VAIL Vail Banks (MM)

Vail Banks Reports Changes to Board of Director Committee Memberships AVON, Colo., May 27 /PRNewswire-FirstCall/ -- Vail Banks, Inc. (NASDAQ:VAIL) announced today that it has changed the composition of its Compensation and Nominating Committees to include all independent directors in response to a May 24, 2005 Nasdaq Staff Determination that the previous composition of these committees did not comply with Marketplace Rules 4350(c)(3) and 4350(c)(4) and the company's securities were subject to delisting. Previously, non-independent directors were members of both of these Committees. Neither committee now includes a non-independent director. In addition, effective May 25, 2005, the Board of Directors of the company determined that the following directors are independent as defined under Rule 4200 of the Marketplace Rules and the applicable securities laws and comprise the membership of the Compensation and Nominating Committees: Dennis R. Devor Garner F. Hill, II James G. Flaum Kent Myers George N. Gillett, Jr. Byron A. Rose S. David Gorsuch Donald L. Vanderhoof Jack G. Haselbush The Board of Directors of the company took action to adopt a resolution to effect these changes to assure compliance with the applicable Nasdaq Marketplace Rules. On May 27, 2005, the company received a letter from the Nasdaq confirming that the company is now in full compliance with Marketplace Rules 4250(c)(3) and 4350(c)(4) and is not subject to delisting. DATASOURCE: Vail Banks, Inc. CONTACT: Raymond Verlinde, Senior Executive Vice President and Chief Administrative Officer of Vail Banks, Inc., +1-970-328-9700,

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