PNBI Pioneer Bankshares Inc (PK)

STANLEY, Va., May 24, 2011 /PRNewswire/ -- Pioneer Bankshares, Inc. (OTC Bulletin Board: PNBI) ("Company") held its annual shareholders' meeting on Wednesday, May 18, 2011.  At the annual meeting, shareholders elected each of the persons listed below to serve as a director of the Company for a term of three years and to continue in office until a successor has been elected or until his resignation or removal in such a manner as prescribed by the Articles of Incorporation of the Company.  The independent inspectors of election reported the following totals as the final vote for each director elected:

Proposal 1: Election of Directors.

Other Matters: Adoption of Resolution for Honorary Director Emeritus.

The Board of Directors of the Company also presented to the shareholders a recommendation for the adoption of a formal resolution naming retired Director Louis L. Bosley an Honorary Director Emeritus in recognition and appreciation of his previous 34 years of service with the Company.  The resolution was unanimously adopted by those shareholders present at the meeting and shall be included in the permanent records of the Company.  

There were no other items of business requiring a vote of security holders at this meeting.

Pioneer Bankshares, Inc. is a one-bank holding company headquartered in Page County, Virginia.  It owns and operates Pioneer Bank with six branch office locations.  The Company's main branch and corporate office is located in Stanley, Virginia, with other branch locations in Shenandoah, Luray, Harrisonburg, Stanardsville, and Charlottesville, Virginia.  The Bank also operates a small consumer loan service, known as Valley Finance Service, a Division of Pioneer Bank, and a non-deposit investment subsidiary known as Pioneer Financial Services, LLC.    

The institution has been in business for more than 100 years and is proudly serving the banking needs of its customers and the local community.

SOURCE Pioneer Bankshares, Inc.