ALTAVISTA, Va.--(BUSINESS WIRE)--The Board of Directors for Pinnacle Bankshares Corporation (the “Company”) (OTCQB: PPBN) declared a cash dividend of $0.05 per share on February 12, 2013 payable March 8, 2013 to shareholders of record as of February 22, 2013. Pinnacle Bankshares is the one-bank holding company for First National Bank (the “Bank”), headquartered in Altavista, Virginia.
“Improved earnings generated during 2012 as compared to 2011 combined with a significant reduction in the Bank’s problem loans have put the Company in a position to provide this return.”
“Our Board is pleased to declare a cash dividend to be paid to our shareholders for the second consecutive quarter,” stated Aubrey H. Hall, III, President & CEO of Pinnacle Bankshares and First National Bank. He further commented, “Improved earnings generated during 2012 as compared to 2011 combined with a significant reduction in the Bank’s problem loans have put the Company in a position to provide this return.”
In declaring the cash dividend the Board reaffirmed its desire to provide consistent returns to the Company’s shareholder base; however it was recognized that caution will still need to be exercised due to a fragile economy and ever changing regulatory requirements.
Pinnacle Bankshares Corporation previously released its fourth quarter 2012 and 2012 earnings on February 6, 2013.
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 operates two branches in the Town of Altavista, one branch in the village of Rustburg, two other branches in Campbell County, one branch in the Town of Amherst, one branch in the City of Lynchburg and one branch in the Forest area of Bedford County. First National Bank is in its 105th year in operation.
This release contains 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 subject to risks and uncertainties. These statements are generally identifiable by use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “may,” “will” or similar expressions. Forward-looking statements in this release include, without limitation, statements regarding preliminary results of operations for the third quarter of 2012, future cash dividends and anticipated cost savings from deregistration from the Securities and Exchange Commission (the “SEC”). For a discussion of the Company’s risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K and other reports filed with the SEC. Although we believe our plans, intentions and expectations reflected in the forward-looking statements are reasonable, we can give no assurance that these plans, intentions, or expectations will be achieved. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and actual results, performance or achievements could differ materially from those contemplated in such statements. We base our forward-looking statements on management's beliefs and assumptions based on information available as of the date of this release. You should not place undue reliance on such statements, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.