ALTAVISTA, Va., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that the Bank has received regulatory approval to establish a new branch office at 18077 Forest Road, Forest, VA 24551. The branch is expected to open in the second quarter of this year after renovations to the existing bank facility on the property are completed. This will be First National Bank’s eleventh branch in the Central Virginia region and its second branch in Bedford County.
“We are excited to open First National’s eleventh branch at the intersection of Forest Road and Graves Mill Road in the Graves Mill Plaza Shopping Center. This high traffic, very visible location is expected to further drive our growth across Central Virginia,” 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 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. 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 bryanlemley@1stnatbk.com