Pinnacle Bankshares Corp. in Altavista, Va., said Friday that it is looking for a new president and chief executive.

The $334.7 million-asset company said in a filing with the Securities and Exchange Commission that Robert H. Gilliam Jr. plans to retire from the company and its First National Bank unit "in a midyear 2011 time frame." Gilliam also plans to step down from the board.

Pinnacle said it would "promptly move toward identifying a successor" and that Gilliam would remain at the company until his successor is hired.

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