Cardinal Bankshares in Floyd, Va., has named a new chairman and made additional executive appointments ahead of its merger with Grayson Bankshares in Independence, Va.

The $263 million-asset holding company for the Bank of Floyd promoted James Shortt from vice chairman to chairman. Shortt replaced John Paul Houston, who resigned for "personal reasons" related to his work as a investment adviser and stock broker.

Shortt, an attorney in Floyd, has been a Cardinal director since May 2012.

Cardinal also named Mauyer Gallimore vice chairman. Gallimore, founder of Blue Ridge Land & Auction Co. in Floyd and a certified real estate appraiser, has been a Cardinal director since May 2012.

Cardinal also appointed Mark Smith, interim chief executive of the bank and holding company since November 2014, to both boards.

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