Baylake Corp. (NASDAQ: BYLK), the holding company for Baylake Bank, held its annual shareholder meeting recently at Stone Harbor Resort and Conference Center in Sturgeon Bay. A total of 79.43 percent of eligible voting shares were represented in person or by proxy. Three Class II Board of Director nominees were elected to three-year terms: Robert J. Cera, Terrence R. Fulwiler and William D. Murphy. In addition, shareholders approved the advisory non-binding proposal with respect to executive compensation, and ratified Baker Tilly Virchow Krause, LLP as Baylake Corp.’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2015.
Cera, president and CEO, presented an overview of Baylake Corp. 2014 year-end results as well as noted key performance highlights for shareholders. Key performance indicators were outlined including net income, loan growth, and improved credit quality indicators for the year ended Dec. 31, 2014. An additional performance highlight was Baylake Bank’s 49.8 percent ownership interest in United Financial Services, which showed a 29.1 percent income growth in 2014 to $1.2 million.