Pinnacle Bankshares Corporation announced that pursuant to the terms of the Merger Agreement, on October 30, 2020, effective at the Effective Time the size of the Company's board of directors was increased to 18 directors and the Board appointed the following individuals to serve as directors of the Company until the next annual meeting of the Company's shareholders: Donald W. Merricks, George W. Davis, III, John L. Foster, L. Frank King, Jr. and Dr. Albert L. Payne. Each of these individuals served as a director of Virginia Bank and VBT prior to the Effective Time. Each director will be entitled to receive compensation as a non-employee member of the Board, as described in the Registration Statement under the heading Directors, Executive Officers, Executive Compensation and Corporate Governance of Pinnacle - Director Compensation. Effective as of the Effective Time, Mr. Davis, III and Mr. Foster were appointed to the Company's Audit Committee, Mr. Merricks was appointed to the Company's Executive Committee, Mr. Davis, III and Mr. Merricks were appointed to the Company's Compensation Committee and the Company's Nominating Committee, and Mr. Foster and Mr. Merricks were appointed to the Company's Risk Management Committee. Also effective as of the Effective Time, Mr. Merricks was appointed as Vice Chairman of the Company's Board of Directors.
Pinnacle Bankshares Corporation is a bank holding company. The Company operates its business activities through its wholly owned subsidiary, First National Bank (The Bank). The Bank offers a range of commercial and retail banking products and services, including checking, savings and time deposits, individual retirement accounts, online banking, mobile banking, remote deposit capture, merchant bankcard processing, residential and commercial mortgages, home equity loans, consumer installment loans, agricultural loans, investment loans, small business loans, commercial loans, lines of credit and letters of credit. It also offers a full range of investment, insurance and annuity products. The Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell and Pittsylvania, and the Cities of Charlottesville, Danville and Lynchburg. The Company has over 18 branches. The Bankâs subsidiaries include FNB Property Corp. and First Properties, Inc.