FLOYD, Va., Dec. 7, 2015 /PRNewswire/ -- The Board of Directors of Cardinal Bankshares Corporation ("Cardinal") (OTC-QB: CDBK), the holding company for Bank of Floyd, today announces that James W. Shortt, Esq., has been elected Chairman, and T. Mauyer Gallimore has been elected Vice Chairman of the Board of Directors of both Cardinal and Bank of Floyd.
In addition to these new leadership appointments, the Board also appointed Mark A. Smith, Interim President & CEO of Cardinal and Bank of Floyd, to the Board of Directors of Cardinal and Bank of Floyd.
Mr. Shortt previously served as Vice Chair of the Board of Directors and has been a Cardinal and Bank of Floyd Board member since May 2012. He is the founding partner and owner of James W. Shortt & Associates, P.C., a law firm with its principal office located in Floyd, Virginia. Mr. Shortt has practiced law in Virginia since 1988, and is a graduate of the University of Richmond School of Law (JD) and Virginia Tech (BA).
Mr. Gallimore has also served on the Board of Directors of Cardinal and Bank of Floyd since May 2012. He is the founder of Blue Ridge Land & Auction Company based in Floyd. Mr. Gallimore has 22 years of experience as a Certified Real Estate Appraiser.
Mr. Smith has served as Interim President and CEO of Cardinal and Bank of Floyd since November 2014. He joined the Bank of Floyd as Chief Lending Officer in June 2013 and has 27 years of banking experience, including over 12 years in executive leadership roles. The other remaining members of the Board of Directors of Cardinal and Bank of Floyd are J. Howard Conduff, Jr., DDS, and R. Devereux Jarratt.
In addition to these appointments, John Paul Houston resigned his positions on the Board of Directors of Cardinal and Bank of Floyd. Mr. Houston, a dual licensed investment advisor and stock broker with Invest Financial Corporation in Floyd, Virginia, had served on the Board of Directors and as the Chairman of the Board of both Cardinal and Bank of Floyd since May 2012. Mr. Houston explained that his resignation was for personal reasons related to his employment as a licensed securities professional. Mr. Houston said, "I am grateful for the privilege to have served the shareholders of Cardinal and Bank of Floyd and want to thank the employees for their dedicated service. We have come a long way. Cardinal and the Bank of Floyd are moving in an exciting direction." Cardinal announced a proposed combination with Grayson National Bankshares, Inc. on November 8, 2015. The proposed transaction is subject to shareholder and regulatory approval and will occur, if approved, sometime in 2016.
Chairman Shortt stated, "We thank John Paul for his leadership and service to the Bank of Floyd and Cardinal Bankshares over the past three-and-a-half years. Our Board is looking forward to planning for our combined future with Grayson."
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 serves consumers and small businesses with a wide range of banking services, delivered in person, online and on mobile devices. Bank of Floyd had $263 million in assets as of September 30, 2015.
Interim President and CEO
Bank of Floyd
SOURCE Cardinal Bankshares Corporation