Pinnacle Bankshares Corporation Announces Changes to the Board of Directors

ALTAVISTA, Va., May 22, 2023 (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”), announced the election and re-election of five (5) Directors and the retirement of two (2) Directors, effective May 9, 2023.

Vivian S. Brown was newly elected to the Board of Directors of the Company as a Class III Director serving until the 2024 Annual Meeting of Shareholders and the Bank.

Ms. Brown recently retired from her role as Executive Vice President and Chief Retail Officer of the Bank after eighteen (18) years of service and a thirty-five (35) year banking career. During her tenure as Chief Retail Officer, the Bank over doubled in asset size to nearly $1 billion and increased its number of branches to eighteen (18). Ms. Brown also serves as a member of the Central Virginia Community College Foundation Board.

“We are pleased to have Ms. Brown as a part of the Boards of both the Company and the Bank,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, “Ms. Brown brings 35 years of banking experience and significant institutional knowledge of First National to the Boards. We are excited she will continue her affiliation with the Bank as a member of our Boards.”

Robert Hurt, appointed Director of both Boards on August 9, 2022, was also elected to the Board of Directors of the Company as a Class II Director serving until the 2026 Annual Meeting and the Bank.

James E. Burton, IV, Judson H. Dalton and Donald W. Merricks were re-elected to the Board of Directors of the Company as Class II Directors serving until the 2026 Annual Meeting and the Bank.

The retirements of A. Patricia Merryman and Dr. Albert L. Payne from the Boards of both the Company and Bank, effective May 9, 2023, were also announced.

Ms. Merryman served as a Director of the Company and the Bank for thirteen (13) years. Dr. Payne served as Director for the Bank for over two (2) 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, respectively, in 2020.