R. Devereux Jarratt
About R. Devereux Jarratt
R. Devereux Jarratt, age 83, is an independent director of Skyline Bankshares, Inc., serving on the board since the company’s inception in November 2015. He previously served as CEO of Physicians Care of Virginia through December 31, 2014 and brings 22 years of banking experience at First National Exchange Bank, Dominion Bankshares Corporation, and First Union; he holds an undergraduate degree in economics, a graduate degree in accounting, and is a graduate of the Stonier Graduate School of Banking .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Physicians Care of Virginia | Chief Executive Officer | Jan 1996 – Dec 31, 2014 | Led the organization prior to retirement, adding healthcare operating experience to board perspective |
| First National Exchange Bank; Dominion Bankshares; First Union | Various banking roles | 22 years (cumulative) | Adds direct banking domain expertise to board deliberations |
| Cardinal Bankshares Corp. / Bank of Floyd | Director | 2013 – 2016 | Legacy director prior to merger; deep familiarity with customer base in legacy Cardinal markets |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Cardinal Bankshares Corp. / Bank of Floyd | Director | 2013 – 2016 | External to Skyline prior to merger; supports community and customer connectivity in served regions |
Board Governance
- Independence: The board determined Jarratt is independent under Nasdaq rules (12 of 15 directors are independent, including Jarratt) .
- Board leadership: Independent chair (Thomas M. Jackson, Jr.) separate from the CEO, aligning with oversight best practices .
- Nominating function: No standing nominating committee; the full (predominantly independent) board handles director nominations .
- Committee assignments: Jarratt is not listed as a member of the Audit or Compensation Committees in the latest proxy .
- Committee activity: Audit Committee met 5 times in 2024; Compensation Committee met 3 times in 2024 .
- Audit expertise designation: The company has not designated an “audit committee financial expert,” citing rural market constraints; current members are assessed as financially literate .
| Committee | Members (as disclosed) | Chair/Vice Chair | 2024 Meetings |
|---|---|---|---|
| Audit | Frank A. Stewart; A. Melissa Gentry; T. Mauyer Gallimore; Theresa S. Lazo; John Michael Turman | Chair: Stewart; Vice Chair: Gentry | 5 |
| Compensation | J. Howard Conduff, Jr.; Bryan L. Edwards; Jacky K. Anderson; Thomas M. Jackson, Jr.; Frank A. Stewart | Chair: Conduff; Vice Chair: Edwards | 3 |
Note: The board reports no family relationships among directors and executive officers, and elections are annual for one-year terms .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards (last 5 years) | No director, including Jarratt, has served as a director of a company with securities registered under Exchange Act Section 12 in the preceding five years . |
| Related-party transactions (independence review) | Board independence review notes a consulting agreement for director Reece and prior executive service for Anderson; no related-party transactions are disclosed involving Jarratt . |
Expertise & Qualifications
- Banking and finance: 22 years across regional banking institutions, plus graduate banking education (Stonier), providing depth on credit, balance sheet, and regulatory topics .
- Healthcare leadership: Nearly two decades as CEO of Physicians Care of Virginia, adding operating and risk management perspective from a regulated service industry .
- Community and legacy market knowledge: Prior director role at Cardinal/Bank of Floyd supports continuity across merged franchises and regional stakeholder engagement .
Governance Assessment
- Strengths: Majority-independent board with an independent chair; Jarratt meets independence standards and brings multi-industry operating and banking experience to the board .
- Gaps/Risk indicators: No designated audit committee financial expert, which can be a governance weakness for financial institutions; additionally, there is no standing nominating committee (handled by the full board) .
- Conflicts: No related-party dealings disclosed for Jarratt; independence confirmation includes him in the independent cohort and lists other directors’ relationships considered (none for Jarratt) .
- Committee engagement signal: While committee meeting volumes are disclosed (Audit: 5; Compensation: 3), Jarratt is not listed on these committees, limiting direct visibility into his committee-level engagement in the latest year .