Pioneer Bank customer questions ‘conflict of interest’ with board of directors’ selection

Letter

To the Editor:

It was with astonishment I read the posting on Pioneer Bank’s Facebook page announcing David Reed as the new board of directors member. 

In the past, members of the board of directors were nominated by the current board members without input from shareholders. It is only after their appointment, that the shareholders vote on a single board of directors, which usually has no opposition.

Since the President is Mark Reed and the legal counsel is Nancy Reed (husband and wife) — and then to appoint their son, David Reed — seems to me to be a direct conflict of interest. If not legally, then optically.

As a long-time customer and shareholder of Pioneer Bank, I find this to be very disturbing. I cannot think that I am the only one that seems to feel this way. 

I think we need a change.  

Greg Buracker ~ Luray, Va.

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2 Comments

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