ALTAVISTA, Va., Nov. 14, 2019 (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 November 12, 2019 payable December 6, 2019 to shareholders of record as of November 22, 2019.
The $0.14 per share cash dividend is equal to the $0.14 dividend paid last quarter and marks the twenty-ninth consecutive quarter that a dividend has been declared. Pinnacle previously released its 2019 third quarter earnings on October 17, 2019 indicating record net income for the first nine months of 2019.
“We are pleased to maintain our cash dividend of $0.14 per share this quarter after reporting record earnings through nine months of 2019. Dividends declared in 2019 now total $0.545 per share, which is $0.10 or 22% higher than the $0.445 per share in dividends declared last year,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.
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 City of Lynchburg. 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 Bank is in the process of opening a Charlottesville Loan Production Office in the near future and plans to move towards establishment of a full service presence over the next few years. First National Bank is in its 111th 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 bryanlemley@1stnatbk.com