ALTAVISTA, Va. and DANVILLE, Va., Oct. 20, 2020 (GLOBE NEWSWIRE) -- At separate shareholder meetings today, shareholders of both Pinnacle Bankshares Corporation (OTCQX: PPBN), the holding company for First National Bank, and Virginia Bank Bankshares, Inc. (OTC Pink: VABB), the holding company for Virginia Bank and Trust, approved the previously announced merger of Virginia Bank into Pinnacle.
“We are extremely pleased to have received all of the regulatory and shareholder approvals needed to complete Pinnacle’s merger with Virginia Bank. Our strategic partnership is on track to close on October 30, 2020,” stated Aubrey H. “Todd” Hall, III, Pinnacle’s President and Chief Executive Officer. He further commented, “Together Pinnacle and Virginia Bank will be well positioned to serve our communities and generate enhanced returns for our shareholders. We are thankful for the support and confidence of our shareholders and are excited about our future.”
Donald W. Merricks, President and Chief Executive Officer of Virginia Bank, added, “Today's vote reflects the outstanding opportunity this merger provides Virginia Bank’s shareholders and customers. We look forward to integrating our company with Pinnacle and using our combined resources to better serve our customers and support our communities.”
Based on financial information as of June 30, 2020, the combined company would have total assets of approximately $796 million, deposits of approximately $719 million and net loans of approximately $572 million.
About Pinnacle
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 Cities of Lynchburg and Charlottesville. The Company has a total of 10 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, Odd Fellows Road and Main Street in the City of Lynchburg and Forest Road in Bedford County. Additionally, the Company operates a loan production office located in Charlottesville and plans to open another branch in the Graves Mill Center located in Forest once the impacts of the COVID-19 Pandemic subside. First National Bank is in its 112th year of operation.
About Virginia Bank
Virginia Bank Bankshares, Inc. is the bank holding company for Virginia Bank and Trust Company. Founded in 1945, Virginia Bank and Trust Company is a state-chartered commercial bank headquartered in Danville, Virginia, with seven banking offices located in Danville and Chatham, Virginia. The bank serves businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking.
