Cardinal Bankshares Corp. and Grayson Bankshares Inc. announced that they have entered into a definitive agreement to combine their companies. With over 200 years of combined history as independent community banks, Bank of Floyd and Grayson National Bank recognize the unique opportunity of joining together to enhance their shared mission of providing outstanding banking services in the communities where they do business.

The combined company will be governed by a board of directors comprised of each of the current directors of Cardinal and Grayson. Current Grayson Chairman of the Board, Thomas M. Jackson, Jr., will serve as chairman of the board of the company and its subsidiary bank, and current Cardinal Chairman, John Paul Houston, will serve as vice chairman of the company and subsidiary bank. Allan Funk, currently President & CEO of Grayson, and Blake Edwards, currently CFO of Grayson, will serve in the same capacities with the new company.

Both Bank of Floyd and Grayson executives will make up the balance of the management team.