FLOYD, Va. and INDEPENDENCE, Va., May 9, 2016 /PRNewswire/ -- Cardinal Bankshares Corporation (OTC: Markets: CDBK) parent Company of Bank of Floyd and Grayson Bankshares Inc. (OTC Markets: GSON) parent company of Grayson National Bank, announce today that the Virginia Bureau of Financial Institutions, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency all have approved the applications filed for the combination of the companies into a single holding company and combination of their banks into a national bank charter.
Special shareholder meetings are set for May 24th and May 26th for Grayson and Cardinal, respectively, and management and boards of both organizations have been holding informational sessions in their communities to discuss the combination. Cardinal/Bank of Floyd Board Chair and local attorney James Shortt said, "we are very pleased to have these important regulatory approvals behind us, and we look forward to continuing our conversation with the community about the importance of a vibrant, local community bank." Grayson Board Chair and Hillsville lawyer Tom Jackson added, "…shareholders from both communities have had very positive things to say about our plans to combine these century old local banking institutions. Our combination gives us an opportunity to remain both relevant and vibrant for years to come."
About Bank of Floyd
Cardinal Bankshares Corporation is a bank holding company headquartered in Floyd, Virginia, and is the parent company for Bank of Floyd. Bank of Floyd is a community bank that serves the Roanoke and New River Valleys, as well as Floyd and Carroll Counties operating seven locations in Floyd, Hillsville, Roanoke, Salem, Christiansburg, Fairlawn and Willis. Bank of Floyd had $259 million in assets as of December 31, 2015. For more information, call Al Dickerson, Interim President and CEO at 540-745-4191; visit us online at www.bankoffloyd.com. Bank of Floyd is a Member of the FDIC.
Grayson National Bank is a regional community bank committed to providing truly superior customer service. Founded in 1900, Grayson National Bank maintains local ownership, local leadership and long-standing dedication to offering a full range of business and personal financial services in Grayson, Carroll, Wythe, Montgomery, City of Galax, and Alleghany County, NC. For more information, call Blake Edwards, Senior Executive Vice President at 1-866-773-2811 or visit www.graysonnationalbank.com.
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SOURCE Cardinal Bankshares Corporation; Grayson Bankshares Inc.