Mr. Hall is a member of the Lending Executives Committee of the Virginia Bankers Association and is a member of the VBA Management Services, Inc. Board of Directors. Mr. Hall also serves on the Board of Directors of the Lynchburg Regional Chamber of Commerce and the Virginia Technical Institute. An active member of Rustburg United Methodist Church, he currently serves on the church’s Administrative Board.Todd and his wife, Shannon, and their two sons, Aubrey and Sam, reside in Rustburg. Mr. Gilliam commented, “I am deeply grateful to have had the opportunity to be associated with the customers and employees of this fine organization for over forty years and as leader of the company for the past thirty years. It has been a most rewarding experience. Change is most often healthy and I fully believe that now is the right time for this management transition.” Gilliam continued, “This organization is indeed fortunate to have someone of Todd Hall’s outstanding capabilities on board as a successor. I have strong confidence in new management leading this company to a higher level of performance and I look forward to continuing to work with Todd through a seamless transition.” The Board of Directors of First National Bank also announced today the recent adoption of a comprehensive five year Strategic Plan (the “Plan”). The Board and Senior Management of the Bank worked together over a six-month period to develop the Plan, which the Board approved in December 2010. Mr. Hall assumed a key leadership role in developing the Plan. The Plan is designed to deliver shareholder value through internally generated growth and profit improvement as the Company emerges from the economic downturn. Key strategic initiatives and priorities to successfully implement the Plan include:
- Continued keen attention to risk management through the measuring and monitoring of all areas of risk Bank-wide to ensure that levels of risk remain within acceptable ranges;
- Positioning the Company to exceed well-capitalized standards in accordance with implied higher capital requirements in current banking environment;
- Focusing on the customer to ensure that all interactions with Bank staff are positive experiences for our customers and that, through superior product knowledge, our staff can recognize and meet the financial needs of our customers;
- Improving efficiency, productivity and service innovation through process improvement Bank-wide, while managing noninterest expense; and
- Improving internal financial accounting and reporting to enhance evaluations and management of business lines, branches/offices, customers and products.
Mr. Gilliam stated, “My philosophy and belief is that it is best for retiring management to fully step aside, although I will be available after retirement for consultation upon Mr. Hall’s request. I do have confidence in knowing that a Strategic Plan is in place providing a roadmap for the delivery of enhanced shareholder value.”About Pinnacle Bankshares Corporation Pinnacle Bankshares Corporation is the holding company for First National Bank, a full service commercial bank based in Altavista, Virginia. First National Bank is in its 103rd year of operation and serves a market area consisting primarily of all or portions of the Counties of Campbell, Pittsylvania, Franklin, Bedford, Amherst and the City of Lynchburg. The Bank has branches located in Altavista (2), Amherst (1), Forest (1), Lynchburg (3), and Rustburg (1) as well as a loan production office at Smith Mountain Lake in Franklin County. This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements may include, but are not limited to, statements regarding the effectiveness of our Strategic Plan and future operating results and business performance. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management’s expectations include, but are not limited to, changes in: interest rates, general economic and business conditions, the real estate market, the legislative/regulatory climate, including the Dodd-Frank Act and regulations adopted thereunder may have on us, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System and any policies or programs implemented pursuant to the Emergency Economic Stabilization Act of 2008, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows and funding costs, competition, demand for financial services in our market area and accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.