Shareholders of Portsmouth, Va.-based TowneBank approved a proposal to increase the number of the company's authorized shares to 152 million from 92 million.
A total of 62,046,561 shares voted in favor of the proposal, while 1,749,469 shares voted against the proposal.
Jacqueline Amato was also re-elected to the board of directors, despite a significant number of shareholders voting against her election.
A total of 25,512,281 shares voted for Amato's election to the board, while 25,600,882 shares voted against it.
