ALTAVISTA, Va.--(BUSINESS WIRE)--
Pinnacle Bankshares Corporation (PPBN), the one-bank holding company (the “Company”) for First National Bank (the “Bank”), announced today that its Board of Directors has approved a plan to repurchase up to $500,000 of the Company’s outstanding common stock through May 12, 2014. The Company intends to repurchase shares on an ongoing basis through open market purchases, block trades and privately-negotiated purchases. 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 capital ratios. The repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.
“We are excited to announce our first share repurchase program,” said Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. “Pinnacle recently announced another excellent quarter of earnings and is in a strong financial position. While the trading price of the Company’s stock has improved significantly over the last year, our Board and Management believe that the stock price does not fully reflect the true value of our Company. This share repurchase program will potentially increase trading volume in our stock, which we believe is in the best interest of our shareholders,” Hall said.
Pinnacle Bankshares Corporation, with $354 million in assets as of September 30, 2013, 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, one branch on Wards Road and one branch on Timberlake Road, both of which are in Campbell County, one branch in the Town of Amherst, one branch in the City of Lynchburg and one branch in the Forest section of Bedford County. First National Bank is in its 105th 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 may include, but are not limited to, statements regarding the Company’s intention to repurchase shares of its common stock and the Company’s stock price as a reflection on the true value of the Company. 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, the market price of the Company’s common stock, the nature of other investment opportunities presented to the Company, and compliance with any applicable banking, securities and Virginia laws and requirements. 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.
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- common stock
Bryan M. Lemley, 434-477-5882