MOULTRIE, Ga. — Southwest Georgia Financial Corporation, a full-service community bank holding company, announced that Chairman Michael J. McLean retired from the board and that current directors Roy H. Reeves and Cecil H. Barber were elected chairman and vice chairman, respectively. With the retirement, the Board of Directors is now comprised of eight directors, six of whom have been determined to be independent directors.

“Michael has served as our chairman since 2006 and during that time he provided critical leadership to the board as the bank embarked on a number of strategic priorities and actions that allowed us to achieve record asset size and earnings per share in 2016. As a result of Michael’s counsel and support, we are positioned for even greater success in the future,” commented DeWitt Drew, president and CEO. “On behalf of the board, the company, and the entire Southwest Georgia Bank team, we thank Michael for his dedicated service and wish him well in his retirement.”

The company also announced the results of shareholder voting that took place during the 2017 annual meeting.

The shareholders reelected, for one-year terms to the Board of Directors, Cecil H. Barber, John J. Cole Jr., DeWitt Drew, Richard L. Moss, Roy H. Reeves, Johnny R. Slocumb, M. Lane Wear and Marcus R. Wells. Shareholders also voted to approve the advisory “say on pay” resolution supporting the compensation plan for the executive officers. Additionally, shareholders voted to ratify the appointment of TJS Deemer Dana LLP as independent auditors for the fiscal year 2017.

The Board of Directors declared a quarterly cash dividend of $0.11 per common share. The dividend is payable June 15, 2017 to shareholders of record on June 5, 2017. The company has approximately 2.5 million shares of common stock outstanding. Southwest Georgia Financial Corporation or its predecessor, Southwest Georgia Bank, has paid cash dividends for 89 consecutive years.

Southwest Georgia Financial Corporation is a state-chartered bank holding company with approximately $471 million in assets headquartered in Moultrie.

Its primary subsidiary, Southwest Georgia Bank, offers comprehensive financial services to consumer, business, and government customers.