ALTAVISTA, Va., Nov. 15, 2018 (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 $0.125 per share on November 13, 2018 payable December 7, 2018 to shareholders of record as of November 23, 2018.
The $0.125 per share cash dividend is $0.015 higher than the $0.11 dividend paid last quarter and marks the twenty-fifth consecutive quarter that a dividend has been declared. Pinnacle previously released its third quarter 2018 earnings on October 24, 2018 indicating record core net income for the first nine months of 2018.
“We are pleased that our improved year-over-year performance through September 30, 2018 has enabled us to further increase the quarterly cash dividend provided to our shareholders,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. He further commented, “As always, the Board and Management remain committed to an appropriate balance between providing a return on investment to our shareholders in the form of a cash dividend and retaining earnings to capitalize future growth.”
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 nine 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 and Odd Fellows Road in the City of Lynchburg and Forest Road in Bedford County. First National Bank is in its 110th 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