George Gillett Joins Vail Banks Board of Directors
VAIL, Colo., Feb. 20 /PRNewswire/ -- Vail Banks, Inc. (Nasdaq: VAIL) announced today that George N. Gillett, Jr. has joined the Board of Directors of Vail Banks, Inc. and its subsidiary, WestStar Bank. E.B. Chester, Chairman, stated, "We are extremely pleased to have someone of George's reputation and business expertise join our Board. George will add a new perspective to our Board and will be able to help evaluate new business opportunities for the company." Mr. Gillett commented, "I have lived in the Vail Valley for many years and have watched the growth of Vail Banks. I have made a substantial investment in the company's stock and look forward to working with management to further develop the franchise." Gillett, 62, is an entrepreneur whose infectious spirit and commitment to customer service have been evident in each of his undertakings. Currently he serves as chairman and chief executive officer of Booth Creek Management Corp. and the Gillett Family Partnerships, which controls or has investments in a variety of businesses: Packerland Packing Company, the nation's fourth largest beef processor, specializing in lean beef; Iowa Beef Processing (IBP), the nation's largest fresh meat processing company; Northland Services, Inc., a land and marine transportation company; and the Gillett Recreational Group, which includes Booth Creek Ski Holdings, Inc., Grand Targhee Ski and Summer Resort, and golf courses. Born and raised in Racine, Wisconsin, Gillett attended Amherst College in Amherst, Mass. and graduated from Dominican College in Racine in 1961. Gillett's first job following college was with Crown Zellerbach as regional sales manager. Gillett's career continued in the 1960s in marketing and management consulting, initially with McKinsey & Co. A sports fanatic since childhood, by 1966 he was business manager and partner of the Miami Dolphins. A year later, he became owner and CEO of the Harlem Globetrotters, and later started Globetrotters Communications, a nationally syndicated radio group. In 1978, Gillett bought Packerland. With the successful venture of Packerland, Gillett then diversified into radio and television with the start of Gillett Communications Company. At its peak, Gillett Communications owned network affiliates, the majority of which were CBS, in many of the country's major television markets. With his passion for sports still strong, Gillett purchased Vail and Beaver Creek resorts (Vail Associates, Inc.) in 1985. Under Gillett's leadership, Vail won national acclaim and was ranked by the readers of SKI and Snow Country magazines as the number one resort in the country. Gillett continued to serve as chairman and director of Vail Associates after Lion Advisors took over ownership of Vail and Beaver Creek in 1992. He left in 1996 to put his entrepreneurial flare to work again and established Booth Creek Management Corp. An avid skier, golfer and outdoorsman, Gillett serves on the Executive Committee of the Board of Directors of the Vail Valley Foundation, The Steadman Hawkins Sports Medicine Foundation and Ski Club Vail, and is a director of The Colorado Wildlife Heritage Foundation and a trustee of the U.S. Ski and Snowboard Team Foundation. He and his wife, Rose, live in Vail, Colorado, and they have four sons, George III, Alexander, Andrew and Foster. Vail Banks, through its subsidiary WestStar Bank, has 27 banking offices and 26 ATMs in twenty communities in Colorado, including Aspen, Avon, Breckenridge, Cedaredge, Delta, Denver, Dillon, Eagle, Edwards, Estes Park, Frisco, Glenwood Springs, Granby, Grand Lake, Gypsum, Montrose, New Castle, Norwood, Telluride and Vail. It gathers 68% of its deposits from the communities where it has number one or two market share. Vail Banks warns that caution should be taken in relying upon any forward-looking statements in this release, as they involve a number of risks and uncertainties that could cause actual results to differ materially for any such statements; including the risks and uncertainties discussed in the Company's Form 10-K for the year ended December 31, 1999 under the caption "Certain Factors Affecting Forward Looking Statements," which discussion is incorporated herein by reference.
SOURCE Vail Banks, Inc.
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