On April 26, 2019, Timothy K. Schools announced his resignation as President and Chief Executive Officer of Highlands Bankshares, Inc. and as President and Chief Executive Officer of Highlands Union Bank (Bank). Mr. Schools will assist with the management transition until May 10, 2019. Mr. Schools also resigned from his director positions on the boards of the Company and the Bank, effective immediately.

Mr. Schools is resigning to pursue another opportunity. The boards of the Company and the Bank have appointed Bryan T. Booher as Interim President and Interim Chief Executive Officer of the Company and the Bank, subject to regulatory approval. The boards of the Company and the Bank will initiate a search process to identify a permanent chief executive officer.