On January 13, 2017, Ategra Capital Management, LLC announced that it has submitted to Hawthorn Bancshares, Inc. a shareholder proposal for presentation to the Company's shareholders at the Company's next annual shareholders' meeting anticipated to be held in June 2017, or any postponement or adjournment or special meeting held in lieu thereof. The Proposal requests that the Company employ a Chairman of the board of directors of the Company that is separate from the CEO to ensure greater oversight and accountability