Mid-Southern Bancorp, Inc. Announces Proxy Advisory Firms ISS and Glass Lewis Recommend Stockholders Vote “AGAINST” Stockholder Proposal Recommending the Engagement of an Investment Banking Firm
17 5월 2023 - 1:00AM
Mid-Southern Bancorp, Inc. (the “Company”) (Nasdaq:MSVB), the
holding company for Mid-Southern Savings Bank, FSB (the “Bank”),
today issued the following letter to the Company’s stockholders in
connection with the Company’s annual meeting of stockholders (the
“Annual Meeting”):
May 16, 2023
Dear Stockholder:
In connection with the annual meeting of
stockholders (the “Annual Meeting”), the Board of Directors of
Mid-Southern Bancorp, Inc. (the “Company”) is proud to announce
that leading independent proxy advisory firms, Glass Lewis &
Co. and Institutional Shareholder Services, Inc., recently
recommended that stockholders vote AGAINST the stockholder proposal
recommending the engagement of an investment banking firm to sell
the Company. We urge you to vote AGAINST the stockholder proposal
by signing, dating and returning the proxy card for the Annual
Meeting.
The Board of Directors believes that the
stockholder proposal is unnecessary and not in the best interests
of the Company or its stockholders. We believe that actively
seeking a buyer would be a distraction to the Company and may
damage our reputation with our clients by creating uncertainty. In
addition, due to the current state of volatility in the capital and
credit markets and uncertainty with respect to the health of the
U.S. banking system, we believe that the current market is an
especially inopportune time to explore a sale of the Company.
If you have any questions or need assistance in
voting your shares, please contact our proxy solicitation agent
Alliance Advisors toll-free at 1-888-490-5076. We appreciate your
prompt attention to this matter, and your continued support of and
interest in our Company.
Sincerely yours,
Dana J. DunbarChairman of the Board
Important Information
This letter may be deemed to be solicitation
material in respect of the solicitation of proxies from the
Company’s stockholders in connection with the Annual Meeting. The
Company has filed with the Securities and Exchange Commission (the
“SEC”) and mailed to its stockholders a proxy statement in
connection with the Annual Meeting (the “Proxy Statement”), and
advises its stockholders to read the Proxy Statement because it
contains important information. Stockholders may obtain a free copy
of the Proxy Statement and other documents that the Company files
with the SEC at the SEC’s website at www.sec.gov. In addition, the
Proxy Statement, proxy card and 2022 Annual Report to Stockholders
are available at http://www.viewproxy.com/MSVB/2023. Directions to
attend the Annual Meeting, where you may vote in person, can be
found online at
https://www.mid-southern.com/about-us/investor-relations/. The
Proxy Statement and these other documents may also be obtained upon
request addressed to the Secretary of the Company at 300 N. Water
St. Salem, Indiana 47167.
Certain Information Regarding
Participants
The Company, its directors and certain of its
executive officers are participants in the solicitation of proxies
from the Company’s stockholders in connection with the matters to
be considered at the Annual Meeting. Information regarding the
ownership of the Company’s directors and executive officers in the
Company’s common stock is included in the Proxy Statement. Changes
to such ownership have been or will be reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of
Changes in Beneficial Ownership on Form 4 filed with the SEC.
Details concerning the nominees of the the Company’s Board of
Directors for election at the Annual Meeting are also included in
the Proxy Statement.
About the Company
Mid-Southern Bancorp, Inc. is the parent of
Mid-Southern Savings Bank, FSB. The Bank is a federally chartered
savings bank headquartered in Salem, Indiana, approximately
40 miles northwest of Louisville, Kentucky. The Bank conducts
business from its main office in Salem and through its branch
offices located in Mitchell and Orleans, Indiana and loan
production offices located in New Albany, Indiana and Louisville,
Kentucky.
Contact:Alexander G.
Babey, President and Chief Executive OfficerRobert
W. DeRossett, Chief Financial OfficerMid-Southern
Bancorp, Inc.812-883-2639
Mid Southern Bancorp (NASDAQ:MSVB)
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Mid Southern Bancorp (NASDAQ:MSVB)
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