Community Heritage Financial, Inc. Announces Adjournment of Annual Meeting

MIDDLETOWN, Md., Oct. 16, 2020 /PRNewswire/ -- Community Heritage Financial, Inc. (the "Company") (OTCPink: CMHF), the parent company of Middletown Valley Bank and Millennium Financial Group, Inc., announced that today it had convened its annual meeting of stockholders and adjourned the meeting to a later date to give stockholders, in particular beneficial holders of its common stock that are held of record in the name of brokers, additional time to vote on the proposed Amendment and Restatement of the Company's Articles of Incorporation that will effect proposed amendments to the Articles of Incorporation to increase its authorized shares of capital stock, allow its board of director to change the number of authorized shares going forward, and decrease the vote required for certain corporate transactions, to the extent each such proposal is approved by stockholders. 

The Company's stockholders approved the other proposals presented for their consideration at the annual meeting, including re-electing the Company's Class 2 directors, approving the Company's 2020 Equity Incentive Plan, and ratifying the appointment of its independent public accountants.  The proposed Amendment and Restatement of the Company's Articles of Incorporation and amendments to the Company's Articles of Incorporation, however, require a higher threshold for approval – either two-thirds or 80% of the shares of the Company's common stock outstanding, than these other matters.  More than 80% of the shares voted to date on these proposals were voted FOR approval of these proposals.  As the Company received very few proxies from broker record holders of its common stock prior to the meeting, less than two-thirds of the outstanding shares were even voted at the meeting.  As the Company believes that the brokers' failure to return proxies with respect to the annual meeting is due to a multitude of factors revolving around the coronavirus pandemic as opposed to opposition to the proposed amendments, it adjourned the annual meeting to ensure that all stockholders who desire to vote on these important matters have the opportunity to do so.  The Company has engaged the services of proxy solicitor D.F. King to assist in obtaining the additional proxies.

The adjourned meeting will be held at 5:00 p.m. on Thursday, December 3, 2020.  The record date for the annual meeting remains August 21, 2020.

About Community Heritage Financial, Inc.

Community Heritage Financial, Inc. is the parent company for its wholly owned subsidiaries Middletown Valley Bank and Millennium Financial Group, Inc ("Mlend").  Middletown Valley Bank is a full-service commercial and retail bank with seven locations in Frederick County and Washington County, Maryland, as well as a loan production office in Garrett County, Maryland.  For more information, visit http://www.mvbbank.com/.

Mlend is a full-service mortgage lender headquartered in Middletown, Maryland with locations in Crofton and Oakland, Maryland.  For more information visit http://mlend.com/.

Investor Relations Contact:

Community Heritage Financial, Inc.
Robert E. (BJ) Goetz, Jr.
President & Chief Executive Officer
301-371-3055
www.communityheritageinc.com 

SOURCE Community Heritage Financial, Inc.