Bank of Marin Bancorp and the Jon S. Kelly Administrative Trust Agree to Settle Proxy Contest
May 10 2021 - 9:30PM
Business Wire
Bank of Marin Bancorp (NASDAQ: BMRC) (the “Company”) announced
today that the Company and the Jon S. Kelly Administrative Trust
(“Kelly Trust”) have reached an agreement (the “Agreement”) under
which Sanjiv Sanghvi has been added to the Company’s Board of
Directors and will be included in the Company’s slate of directors
for election to the Board of Directors of the Company at the
upcoming Annual Meeting of Shareholders. Pursuant to the Agreement,
the Company has agreed to immediately appoint Mr. Sanghvi to the
Board of Directors of the Company and include Mr. Sanghvi as a
nominee on its slate of director candidates to be nominated by the
Board for election at the 2021 annual meeting of shareholders. The
2021 annual meeting of shareholders was previously scheduled for
May 11, 2021, but has been rescheduled for June 29, 2021. In
connection with the Agreement, the Kelly Trust has agreed to
withdraw its nominations of Messrs. Sanghvi and Peter Luchetti in
consideration for Mr. Sanghvi being voluntarily added to the Board
prior to the 2021 annual meeting. In connection with the Agreement,
Mr. Sanghvi will also be appointed to the Compensation and
Nominating & Governance Committees of the Board.
Russell A. Colombo, the Company’s Chief Executive Officer, said,
“We are pleased to have reached an agreement with the Kelly Trust.
Management welcomes the perspectives and insights of Sanjiv
Sanghvi, who is a well-qualified addition to our board of
directors.”
A representative of the Kelly Trust stated, “Our nominee looks
forward to working with the other directors and management to build
and deliver value for all shareholders.”
About Bank of Marin Bancorp
Founded in 1990 and headquartered in Novato, Bank of Marin is
the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq:
BMRC). A leading business and community bank in the San Francisco
Bay Area, with assets of $3.1 billion as of March 31, 2021, Bank of
Marin has 21 branches and 7 commercial banking offices located
across 7 Bay Area counties. Bank of Marin provides commercial
banking, personal banking, specialty lending and wealth management
and trust services. Specializing in providing legendary service to
its customers and investing in its local communities, Bank of Marin
has consistently been ranked one of the “Top Corporate
Philanthropists” by the San Francisco Business Times and one of the
“Best Places to Work” by the North Bay Business Journal. Bank of
Marin Bancorp is included in the Russell 2000 Small-Cap Index and
Nasdaq ABA Community Bank Index. For more information, go to
www.bankofmarin.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210510006024/en/
Beth Drummey Marketing & Corporate Communications Manager
Bank of Marin 415-763-4529 | bethdrummey@bankofmarin.com
Bank of Marin Bancorp (NASDAQ:BMRC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank of Marin Bancorp (NASDAQ:BMRC)
Historical Stock Chart
From Apr 2023 to Apr 2024