Tidelands Bancshares 8-K 2012
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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, 2012
TIDELANDS BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
875 Lowcountry Blvd.
Mount Pleasant, South Carolina 29464
(Address, Including Zip Code of Principal Executive Offices)
(Registrants Telephone Number, Including Area Code)
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On May 23, 2012, Tidelands Bancshares, Inc. (the Company) held its Annual Meeting of Shareholders (the Annual Meeting). Of the 4,277,176 shares of the Companys common stock outstanding as of March 30, 2012, 3,256,172 shares were represented at the Annual Meeting, either in person or by proxy, constituting approximately 76.129% of the outstanding shares of common stock. The following is a brief description of each matter submitted to a vote at the Annual Meeting as well as the number of votes cast with respect to each matter. For more information about each of these proposals, please refer to the Companys Proxy Statement filed with the Securities and Exchange Commission on April 16, 2012 (the Proxy Statement).
Proposal #1: Election of Directors
The shareholders elected each of the following persons as a director to hold office until the 2013 Annual Meeting of Shareholders and until their respective successors are duly elected and qualified:
Proposal #2: Advisory Vote on Executive Compensation
The compensation of the Companys named executive officers, as disclosed in the Proxy Statement, was approved by the shareholders as follows:
Proposal #3: Ratification of Appointment of Independent Registered Public Accounting Firm
The shareholders ratified the appointment of Elliot Davis, LLC, an independent registered public accounting firm, to serve as the Companys auditor during the fiscal year ended December 31, 2012, and the votes cast were as follows:
Pursuant to requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.