UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported):  May 23, 2012

 

TIDELANDS BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

South Carolina

 

001-33065

 

02-0570232

(State or Other Jurisdiction of Incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification)

 

875 Lowcountry Blvd.

Mount Pleasant, South Carolina 29464

(Address, Including Zip Code of Principal Executive Offices)

 

(843) 388-8433

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 5.07                                           Submission of Matters to a Vote of Security Holders

 

On May 23, 2012, Tidelands Bancshares, Inc. (the “Company”) held its Annual Meeting of Shareholders (the “Annual Meeting”).  Of the 4,277,176 shares of the Company’s common stock outstanding as of March 30, 2012, 3,256,172 shares were represented at the Annual Meeting, either in person or by proxy, constituting approximately 76.129% of the outstanding shares of common stock.  The following is a brief description of each matter submitted to a vote at the Annual Meeting as well as the number of votes cast with respect to each matter.  For more information about each of these proposals, please refer to the Company’s Proxy Statement filed with the Securities and Exchange Commission on April 16, 2012 (the “Proxy Statement”).

 

Proposal #1:        Election of Directors

 

The shareholders elected each of the following persons as a director to hold office until the 2013 Annual Meeting of Shareholders and until their respective successors are duly elected and qualified:

 

Director’s Name

 

Votes For

 

Votes Withheld

 

Broker Non-Votes

 

Michael W. Burrell

 

1,598,194

 

213,966

 

1,444,012

 

Alan D. Clemmons

 

1,574,739

 

237,421

 

1,444,012

 

John W. Gandy, CPA

 

1,602,790

 

209,370

 

1,444,012

 

Thomas H. Lyles

 

1,635,425

 

176,735

 

1,444,012

 

John T. Parker, Jr.

 

1,601,999

 

210,161

 

1,444,012

 

Mary V. Propes

 

1,583,239

 

228,921

 

1,444,012

 

Tanya D. Robinson

 

1,601,419

 

210,741

 

1,444,012

 

Larry W. Tarleton

 

1,624,268

 

187,892

 

1,444,012

 

 

Proposal #2:        Advisory Vote on Executive Compensation

 

The compensation of the Company’s named executive officers, as disclosed in the Proxy Statement, was approved by the shareholders as follows:

 

Votes For

 

Votes Against

 

Abstained

 

Broker Non-Votes

 

1,569,367

 

238,378

 

4,415

 

1,444,012

 

 

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Proposal #3:                        Ratification of Appointment of Independent Registered Public Accounting Firm

 

The shareholders ratified the appointment of Elliot Davis, LLC, an independent registered public accounting firm, to serve as the Company’s auditor during the fiscal year ended December 31, 2012, and the votes cast were as follows:

 

Votes For

 

Votes Against

 

Abstained

 

Broker Non-Votes

 

3,085,930

 

156,752

 

13,490

 

0

 

 

SIGNATURES

 

Pursuant to requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.

 

 

TIDELANDS BANCSHARES, INC.

 

 

 

 

 

By:

/s/ Thomas H. Lyles

 

Thomas H. Lyles

 

Title: Chief Executive Officer

 

 

Date: May 24, 2012

 

 

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