ALTAVISTA, Va., Nov. 14, 2014 (GLOBE NEWSWIRE) -- The Board of Directors for Pinnacle Bankshares Corporation (the "Company") (OTCQB:PPBN) declared a cash dividend of $0.085 per share on November 11, 2014, payable December 8, 2014 to shareholders of record as of November 24, 2014. Pinnacle Bankshares is the one-bank holding company for First National Bank (the "Bank"), headquartered in Altavista, Virginia.
The cash dividend is equal to the $0.085 per share paid to shareholders last quarter and marks the ninth consecutive quarter that a dividend has been declared. Total annual cash dividends for 2014 have increased $0.095 to $0.32 per share as compared to $0.225 per share for 2013.
"The 42% increase in total annual cash dividends for 2014 is reflective of Pinnacle's improved performance and strengthened financial position," stated Aubrey H. Hall, III, President & CEO of Pinnacle Bankshares and First National Bank.
Pinnacle Bankshares Corporation previously released its third quarter 2014 earnings on October 21, 2014.
In other news, Pinnacle's Board of Directors approved the continuance of the Company's Share Repurchase Program and authorized the repurchase of up to $300,000 of the Company's outstanding common stock. The Company intends to repurchase shares on an ongoing basis through open market purchases and block trades. Actual repurchases will be subject to the availability of stock, general market conditions, the trading price of stock, alternative uses for capital and the Company's financial performance.
"We are excited to announce the continuation of our Share Repurchase Program," stated Mr. Hall. "The trading price of Pinnacle's stock has improved significantly over the last year with the Share Repurchase Program in place and the Company's improved financial performance. However, our Board and Management Team believe that the stock price still does not fully reflect the true value of our franchise. The continuation of the program has the potential to increase trading volume in our stock, which we believe is in the best interest of our shareholders," Hall said.
Also, in conjunction with its Strategic Plan, First National Bank recently purchased a site on Old Forest Road in Lynchburg, Virginia to relocate its Old Forest Road Branch and a site on Odd Fellows Road in Lynchburg for a future branch and administrative facility. Both the branch relocation and future branch are subject to regulatory approval.
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 eight 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 in the City of Lynchburg and Forest Road in Bedford County. First National Bank is in its 107th year of operation.
This 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 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 may include, without limitation, statements regarding results of operations and future cash dividends. 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. 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.