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HELENA, MT – Shareholders of Eagle Bancorp (NASDAQ:EGBN) Montana, Inc. (NASDAQ:EBMT), a $136 million market cap regional bank trading at 13.9 times earnings with a 3.3% dividend yield, approved all five proposals presented during the company’s Annual Meeting on Thursday, April 24, 2025. The meeting saw substantial shareholder participation with over 5.8 million shares represented. According to InvestingPro analysis, the bank currently appears undervalued based on its Fair Value assessment.
The first proposal involved the election of three directors—Maureen J. Rude, Rick F. Hays (LON:HAYS), and Peter J. Johnson—each to serve a three-year term. Votes for the directors were robust, with Rude receiving 3,900,794 votes for and 524,646 withheld; Hays garnering 3,825,483 for and 599,957 withheld; and Johnson receiving 3,724,648 for and 700,792 withheld. All three were elected amidst 1,459,896 broker non-votes. The bank’s strong leadership has helped maintain its impressive 26-year streak of consistent dividend payments, as noted by InvestingPro, which offers 6 additional key insights about the company’s performance.
Proposal two ratified Moss Adams LLP as the independent registered public accounting firm for fiscal year 2025, with an overwhelming majority of 5,361,325 votes for, 517,159 against, and 6,852 abstentions.
The advisory vote on named executive officer compensation, detailed in the company’s Proxy Statement, was also approved with 3,616,505 votes for, 740,623 against, 68,312 abstentions, and 1,459,896 broker non-votes.
Additionally, the new Stock Incentive Plan for Directors, Officers, and Employees, referred to as the "2025 Plan," received approval with 3,645,428 votes for, 752,863 against, 27,149 abstentions, and 1,459,896 broker non-votes.
Lastly, the advisory vote on the frequency of future advisory votes on executive compensation was set at one year by shareholders, with 3,849,118 votes for one year, 90,790 for two years, 432,618 for three years, 52,914 abstentions, and 1,459,896 broker non-votes.
The results confirm shareholder confidence in the management and strategic direction of Eagle Bancorp Montana. The company’s SEC filing provided the detailed outcomes of the meeting.
In other recent news, Eagle Bancorp Montana, Inc. announced the immediate resignation of director Benjamin G. Ruddy from its board and the board of its subsidiary, Opportunity (SO:FTCE11B) Bank of Montana. The announcement was made through a recent SEC filing, stating that Ruddy’s departure was due to personal reasons and became effective on January 28, 2025. Ruddy was originally set to serve on the board until the 2025 Annual Meeting of Stockholders. Eagle Bancorp expressed gratitude for his commitment and service during his tenure. The company has not yet named a successor or detailed any changes to the board’s composition following Ruddy’s exit. This development is part of Eagle Bancorp’s ongoing corporate governance updates. The company has not provided any further information on the matter at this time.
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