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CHARLOTTESVILLE,
Virginia, June 22, 2007 - The Board of Directors of Virginia
National Bank announced today that Mark Giles, its Chairman
and founding CEO, is becoming the non-executive Chairman of
the Board; and that VNB's President, Glenn Rust, will assume
the additional title of CEO. These decisions were made pursuant
to the unanimous vote of the Board of Directors. Mark Giles
said, "My objective in making this decision is to focus
on the key strategic issues and tremendous marketplace opportunities
ahead for Virginia National Bank. We feel very fortunate that
VNB has the advantages of management depth and continuity, making
this change possible."
Glenn Rust joined VNB in 2006 from Sterling Bank, a $4 billion
publicly traded bank in Houston, where he had served as executive
vice president and on the board of directors. Glenn Rust observed
that, "Having previously worked closely with Mark Giles
at Sterling Bank, I followed with great interest the progress
of Virginia National Bank. In addition to Mark, I also joined
a great team comprised of long-time veterans like Joe Miller,
Steve Perry, Linda Hitchings, David Mellen and Arthur Bryant.
We will continue to build VNB with a commitment to service our
customers and to our communities."
Hunter Craig, a director of VNB who served as its founding board
chairman until he was succeeded in that position by Mr. Giles
in early 2005, added, "Everyone who knows Mark Giles understands
the strength of his personal and financial commitment to the
long-term success of VNB, which is founded on customer service
and building shareholder value. While we knew when Glenn joined
us that he was bringing to VNB tremendous experience and depth
of knowledge, only by working with him could we appreciate the
energy and focus he brings to the continued success of Virginia
National Bank. It is clear Mark and Glenn work well together,
and I look forward to the years ahead."
Virginia National Bank is a $299 million commercial bank that
opened for business in Charlottesville in 1998 and now also
operates banking offices in Buckingham County, Orange, and Winchester,
Virginia. VNB also operates a wholly owned subsidiary, VNBTrust,
N.A., which provides trust and asset management services and
presently has approximately $300 million under management.
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