(1) EXPIRATION OF TERM. The terms of the directors of a bank, including the initial directors, expire at the next annual shareholders’ meeting unless their terms are staggered under s. 221.0606.
(2) EFFECT OF DECREASE IN NUMBER. A decrease in the number of directors may not shorten an incumbent director’s term.
(3) EFFECT OF EXPIRATION OF TERM. Despite the expiration of a director’s term, the director shall continue to serve, subject to ss. 221.0607 and 221.0608, until his or her successor is elected and, if necessary, qualifies or until there is a decrease in the number of directors.