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2021 News Updates Pinnacle Bankshares Corporation Announces Cash Dividend

ALTAVISTA, Va., Nov. 10, 2021 (GLOBE NEWSWIRE) – Pinnacle Bankshares Corporation (“Pinnacle” or the “Organization”) (OTCQX: PPBN), the one-bank holding organization for First National Bank (the “Bank”), reported today that its Board of Directors proclaimed a money profit of $0.14 per share on November 9, 2021, payable December 3, 2021, to investors of record as of November 19, 2021.

The $0.14 per share cash profit is equivalent to the profit paid last quarter and denotes the thirty-seventh back to back quarter a profit has been pronounced. Zenith recently delivered its second from last quarter 2021 profit on October 26, 2021.

“Zenith is satisfied to keep up with its quarterly money profit to investors of $0.14 per share,” expressed Aubrey H. Corridor, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further remarked, “This sort of profit from venture should be adjusted with holding a proper degree of income, particularly given our resource development so far this year.”

Zenith Bankshares Corporation is a privately overseen local area banking association situated in Central Virginia. The one-bank holding organization of First National Bank serves a region comprising essentially of all or segments of the Counties of Amherst, Bedford, Campbell and Pittsylvania, and the Cities of Charlottesville, Danville and Lynchburg. The Company has an aggregate of eighteen branches with two situated in the Town of Altavista in Campbell County, where the Bank was established, one branch in the Town of Amherst in Amherst County, two branches in Bedford County, one branch in the Town of Chatham in Pittsylvania County, three extra branches in Campbell County, four branches in the City of Danville, three branches in the City of Lynchburg, and two extra branches in Pittsylvania County. The Company additionally works an advance creation office situated in the City of Charlottesville. First National Bank is in quite a while 113th year of activity.

Preventative Statement Regarding Forward-Looking Statements

This official statement might contain “forward-looking explanations” inside the importance of government protections laws that imply huge dangers and vulnerabilities. Any assertions contained in this that are not recorded realities are forward-looking and depend on current suppositions and examination by the Company. These forward-looking assertions, incorporating articulations made in Mr. Hall’s statements might incorporate, however are not restricted to, proclamations in regards to the credit nature of our resource portfolio in later periods, the normal misfortunes of nonperforming advances in ongoing periods, returns and capital gradual addition during future periods, our expense of assets, the support of our net revenue edge, future working outcomes and business execution, our development drives, aftereffects of the Company’s consolidation with Virginia Bank, and the likely impacts of the COVID-19 Pandemic and related effects on the Company’s monetary condition and consequences of tasks. Despite the fact that we accept our arrangements and assumptions reflected in these forward-looking assertions are sensible, our capacity to foresee results or the real impact of likely arrangements or methodologies is innately unsure, and we can give no affirmation that these plans or assumptions will be accomplished. Elements that could make genuine outcomes contrast physically from the board’s assumptions incorporate, yet are not restricted to, the adequacy of the executives’ endeavors to further develop resource quality, returns, net revenue edge and assortments and control working costs, the board’s endeavors to limit misfortunes identified with nonperforming credits, the board’s endeavors to bring down our expense of assets, the Company’s branch extensions, digital dangers, assaults or comparative occasions, the possible unfavorable impacts of the continuous COVID-19 Pandemic on nearby and public economies and markets and any administrative or cultural reactions thereto, the impact of steps taken by the Company in light of the COVID-19 Pandemic, the seriousness and length of the pandemic, the effects of fixing or relaxing of legislative limitations, the capacity of the Company and the Bank to understand the expected advantages of the consolidation with Virginia Bank, changes in: loan fees, general financial and business conditions, including joblessness levels and lulls in financial development, declining guarantee esteems, particularly land, the housing market, the authoritative/administrative environment, including laws and guidelines concerning charges, banking, protections, protection, and medical care with which the Company and its auxiliaries should go along, remembering later and likely authoritative and administrative changes for reaction to the COVID-19 Pandemic, for example, the CARES Act and the standards and guidelines that might be proclaimed thereunder, money related and monetary approaches of the U.S. Government, including arrangements of the U.S. Depository and the Board of Governors of the Federal Reserve System and any arrangements or projects carried out in accordance with the CARES Act, including PPP, the quality or sythesis of the advance or venture portfolios, interest for credit items, store streams and subsidizing costs, rivalry, interest for monetary administrations in our market region and bookkeeping standards, strategies and rules. These dangers and vulnerabilities ought to be considered in assessing the forward-looking assertions contained thus, and you ought not put excessive dependence on such proclamations, which mirror our perspectives as of the date of this delivery.

CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com

 

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