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EX-99.2
PRESS RELEASE
September 26, 2000
STANLEY, VIRGINIA / PIONEER FINANCIAL SERVICES, LLC, is pleased to announce it
has entered into an agreement to acquire all of the stock of Valley Finance
Service, Inc. Pioneer Financial Services, LLC is a solely owned subsidiary of
Pioneer Bank, Stanley, Virginia. The purchase will be an all cash transaction.
VALLEY FINANCE SERVICE, INC. maintains its corporate office and conducts
business at 120 South Main Street, Harrisonburg, Virginia. Valley Finance was
incorporated on June 8, 1939, and has operated continuously as a consumer
finance company since that date. The company makes loans to individuals for
consumer and personal reasons.
PIONEER BANK is a wholly owned subsidiary of Pioneer Bankshares, Inc. and
currently has four branches in operation. The branches are located in
Shenandoah, Luray and Harrisonburg, Virginia, with the Main Office located in
Stanley, Virginia.
President/CEO of Pioneer Bankshares, Inc., Thomas R. Rosazza, stated "the Board
of Directors are excited about this acquisition, and believes it will fit well
into our customer base and niche."
PIONEER FINANCIAL SERVICES, LLC will assume operation of Valley Finance Service,
Inc. on October 23, 2000.
PIONEER BANKSHARES, INC. is listed on the NASDAQ OTC Bulletin Board under the
symbol of PNBI.OB.
