Shareholders of Lodi, Calif.-based Farmers & Merchants Bancorp approved a proposal to increase the company's authorized common shares to 40 million from 7.5 million.
A total of 478,413 shares voted in favor of the proposal, while 136,852 shares voted against it.
Farmers & Merchants Bancorp's board also increased the company's semiannual dividend to $6.90 per share from the previous $6.80 per-share dividend distributed Jan. 2.
The dividend will be paid July 2 to shareholders of record as of June 8.
