Pinnacle Bankshares Corporation Increases Cash Div

ALTAVISTA, Va., May 09, 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 $0.11 per share on May 8, 2018 payable June 1, 2018 to shareholders of record as of May 18, 2018. 

The $0.11 per share cash dividend is an increase from the $0.10 per share paid to shareholders last quarter and marks the twenty-third consecutive quarter that a dividend has been declared.  Pinnacle previously released its first quarter 2018 earnings on April 25, 2018 indicating record core net income for the quarter.

“Our improved profitability, including record core earnings in the first quarter of 2018, has enabled us to increase the quarterly cash dividend paid to our shareholders,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.  He further commented, “We remain committed to a sustainable dividend strategy that is balanced with growth of capital to support our strategic initiatives.”

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