Pinnacle Bankshares Corporation Announces Changes to the Board of Directors

Altavista, Virginia, UNITED STATES

ALTAVISTA, Va., May 22, 2023 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (OTCQX: PPBN), the one-bank holding company (the “Company” or “Pinnacle”) of First National Bank (“the Bank” or "First National”), announced the election and re-election of five (5) Directors and the retirement of two (2) Directors, effective May 9, 2023.

Vivian S. Brown was newly elected to the Board of Directors of the Company as a Class III Director serving until the 2024 Annual Meeting of Shareholders and the Bank.

Ms. Brown recently retired from her role as Executive Vice President and Chief Retail Officer of the Bank after eighteen (18) years of service and a thirty-five (35) year banking career. During her tenure as Chief Retail Officer, the Bank over doubled in asset size to nearly $1 billion and increased its number of branches to eighteen (18). Ms. Brown also serves as a member of the Central Virginia Community College Foundation Board.

“We are pleased to have Ms. Brown as a part of the Boards of both the Company and the Bank,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, “Ms. Brown brings 35 years of banking experience and significant institutional knowledge of First National to the Boards. We are excited she will continue her affiliation with the Bank as a member of our Boards.”

Robert Hurt, appointed Director of both Boards on August 9, 2022, was also elected to the Board of Directors of the Company as a Class II Director serving until the 2026 Annual Meeting and the Bank.

James E. Burton, IV, Judson H. Dalton and Donald W. Merricks were re-elected to the Board of Directors of the Company as Class II Directors serving until the 2026 Annual Meeting and the Bank.

The retirements of A. Patricia Merryman and Dr. Albert L. Payne from the Boards of both the Company and Bank, effective May 9, 2023, were also announced.

Ms. Merryman served as a Director of the Company and the Bank for thirteen (13) years. Dr. Payne served as Director for the Bank for over two (2) years and was previously a Director of Virginia Bank Bankshares, Inc. and Virginia Bank & Trust Company for twenty-five (25) years prior to their merger with Pinnacle and First National, respectively, in 2020.

“We sincerely appreciate the service provided by Ms. Merryman and Dr. Payne.,” said Mr. Hall. “Both contributed significantly to the past success of the Company, guiding us toward our goal of becoming the premier community banking organization in Virginia.”

Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell and Pittsylvania, and the Cities of Charlottesville, Danville, and Lynchburg. The Company has a total of eighteen (18) branches with one (1) branch in Amherst County within the Town of Amherst, two (2) branches in Bedford County; five (5) branches in Campbell County, including two (2) within the Town of Altavista, where the Bank was founded; one (1) branch in the City of Charlottesville, three (3) branches in the City of Danville; three (3) branches in the City of Lynchburg; and three (3) branches in Pittsylvania County, including one (1) within the Town of Chatham. First National Bank is celebrating its 115th year of operation.

This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes, may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance, our growth initiatives, results of the Company’s merger with Virginia Bank Bankshares, Inc. and First National Bank’s merger with Virginia Bank & Trust Company, collectively (“Virginia Bank”), and the potential effects of the COVID-19 Pandemic and related impacts on the Company’s financial condition and results of operations. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management's expectations include, but are not limited to, expected revenue synergies and cost savings from the merger with Virginia Bank may not be fully realized or realized within the expected time frame; the potential effects of the COVID-19 pandemic on Pinnacle and the U.S. and global financial markets and the responses of federal, state and local governments and private businesses in the United States to the pandemic; changes in consumer spending and saving habits that may occur, including as a result of the COVID-19 pandemic and increased inflation; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including the government closure of Silicon Valley Bank, Signature Bank and First Republic Bank as well as liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.

CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or