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07/10/17
Highlands Bankshares, Inc. Board of Directors Announces New Appointments

ABINGDON, VA, July 10, 2017 – Highlands Bankshares, Inc. (OTCQX: HLND) announced that Sutton Bacon, Jr. and Robert Moser, Jr. have been elected to the Board of Directors of the company and its subsidiary bank, Highlands Union Bank. These appointments will fill vacancies created by the retirement of one board member and the death of two board members.

Mr. Bacon is the Chairman of Nantahala Outdoor Center, the nation's largest outdoor recreation company, and also sits on the board of several private companies. He has been awarded the outdoor industry’s most prestigious honor, the Outdoor Inspiration Award. Bacon also received the OIA Advocacy Leadership Award for advancing the industry’s stature in public policy and government affairs, was named to Sporting Goods Business magazines “40 Under 40”, and honored as a “Hero of Small Business” by the US House of Representatives.

A native of Georgia, Bacon attended Emory University where he majored in Music Performance. He currently serves as a board member for America Outdoors, the leading association for the commercial outfitter and guide industry, and as a former board member for the Gatlinburg Chamber of Commerce. Bacon resides in Asheville, North Carolina.

Mr. Moser is the co-founder and Chief Operating Officer of Immedion, a data center services and Infrastructure-as-a-Service (IaaS) provider located in six markets covering western North Carolina, southern Ohio, and South Carolina. Moser has led the company from inception to a SOC 2 Type II compliant industry leader across these markets. Previously, he spent nearly twenty years at Solectron and NCR where he earned the designation of Six Sigma Green Belt.

A native of South Carolina, Moser holds a Bachelor of Science degree in Computer Engineering from Clemson University. Moser resides in Greenville, South Carolina.

"We are pleased to welcome Sutton and Rob to the Highlands team,” said Dr. James Moore, Jr., Chairman of Highlands Bankshares. “I am grateful for our founding board members who had the entrepreneurial spirit to form our company over thirty years ago and perseverance to successfully lead it through the Great Recession. Our Board of Directors have followed a well thought out process over the last year to identify the characteristics of the board’s next generation. Key to our search was identifying candidates with a demonstrated ability in creating significant shareholder value by significantly scaling unique businesses in a disciplined manner. As we work to capitalize on our improved growth prospects, we look forward to the input and guidance Sutton and Rob will bring from the challenges and experiences they faced in building their two highly successful businesses.”

Pictured Left to Right: Sutton Bacon, Rob Moser


About Highlands

Highlands provides a relationship-based and highly personal banking experience too small to mid-sized private businesses and professionals. Focused on providing value to each and every customer, Highlands delivers banking services through highly skilled employees, digital channels, as well as 16 offices located in North Carolina, Eastern Tennessee, and Southwest Virginia. For more information about Highlands, visit the company's website at hubank.com.

Contact Tim Schools, Chief Executive Officer, Highlands Bankshares, INC.,276-429-3000

Cautions Concerning Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements relating to financial and operational performance and certain plans, expectations, goals and projections. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, these statements are inherently subject to numerous assumptions, risks and uncertainties, and there can be no assurances that actual results, performance or achievements will not differ materially from those set forth or implied in the forward-looking statements. For an explanation of the risks and uncertainties associated with forward-looking statements, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, and other filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are based upon information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

For more information about Highlands, visit the company’s website at hubank.com.