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 (Date of Earliest Event Reported): May 23, 2013
INTERVEST BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware | 000-23377 | 13-3699013 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
One Rockefeller Plaza, Suite 400, New York, New York | 10020-2002 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants Telephone Number Including Area Code: (212) 218-2800
NOT APPLICABLE
(Former name or former address, if changed since last report)
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:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Annual Meeting of Stockholders (the Meeting) of Intervest Bancshares Corporation (the Company) was held on May 23, 2013. As reported under Item 5.07 below, at the Meeting, the Companys stockholders elected directors and approved the Companys 2013 Equity Incentive Plan. A copy of this plan was filed as Appendix A to the Companys Definitive Proxy Statement, which was filed with the Securities and Exchange Commission on April 11, 2013.
Item 5.07 Submission of Matters to a Vote of Security Holders.
As of the record date of March 28, 2013, there were a total of 21,925,089 shares of the Companys common stock outstanding and entitled to vote at the Meeting. At the Meeting, 20,272,325 shares of common stock were present in person or by proxy, representing a quorum.
At the Meeting, the Companys stockholders: (i) elected each of the eight persons listed below under Election of Directors to serve as a director of the Company until the next annual meeting of stockholders; (ii) approved the election of two additional directors listed below under Contingent Election of Directors, contingent upon redemption or purchase of the Companys outstanding Series A Preferred Stock held by the U.S. Treasury; (iii) approved a non-binding advisory proposal on executive officer compensation; (iv) approved, on an advisory basis, the frequency of future advisory votes on executive compensation; (v) approved the Companys 2013 Equity Incentive Plan; and (vi) ratified the appointment of Hacker, Johnson & Smith, P.A., P.C., as the Companys independent auditor for 2013.
The results of the votes cast at the Meeting on the matters noted above are set out below.
1. | Election of Directors. |
Directors |
Votes For | Withheld | Abstain | Broker Non-Votes | ||||||||||||
Michael A. Callen |
11,440,838 | 494,908 | | 8,336,579 | ||||||||||||
Lowell S. Dansker |
10,788,195 | 1,147,551 | | 8,336,579 | ||||||||||||
Paul R. DeRosa |
11,588,359 | 347,387 | | 8,336,579 | ||||||||||||
Stephen A. Helman |
10,788,995 | 1,146,751 | | 8,336,579 | ||||||||||||
Wayne F. Holly |
11,590,953 | 344,793 | | 8,336,579 | ||||||||||||
Lawton Swan, III |
11,588,159 | 347,587 | | 8,336,579 | ||||||||||||
Thomas E. Willett |
11,588,359 | 347,387 | | 8,336,579 | ||||||||||||
Wesley T. Wood |
11,588,359 | 347,387 | | 8,336,579 |
2. | Contingent Election of Directors. |
Directors |
Votes For | Withheld | Abstain | Broker Non-Votes | ||||||||||||
C. Wayne Crowell |
11,585,409 | 350,037 | | 8,336,579 | ||||||||||||
Susan Roth Katzke |
11,585,709 | 350,037 | | 8,336,579 |
As is indicated above, the election of Ms. Katzke and Mr. Crowell was approved by a plurality of the Companys common stockholders at the Meeting. However, as discussed in the Companys Definitive Proxy Statement, their election to the Companys Board of Directors by the Companys common stockholders was contingent upon the Companys redemption or purchase, prior to the Meeting, of its issued and outstanding Series A Preferred Stock held by the U.S. Treasury. Because such redemption or repurchase did not occur prior to the Meeting, this contingency was not satisfied, and therefore the election of these two directors by the Companys common stockholders was not effective. Ms. Katzke and Mr. Crowell remain on the Companys Board of Directors as appointees of the U.S. Treasury.
3. | Non-Binding Advisory Proposal on the Compensation of Executive Officers. |
Votes For |
Votes Against |
Abstain |
Broker Non-Votes | |||||
11,551,120 | 343,437 | 41,189 | 8,336,579 |
4. | Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation. |
Annually |
Every Two Years |
Every Three Years |
Abstain |
Broker Non-Votes | ||||
11,592,991 | 103,240 | 132,375 | 107,140 | 8,336,579 |
5. | Approval of the 2013 Equity Incentive Plan. |
Votes For |
Votes Against |
Abstain |
Broker Non-Votes | |||||
10,314,515 | 1,572,095 | 49,136 | 8,336,579 |
6. | Ratification of Appointment of Hacker, Johnson & Smith P.A., P.C. as independent auditor for 2013. |
Votes For |
Votes Against |
Abstain |
Broker Non-Votes | |||||
20,124,445 | 130,710 | 17,170 | 0 |
Consistent with the preference expressed by a plurality of the Companys stockholders in the Say on Frequency Vote (proposal #4), the Board of Directors of the Company determined, at a subsequent meeting of the Board of Directors, that the Company will hold a Say on Pay vote annually until the next Say on Frequency Vote, which will occur not later than the Companys 2019 Annual Meeting of Stockholders.
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 thereunto duly authorized.
INTERVEST BANCSHARES CORPORATION | ||||||
Date: May 24, 2013 | By: | /s/ Lowell S. Dansker | ||||
Lowell S. Dansker | ||||||
Chairman and Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: May 24, 2013 | By: | /s/ John J. Arvonio | ||||
John J. Arvonio | ||||||
Chief Financial and Accounting Officer | ||||||
(Principal Financial Officer) |