Jacky K. Anderson
About Jacky K. Anderson
Jacky K. Anderson (73) has served on Skyline Bankshares, Inc.’s board since its inception in November 2015. He is the former President and Chief Executive Officer of Grayson Bankshares, Inc. and Grayson National Bank (2000–2013), having begun his banking career at Grayson National Bank in 1971; he brings in‑depth knowledge of banking laws/regulations and deep customer/community relationships. The Board does not deem him independent under Nasdaq standards; he serves on the Compensation Committee notwithstanding that status.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Grayson Bankshares, Inc. and Grayson National Bank | President & CEO | 2000–2013 | Led the organization; retired in 2013 |
| Grayson Bankshares, Inc. and Grayson National Bank | Director | 1992–2016 | Longstanding board service at legacy bank entities |
External Roles
| Category | Details |
|---|---|
| Other public company directorships (past 5 years) | None of SLBK’s directors, including Anderson, have served as a director of a company with securities registered under Exchange Act Section 12 in the preceding five years |
Board Governance
- Independence status: Not independent per Board determination (Board cites his prior role as CEO of Grayson until 2013 in its independence considerations). A majority of the Board (12 of 15) is independent; the 2025 exceptions are Messrs. Anderson, Edwards, and Reece.
- Committee assignments: Compensation Committee member (Chair: Dr. J. Howard Conduff, Jr.; Vice Chair: Bryan L. Edwards). He is not listed on the Audit Committee.
- Board structure: Chairman (independent) and CEO roles are separated to enhance oversight.
- Nominating function: No standing Nominating Committee; the full Board (predominantly independent) performs director nominations.
- Audit Committee financial expert: None designated.
Board and Committee activity (meetings):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Audit Committee meetings (count) | 5 | 5 | 5 |
| Compensation Committee meetings (count) | 3 | 3 | 3 |
Other Directorships & Interlocks
| Type | Company/Organization | Role | Notes |
|---|---|---|---|
| Public company boards (last 5 yrs) | — | — | None disclosed for Anderson; company states no director held a Section 12-registered public company directorship in prior five years |
Expertise & Qualifications
- Over five decades in banking (Grayson National Bank since 1971; President/CEO 2000–2013); extensive regulatory knowledge.
- Deep customer and community relationships in SLBK’s markets.
Related Party and Conflicts
| Period | Relationship/Transaction | Terms/Status |
|---|---|---|
| Pre‑Cardinal merger (historical) | Advisory agreement with Grayson under which Anderson was paid for consultative/advisory services on customer, shareholder, and employee issues | Agreement expired September 2014 (disclosed for independence assessment context) |
| Independence considerations (current) | Board considered Anderson’s prior CEO role at Grayson (ended 2013) when assessing independence | Board determined he is not independent |
Governance Assessment
- Positives:
- Separation of Chairman and CEO roles supports independent oversight.
- Strong sector expertise: >50 years in community banking with regulatory depth and local market relationships.
- Board remains majority independent (12 of 15).
- Concerns and potential red flags:
- Non‑independent director serving on the Compensation Committee (explicitly noted as the sole non‑independent member on that committee). This can raise pay‑setting independence concerns.
- No designated Audit Committee financial expert, which can be viewed as a control/oversight weakness for a financial institution.
- No standalone Nominating Committee; while the full Board handles nominations, this structure may dilute accountability for director recruitment/refreshment.
- Historical related‑party advisory agreement (expired 2014) underscores prior financial ties; not ongoing but worth contextual awareness.