Item 2. Properties
Item 2. Properties
As of December 31, 2024, the Company's net investment
in premises and equipment was $17.1 million. Our main office and operations center are in Honaker, Virginia, which includes a full-service
branch, and a separate administration and operations center.
The Bank owns 13 of its 17 full-service branch offices,
including its headquarters office. In addition to the headquarters in Honaker, Virginia we own or lease branch offices located in Virginia,
West Virginia, North Carolina, and Tennessee, and a loan production office in Wytheville, Virginia which opened in February 2025. Additionally,
the Bank owns an operations building housing its network and other support operations. The Bank owns one former branch office that was
closed in 2022 and leases a former branch office that was closed in 2024 and now serves as an administrative office for the Bank. The
Bank also owns undeveloped lots in Coeburn, Virginia, Mt. Carmel, TN and Princeton, WV (3). A leased full-service branch office in Boone,
North Carolina opened in March 2024.
15
One closed and a now sold former branch in Big Stone
Gap, Virginia continues to offer ATM services.
We continue to assess our branch network as we look
to improve the efficiency of our branch operations while seeking to increase market share.
We believe that all of our properties are maintained
in good operating condition and are suitable and adequate for our operational needs.
Item
3. Legal
Proceedings
In the normal course
of operations, we may become a party to legal proceedings, as discussed in Note 21 Legal Contingencies to the consolidated financial statements
contained in Item 8 of this form 10-K.
Item
4. Mine
Safety Disclosures
Not applicable.
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.