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Affinity Bancshares, Inc. (NASDAQ:AFBI), a Maryland-based savings institution with a market capitalization of $120 million, conducted its Annual Meeting of Stockholders on Monday, May 20, 2025. The company, which has delivered a 14.5% return year-to-date, held the meeting to address the election of directors, ratification of an accounting firm, and an advisory vote on executive compensation.
Two directors were elected for a three-year term. Marshall L. Ginn received 3,019,917 votes for and 575,932 withheld, with 886,570 broker non-votes. Mark J. Ross garnered 3,049,177 votes for, 546,672 withheld, and the same number of broker non-votes. According to InvestingPro analysis, Affinity maintains a FAIR overall financial health score, with particularly strong price momentum metrics. Discover more insights and 12+ additional ProTips with an InvestingPro subscription.
Stockholders ratified the appointment of Wipfli LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, with 4,424,286 votes for, 46,969 against, and 11,164 abstentions. No broker non-votes were recorded for this proposal. The bank has maintained profitability over the last twelve months and demonstrated strong returns over the past five years, though current analysis suggests the stock may be trading above its Fair Value.
The advisory resolution on executive compensation described in the proxy statement passed with 3,372,614 votes for, 64,835 against, and 158,400 abstentions, along with 886,570 broker non-votes.
No financial statements or exhibits were applicable to this report. The detailed results of the meeting are part of the company’s Form 8-K filed on May 21, 2025, as per the requirements of the Securities Exchange Act of 1934. The report was signed by Brandi Pajot, Senior Vice President and Chief Financial Officer of Affinity Bancshares, Inc.
In other recent news, Affinity Bancshares, Inc. announced the initiation of a stock repurchase program. The Board of Directors has authorized the repurchase of up to 320,480 shares, which represents approximately 5% of the company’s current outstanding common stock. The repurchase can be executed through various methods, including open market or private transactions and block trades, in compliance with SEC regulations. The decision to buy back shares will depend on factors such as stock availability, market conditions, and the company’s financial performance. Affinity Bancshares has indicated that the program may be adjusted or terminated based on market conditions, repurchasing costs, and alternative investment opportunities. The company has not committed to repurchasing a specific number of shares.
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