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Codorus Valley Bancorp seeks shareholder approval to amend supermajority voting standard

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Codorus Valley Bancorp seeks shareholder approval to amend supermajority voting standard

The board ofYork, Pa.-based Codorus Valley BancorpInc. is recommending shareholders approve an amendment that would reducethe number of shares needed to support a merger or financial transaction that asupermajority of the board approves, according to a March 30 proxy statement.

For mergersand financial transactions initially endorsed by a supermajority of 80% of the company'sboard of directors, such transactions will only require a majority of shareholdervotes for approval.

Currently, thecompany's article 7 requires any merger or financial transaction to get an affirmativevote of at least 75% of outstanding shares of common stock, which the board considers"unduly burdensome."

Codorus ValleyBancorp shareholders are set to vote on this proposal and other matters at the scheduledannual meeting May 17.