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Franklin Financial Network shareholders OK authorized common share increase

Franklin Financial Network Inc. shareholders approved an amendment to the Franklin, Tenn.-based company's charter that will see its authorized common shares increase to 30 million from 20 million.

Shares voted in favor of the proposal were 10,489,363, as opposed to 565,178 shares voted against the proposal.

While it passed, the company's incentive plan was a close call, with 4,327,779 shares voting to approve the incentive plan, compared to 3,860,229 shares against it. There were 59,606 abstentions.