StoneCastle Financial Corp. (company) announced that ArrowMark Partners completed its acquisition of the bank investment platform and assets of StoneCastle Asset Management, LLC, the company's former manager, which was previously announced in December 2019. As a closing condition of the transaction, stockholders at a special meeting of Stockholders held on February 7, 2020 approved a new investment management agreement (“Management Agreement”) between the company and StoneCastle-ArrowMark Asset Management, LLC, a subsidiary of ArrowMark, and elected eight directors, constituting the entire Board of Directors of the Company.

In addition, on February 12, 2020, the company's Board of Directors elected Sanjai Bhonsle as the Company's Chief Executive Officer and Chairman of the Board of Directors. At the special stockholder meeting held on February 7, 2020, the Company's stockholders elected, effective on February 12, 2020 upon the closing of the Transaction: Alan Ginsberg, Emil W. Henry, Jr. and Karen Reidy to serve as Class I Directors, Michael Van Praag and Michael Stolper to serve as Class II Directors, and Guy Arnold, John Emrich and Sanjai Bhonsle to serve as Class III Directors.