Alice Frazier of Bank of Charles Town Appointed to Federal Reserve Bank of Richmond's Board of Directors

Rhea-AI Summary

BCT-Bank of Charles Town, trading under the symbol PTBS, announced that its President and CEO, Alice Frazier, has been appointed to the Board of Directors of the Federal Reserve Bank of Richmond for the term 2023-2025. This prestigious role underscores the significance of community banks in fostering robust communities. Frazier has over 32 years of banking experience and holds various leadership positions across several boards. BCT, established in 1871, has approximately $771 million in assets, operates multiple offices, and offers a wide range of banking products. The Bank received multiple awards in 2022, highlighting its excellence in service.

Positive

• Alice Frazier's appointment to the Federal Reserve Board enhances BCT's reputation and influence.
• Frazier's extensive banking experience (32 years) is likely to provide strategic advantages to BCT.
• BCT's recognition in 2022 as 'Best of the Best' in multiple categories reflects strong performance and customer satisfaction.

Negative

• Concerns about continuity in leadership as Frazier takes on additional responsibilities with the Federal Reserve.

CHARLES TOWN, W.Va., Feb. 2, 2023 /PRNewswire/ -- (OTC:PTBS) – BCT-Bank of Charles Town, also known as The Community's Bank, announced the recent news of Alice Frazier, BCT's President and CEO, being appointed to the Board of Directors of the Federal Reserve Bank of Richmond.  Her appointment term is 2023 through 2025.

"Being elected to serve on the Board of the Federal Reserve is a privilege and honor," stated Frazier.  "I cherish the opportunity to represent the vital role local community banks play in promoting strong communities."

Ms. Frazier will serve as a Class A Director, representing member banks within the jurisdiction of the Federal Reserve Bank of Richmond.   In addition to serving as President and CEO of BCT, Ms. Frazier also serves on the Potomac Bancshares, Inc. Board of Directors, the one holding company of BCT.  She further serves as a Director with the Loudoun County (Virginia) Economic Development Authority, on the Loudoun County Chamber of Commerce Board of Directors, on the West Virginia University-East Hospital Board of Directors, and on the Independent Community Banks of America (ICBA) Board of Directors where she currently serves as Chairwoman of Bank Operations and Payments Committee.  Ms. Frazier is also a past Chairman of the Virginia Association of Community Banks.

Including her current position with BCT, Ms. Frazier has more than 32 years of local banking experience, including service with Cardinal Financial Corporation as executive vice president and COO, BB&T as SVP/Area Executive in Loudoun County, and Middleburg Financial Corporation as CFO and COO, which is where Frazier began her banking career. Prior to that, she worked four years in public accounting with national and regional firms. 

A certified public accountant, Ms. Frazier is a graduate of the Stonier Graduate School of Banking and Radford University. In 2020, she was named Distinguished Alumni of Radford's Davis College of Business and Economics. Ms. Frazier is a  resident of Leesburg, Virginia for over 19 years.

About the Company

Founded in 1871, BCT - Bank of Charles Town, also known as The Community's Bank, is a wholly owned subsidiary of Potomac Bancshares, Inc. (OTC:PTBS). With approximately $771 million in assets as of September 30, 2022, the Company conducts operations through its main office, an additional eight branch offices, and two loan production offices.  BCT's offices are located in Jefferson and Berkeley Counties (WV), Washington County (MD), and Loudoun and Stafford Counties (VA). The Bank provides various banking products and services including free access to over 55,000 ATMs through the Allpoint® network plus online and mobile banking for individuals, businesses, and local governments. The Bank also offers commercial lines and term loans, residential and commercial construction, commercial real estate loans and agricultural loans. The Residential Lending division offers secondary market and portfolio mortgage loans, one-time close construction to perm loans, as well as home equity loans and lines of credit. For over 65 years, BCT Wealth Advisors has provided financial management, investment, trust, and estate services to its clients. BCT was voted "Best of the Best" winner in the 2022 Journal-News Readers' Choice Awards in three categories:  Bank, Loan Services, and Financial Planning.  In 2019, 2020, and 2021 the Bank was named a "Best Bank To Work For" by American Banker.  In 2018, Forbes named BCT a "Best In State Bank" for Maryland.

The Company's shares are quoted on the OTC Pink Sheet marketplace under the symbol "PTBS." For more information about Potomac Bancshares, Inc., and the Bank, please visit our website at www.mybct.bank.

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SOURCE BCT - Bank of Charles Town

FAQ

What role has Alice Frazier taken on at the Federal Reserve Bank of Richmond?

Alice Frazier has been appointed to the Board of Directors of the Federal Reserve Bank of Richmond for the term 2023-2025.

How does Frazier's appointment impact BCT-Bank of Charles Town?

Frazier's appointment to the Federal Reserve Board is expected to enhance BCT's influence and reputation in the banking sector.

What is the significance of community banks like BCT in local economies?

Community banks play a vital role in promoting strong local economies by providing accessible financial services and support.

What is the asset size of BCT as of September 30, 2022?

BCT has approximately $771 million in assets as of September 30, 2022.

What awards did BCT receive in 2022?

BCT was voted 'Best of the Best' in three categories: Bank, Loan Services, and Financial Planning in the 2022 Journal-News Readers' Choice Awards.