Pinnacle Bankshares Corporation Announces Changes to its Board of Directors and Approval of a new Incentive Stock Plan

ALTAVISTA, Va., May 22, 2024 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (OTCQX: PPBN), the one-bank holding company (the “Company” or “Pinnacle”) of First National Bank (“the Bank” or "First National”), would like to announce that one (1) new Director was elected and four (4) Directors were re-elected during the Company’s Annual Meeting of Shareholders conducted on May 14, 2024. Additionally, three (3) Directors, whose terms expired, retired from the Board. During the meeting shareholders also approved the Company’s 2024 Incentive Stock Plan.

Ramsey W. Yeatts was newly elected to the Board of Directors of the Company as a Class II Director, serving until the 2026 Annual Meeting of Shareholders.   Mr. Yeatts is a Pittsylvania County native and President and Principal Broker of Ramsey Yeatts & Associates, Realtors, a real estate brokerage firm located in Danville, Virginia, that serves the City of Danville, Pittsylvania County, and the surrounding area.  His previous employment experience includes a successful seventeen (17) year banking career.  Mr. Yeatts brings over thirty-five (35) years of experience in real estate and banking to the Boards of Pinnacle and First National.

Vivian S. Brown, Connie C. Burnette, Michael E. Watson, and James O. Watts, IV, Esq. were re-elected to the Board of Directors of the Company as Class III Directors, serving until the 2027 Annual Meeting.

The retirements of L. Frank King, Jr., C. Bryan Stott, and Carroll E. Shelton from the Boards of both the Company and Bank, effective May 14, 2024, were also announced.

Mr. King served as a Director of the Company and the Bank for nearly (4) years and was previously a Director of Virginia Bank Bankshares, Inc. and Virginia Bank & Trust Company for twenty-five (25) years prior to their merger with Pinnacle and First National in 2020. Mr. King also served as the President and Chief Executive Officer of Virginia Bank from 2000 to 2009 and was Vice President and Cashier from 1986 to 2000.

Mr. Stott served as a Director of the Company and the Bank for fourteen (14) years and was the Compensation Committee Chair for twelve (12) years.

Mr. Shelton served the Bank and the Company as an employee and/or Director for over fifty (50) years retiring as Senior Vice President and Chief Credit Officer of First National in 2013 and serving as a Director of Pinnacle since it was organized in 1997 and the Bank for thirty-four (34) years.