Vail Banks (NASDAQ:VAIL)
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Vail Banks Reports Changes to Board of Director Committee
Memberships
AVON, Colo., May 27 /PRNewswire-FirstCall/ -- Vail Banks, Inc. (NASDAQ:VAIL)
announced today that it has changed the composition of its Compensation and
Nominating Committees to include all independent directors in response to a May
24, 2005 Nasdaq Staff Determination that the previous composition of these
committees did not comply with Marketplace Rules 4350(c)(3) and 4350(c)(4) and
the company's securities were subject to delisting. Previously,
non-independent directors were members of both of these Committees. Neither
committee now includes a non-independent director.
In addition, effective May 25, 2005, the Board of Directors of the company
determined that the following directors are independent as defined under Rule
4200 of the Marketplace Rules and the applicable securities laws and comprise
the membership of the Compensation and Nominating Committees:
Dennis R. Devor Garner F. Hill, II
James G. Flaum Kent Myers
George N. Gillett, Jr. Byron A. Rose
S. David Gorsuch Donald L. Vanderhoof
Jack G. Haselbush
The Board of Directors of the company took action to adopt a resolution to
effect these changes to assure compliance with the applicable Nasdaq
Marketplace Rules. On May 27, 2005, the company received a letter from the
Nasdaq confirming that the company is now in full compliance with Marketplace
Rules 4250(c)(3) and 4350(c)(4) and is not subject to delisting.
DATASOURCE: Vail Banks, Inc.
CONTACT: Raymond Verlinde, Senior Executive Vice President and Chief
Administrative Officer of Vail Banks, Inc., +1-970-328-9700,