The bank has filed a copy of its Definitive Proxy Solicitation Material — Schedule 14A .
The following information is my opinion gleaned from everyone here and other sources. Accuracy of this information is suspect. Most know more about this than I ever will. Please feel free to correct any incorrect information I put forth. And by all means, please contact the bank or anyone who may have more definitive knowledge on the subject. That would be nearly anyone. The bank declined answering Bob’s letter which included many pertinent questions on voting. We would have included that information here.
The proxy solicitation material, the “proxy” as it is called, is a solicitation for your vote. The bank is asking for your vote. There is a ballot upon which you can vote or a site referenced for online voting. The proxy solicitation material includes some instruction as to how to vote and how the bank would like you (their recommendation) to vote and maybe why they want you to vote a particular way. You can even authorize them to vote your shares for you, if you want. They do not inform you, unless I missed it somewhere, that you can authorize someone else to vote your shares for you. More on that important point later.
If you are a shareholder “of record” (you hold the shares in your name and they are not held by a broker or investment company in your name) you may have received your proxy material in the mail, or an email stating that the same material is available online. If your shares are held in “street name”, your broker or investment person should receive the proxy and should forward it to you unless you have told them they can vote for you. Or unless they forget to send it out. I don’t know if any are mailed anymore, because of the expense. You can contact them and have them send the proxy material to you, if you want to vote it yourself.
If you are unsure if you are a shareholder “of record” or if your shares are held “in street name”, call the bank or your investment person. I had to do that. Who knew?
On the PNBC site this morning, it is a bit confusing. Going to “Proxy materials for Shareholders Meeting”, you can bring up the following: Proxy Notice, Proxy Statement, and Proxy Card which is a rendition of the ballot. As of this morning, the Proxy Notice was for last year’s meeting. The Proxy Statement is for this year, and the Proxy Card is from last year. Be patient?