2020 Annual meeting of Shareholders and took the following actions: a proposal for advisory approval of the Company’s
Executive Compensation; a proposal regarding the frequency of the vote on the Company’s Executive Compensation; and the appointment
of Elliott Davis, LLC as the Company’s independent registered public accounting firm for the year ended December 31, 2019.
There were a total of 5,515,515 shares of Common Stock outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting
there were, in person or by proxy, 4,977,169 shares present of the Company’s Common Stock, representing approximately 90.23%
of the total outstanding eligible shares. The following proposals are described in detail in the Company’s definitive proxy
statement dated March 4, 2019 and were voted upon and approved by the shareholders at the 2019 Annual Meeting:
Proposal 1:
To elect of eighteen Directors of the Bank
of South Carolina Corporation to serve until the Company’s 2020 Annual Meeting of Shareholders:
Name
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For
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Abstain
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Broker Non-Votes
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Suzanne K. Boyd
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3,092,198
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11,919
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1,873,052
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Fleetwood S. Hassell
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2,843,619
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260,498
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1,873,052
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Hugh C. Lane, Jr.
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3,099,096
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5,021
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1,873,052
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Douglas H. Sass
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3,092,835
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11,282
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1,873,052
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Eugene H. Walpole, IV
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3,091,053
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13,064
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1,873,052
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David W. Bunch
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3,096,794
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7,323
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1,873,052
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Graham M. Eubank, Jr.
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3,090,530
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13,587
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1,873,052
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Elizabeth M. Hagood
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3,100,293
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3,824
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1,873,052
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Glen B. Haynes, DVM
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3,101,271
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2,846
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1,873,052
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William L. Hiott, Jr.
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3,098,718
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5,399
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1,873,052
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Richard W. Hutson, Jr.
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3,100,488
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3,629
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1,873,052
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Charles G. Lane
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3,099,132
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4,985
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1,873,052
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Linda Bradley McKee, PhD, CPA
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3,100,489
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3,628
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1,873,052
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Alan I. Nussbaum, MD
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3,099,889
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4,228
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1,873,052
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Karen J. Phillips
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3,101,031
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3,086
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1,873,052
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Malcolm M. Rhodes, MD
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3,100,533
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3,584
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1,873,052
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Sheryl G. Sharry
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3,099,675
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4,442
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1,873,052
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Steve D. Swanson
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3,101,787
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2,330
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1,873,052
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Proposal 2:
To obtain advisory approval of the Company’s
Executive Compensation:
For
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Against
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Abstain
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3,049,440
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35,412
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19,265
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Proposal 3:
To obtain advisory approval of whether Shareholders
should vote on the Company’s Executive Compensation (“Say on Pay”) proposal every one, two, or three years:
One Year
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Two Years
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Three Years
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Abstain
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841,347
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17,838
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2,224,943
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19,989
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Proposal 4:
To ratify the appointment by the Audit &
Compliance Committee of the Company’s Board of Directors of Elliott Davis, LLC as the Company’s independent registered
public accounting firm for the year ended December 31, 2019:
For
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Against
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Abstain
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4,970,402
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3,578
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3,189
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Lastly, on April 9, 2019, the Board determined
that the Company will hold a non-binding advisory vote of the Company’s Executive Compensation of its named executive officers,
as disclosed in the Company’s proxy statement, every three years until the next required vote on the frequency of such vote
by the Company’s shareholders.
Item 9.01 Financial Statements and Exhibits
The following Exhibit is filed as part of
this report
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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The Bank of South Carolina Corporation
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(Registrant)
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/s/
Eugene H. Walpole, IV
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Eugene H. Walpole, IV
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Chief Financial Officer
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Executive Vice President
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Date: April 9, 2019
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