The board of Codorus Valley Bancorp Inc. has proposed to double the company's authorized common stock to 30.0 million shares from 15.0 million.
Codorus had 8,913,098 common shares outstanding as of Feb. 28. The board said the increase would allow stock issuance as necessary from time to time, without further shareholder action.
Shareholders will vote on the proposal at the company's May 15 annual meeting.
Codorus' proxy statement additionally disclosed a 2017 CEO pay ratio of 11 to 1. CEO Larry Miller received $513,261 in total compensation that year; the median employee received $46,811.43.
