FLOYD, Va. and INDEPENDENCE, Va., Feb. 24, 2017 /PRNewswire/ -- On February 22, 2017, Parkway Acquisition Corp. (Parkway) (OTC QX: PKKW) the holding company for Grayson National Bank and its Bank of Floyd division, announced the declaration of a cash dividend on the Company's common stock of $0.08 per share, payable March 20, 2017, to shareholders of record on March 6, 2017.
Grayson National Bank and Bank of Floyd joined forces through their merger in 2016. The combined bank announced February 16th the new unified brand of Skyline National Bank, which will be effective on March 13, 2017. Skyline National Bank will remain a wholly-owned subsidiary of Parkway Acquisition Corp. and will serve southwestern Virginia and northwestern North Carolina with 17 branches, total assets of more than $550 million, deposits of $500 million, and shareholders' equity of $55 million.
The systems conversion of the two neighboring, legacy banks, which is to occur on the weekend of March 10 - 13, is expected to be seamless, as there will be no changes to account numbers, routing numbers or accounts. However, bank officials want customers to be aware that there will be some early branch closings and interruptions in service that weekend. Customers should continue to use their original bank branch until the completion of the systems conversion at 8:00 a.m. on Monday, March 13. From that point forward, branches will open for business as branches of Skyline National Bank.
Parkway Acquisition Corp. also announced that Jack E. Guynn, Jr. (Jay) – a Parkway director and director of the former Grayson Bankshares since 1995 – has retired from the Board after more than 20 years of service as a director. He served as Grayson's Vice Chairman from 2011 until the merger with Cardinal Bankshares in 2016. He is co-owner of Guynn Enterprises which owns and operates retail furniture stores and funeral homes in Grayson County and the surrounding areas. "Jay has served on the Board of Grayson Bankshares, Inc. – and now Parkway Acquisition Corp. – during several critical periods," explained Parkway Board Chairman Tom Jackson. "His service to our shareholders, customers and employees has been central to helping us get to where we are today."
"I am grateful for the privilege to have served the shareholders of Grayson Bankshares, Inc. and Parkway Acquisition Corp. and want to thank the Board, the management team and the employees for their dedicated service. We have come a long way. Grayson National Bank and Bank of Floyd are moving in an exciting new direction as Skyline National Bank and I can't wait to see how their future unfolds," stated Guynn.
President and CEO, Skyline National Bank (formerly Grayson National Bank)
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