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Pinnacle Bankshares Corporation Announces Cash Dividend

Company Release - 8/13/2020 1:00 PM ET

ALTAVISTA, Va., Aug. 13, 2020 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that its Board of Directors declared a cash dividend of $0.14 per share on August 11, 2020, payable September 4, 2020, to shareholders of record as of August 21, 2020. 

The $0.14 per share cash dividend is equal to the $0.14 dividend paid last quarter and marks the thirty-second consecutive quarter a dividend has been declared.  Pinnacle previously released its second quarter 2020 earnings on August 6, 2020.

“We are pleased to maintain Pinnacle’s quarterly cash dividend at $0.14 per share,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.  He further commented, “While net income has declined for the first half of 2020 as compared to the same time period of 2019, it is primarily due to higher noninterest expense associated with strategic growth initiatives including our pending merger with Virginia Bankshares, Inc.  Overall, performance has been in line with expectations, despite the negative impacts of the COVID-19 Pandemic.”

Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central Virginia.  The one-bank holding company of First National Bank serves an area consisting primarily of all or portions of the Counties of Campbell, Pittsylvania, Bedford, Amherst, and the Cities of Lynchburg and Charlottesville.  The Company has a total of ten branches with two located in the Town of Altavista, where the Bank was founded.  Other branch locations include Village Highway in Rustburg, Wards Road near the Lynchburg Regional Airport, Timberlake Road in Campbell County, South Main Street in the Town of Amherst, Old Forest Road, Odd Fellows Road and Main Street in the City of Lynchburg and Forest Road in Bedford County.  The Company also operates a loan production office located in Charlottesville. The Company plans to open another branch in the Graves Mill Center located in Forest, VA in 2020 later this year, depending on the status and impacts of the COVID-19 Pandemic.  First National Bank is in its 112th year of operation.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are not statements of historical fact and are based on assumptions and describe future plans, strategies, and expectations of management, and are inherently subject to risks and uncertainties. For discussion of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, please see “Cautionary Statement Regarding Forward-Looking Statements” in our latest Annual Report available on our website, www.1stnatbk.com, under “Investor Relations—Financial Documents.” These risks and uncertainties should be considered in evaluating forward‑looking statements contained herein, and you should not place undue reliance on such statements. We undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

CONTACT:  Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or [email protected]


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Source: Pinnacle Bankshares Corporation
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