MCKENNEY, Va., May 10, 2017 /PRNewswire/ -- Bank of McKenney (the "Bank") (OTCBB:BOMK.OB) held its 2017 Annual Meeting of Shareholders yesterday at the Bank's Corporate Headquarters at 20718 First Street, McKenney, Virginia. W.D. Allen III, Chairman, conducted the meeting.
Shareholders were asked to consider and vote on a proposal to elect eight directors, seven of whom are outside directors, to serve until the 2018 annual meeting of shareholders.
W.D. Allen III has served as a director of the Bank since 1981 and is an Attorney at Law in Dinwiddie, VA. Harry D. Baird III has served as a director of the Bank since 1997 and is the Emergency Medical Services Training Coordinator for Chesterfield County Fire Department, in Chesterfield, VA. Joan D. Clarke has served as a director of the Bank since 2006 and is a Certified Public Accountant and a Member with Gregory and Associates, PLLC in Petersburg, VA. James "Scott" Deadmon has served as a director of the Bank since 2012 and is the co-owner of Landscapes by Deadmon, LLC. Thomas F. Edmunds III has served as a director of the Bank since 2012 and is the President and Chief Executive Officer of Edmunds Transport, Inc. and Vice President of Edmunds Waste Removal, Inc., both headquartered in McKenney, VA. Rudy L. Hawkins has served as a director of the Bank since 1997 and is the owner of Rudy L. Hawkins Electrical Contractor, Inc., in Chester, VA. Richard M. Liles has served as a director of the Bank since 1989 and is President and Chief Executive Officer of the Bank of McKenney. Joseph W. Lyle has served as a director of the Bank since 1989 and is President of Southside Parts Co., Inc. and a retired Vice President of D. W. Lyle Corporation, McKenney, VA.
Shareholders were also asked to ratify the selection by the Board of Directors' Audit Committee of Yount, Hyde & Barbour, P.C., Certified Public Accountants, as the Bank's independent auditors for 2017.
The Bank announced approval today of both proposals by the shareholders.
In keeping with its strategic plan for growth, the Bank has acquired property to relocate its Corporate Headquarters. This facility will allow consolidation of all operations and management personnel into one location central to our footprint. Located in Prince George County, convenient to I-295, the 2 story 26,000 sq. ft. building is a modern office facility located on 2.8 acres with more than 175 parking spaces. This location is adjacent to Fort Lee and in close proximity to Colonial Heights, Petersburg, Hopewell and Chesterfield. Approximately 8,000 sq. ft. of the building is currently leased to a military contractor which effectively utilizes space the Bank does not need at the present time.
Bank of McKenney will be consolidating all management and operations personnel who are currently working out of four buildings predominantly in the southern end of our branch footprint. "We are very excited to have the opportunity to bring all of our operations and management personnel together for the first time in many years. This new facility will offer significant efficiencies as well as an enhanced work environment for our employees," stated Richard Liles, President and CEO. "We are also pleased to have room for future expansion, as we continue to pursue reasonable growth that is well supported by our excellent capital position."
The current deposit operations center in McKenney will become the backup location for the Bank's contingency plan as well as the primary training facility. Ultimate use of the remaining spaces remains to be determined, but there is no current plan to dispose of any properties as most of these locations also house a branch office.
Bank of McKenney is a full-service community bank headquartered in McKenney, Virginia with seven branches serving Southeastern Virginia and assets totaling $230 million.
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