National Bankshares, Inc. Announces Retirement of President and Chief Executive Officer James G. Rakes Effective August 31, 2...
11 Mai 2017 - 10:30PM
On May 9, 2017, James G. Rakes announced at the annual shareholders
meeting of National Bankshares, Inc. (the “Company”) (Nasdaq:NKSH)
that effective August 31, 2017 he will retire from his positions as
President and Chief Executive Officer of the Company and as
Chairman of the Board of Directors of the Company’s wholly owned
banking subsidiary, the National Bank of Blacksburg ( the “National
Bank”), and as President, Chief Executive Officer and director of
National Bankshares Financial Services, Inc., the Company’s wholly
owned financial services subsidiary. Mr. Rakes has been President
and Chief Executive Officer and a director of the Company since its
founding. He has served as President and Chief Executive Officer of
the National Bank from 1983 until early in 2014. Mr. Rakes will
continue to serve on the Company’s Board of Directors through his
current term, which ends at the Company’s annual shareholders
meeting in 2019.
The Board of Directors of the Company announced
that Mr. Rakes has agreed to remain as the Chairman of the
Company’s Board of Directors until the end of his current term in
order to continue to provide the Company and the Board of Directors
with the valuable benefit of his leadership based on over 30 years
of experience in the executive management of the Company and its
subsidiaries.
The Board of Directors also announced that Mr.
F. Brad Denardo has been appointed to succeed Mr. Rakes as
President and Chief Executive Officer of the Company effective on
September 1, 2017. Mr. Denardo has been with the National Bank
since 1983 when he joined the Bank as Vice President. He has served
in an executive capacity with the National Bank since 1989. He
became Executive Vice President of the Company in 2008 and
President and Chief Executive Officer of the National Bank in
2014. He is also a member of the Board of Directors of both
the Bank and the Company.
F. Brad Denardo, the Company’s Executive Vice
President and President and Chief Executive Officer of the National
Bank, stated: “Mr. Rakes has been instrumental in the growth and
success of the Company and the Bank for more than three decades.
Under his leadership National Bankshares was established and the
Company and its shareholders have experienced a track record of
profitability that stands out among community banks. We are
delighted that he will continue in a non-executive leadership
capacity with the Company providing us with the benefit of his
knowledge of and experience in community banking in our region. I
am also very proud to have the opportunity to succeed Mr. Rakes and
I look forward to carrying on the tradition of excellent community
banking.”
Mr. Rakes stated that he was proud to be part of
a community banking organization that for more than 30 years has
grown successfully with the communities it serves. Mr. Rakes said
that this growth in shareholder value has resulted from the
dedicated employees he has had the privilege of serving with as
well as the loyal customers of the Bank. Mr. Rakes commented that
he looks forward to continuing as Chairman of the Board for the
remainder of his term.
Mr. Rakes, as Chairman of the Company’s Board,
further stated: “We are very excited to have Brad as the President
and Chief Executive Officer of the Company as of September 1, 2017.
His experience of more than three decades of community banking with
the National Bank, along with his enthusiasm and leadership, will
help us to carry on our tradition of service and responsiveness to
the communities we serve. Brad has been an instrumental part of
management of the Company and the Bank and we are fully confident
that he will effectively lead as the Company’s President and
CEO.”
National Bankshares, Inc., headquartered in
Blacksburg, Virginia, is the parent company of The National Bank of
Blacksburg, which does business as National Bank, and of National
Bankshares Financial Services, Inc. National Bank is a
community bank operating from 26 full service offices and one loan
production office throughout Southwest Virginia. National
Bankshares Financial Services, Inc. is an investment and insurance
subsidiary in the same trade area. The Company’s stock is
traded on the NASDAQ Capital Market under the symbol
“NKSH.” Additional information is available at
www.nationalbankshares.com.
Forward-Looking Statements
Certain statements in this press release may be
“forward-looking statements.” Forward-looking statements are
statements that include projections, predictions, expectations or
beliefs about future events or results that are not statements of
historical fact and that involve significant risks and
uncertainties. Although the Company believes that its
expectations with regard to forward-looking statements are based
upon reasonable assumptions within the bounds of its existing
knowledge of its business and operations, there can be no assurance
that actual Company results will not differ materially from any
future results implied by the forward-looking statements.
Actual results may be materially different from past or anticipated
results because of many factors, some of which may include changes
in economic conditions, the interest rate environment, legislative
and regulatory requirements, new products, competition, changes in
the stock and bond markets and technology. The Company does
not update any forward-looking statements that it may make.
CONTACTS:
JAMES G. RAKES, CHAIRMAN, PRESIDENT & CEO
(540) 951-6236 jrakes@nbbank.com
DAVID K. SKEENS, TREASURER & CFO
(540) 951-6347 dskeens@nbbank.com
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