BCT-Bank of Charles Town Approved as SBA Preferred Lender, the First for a West Virginia-Chartered Bank

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BCT - Bank of Charles Town (OTC:PTBS) has been designated as a Small Business Administration (SBA) Preferred Lender, marking a significant milestone as the first West Virginia chartered bank to receive this approval. This status allows BCT to directly approve SBA loan applications, streamlining the process for small business owners. The bank's expertise and established relationship with the SBA were crucial factors in this designation, aiming to enhance customer experience and facilitate faster funding for local businesses.

Positive

• BCT is now an SBA Preferred Lender, expediting loan approvals for local businesses.
• The designation as the first West Virginia chartered bank as an SBA Preferred Lender enhances BCT's market credibility.

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• None.

CHARLES TOWN, W.Va., Dec. 9, 2021 /PRNewswire/ -- (OTC:PTBS) – BCT-Bank of Charles Town, also known as The Community's Bank, was recently approved as a Small Business Administration (SBA) Preferred Lender, the first for a West Virginia chartered bank. As a Preferred Lender, BCT will be authorized to directly approve loan applications instead of processing them through the SBA for approval. This added authority benefits small business owners with a more stream-lined application, cost savings, and quicker approval process.

There is a stringent review process by the SBA to be approved as a Preferred Lender and BCT was found to be reputable with an experienced SBA lender and management team. BCT's ongoing relationship with the SBA and demonstrated knowledge and expertise with SBA loan requirements were also considerations in their selection as an SBA Preferred Lender.

"Supporting small businesses is essential to fulfilling our vision of helping our communities grow.  Being selected as a Preferred Lender for the SBA allows us to keep decision-making local to provide access to a broad range of SBA-backed loans," stated Alice Frazier, President and CEO. "Small business owners who apply for an SBA loan through BCT will work with a team of SBA experts ensuring a quality customer experience."

"The Bank of Charles Town is the first community bank in West Virginia to receive the Preferred Lender Program status," states SBA West Virginia District Director Karen Friel. "The PLP status can help borrowers get the funds they need quicker than a standard 7(a) loan as the lender has delegated authority." 

The SBA is a cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise to small business owners and entrepreneurs. To learn more about the SBA, visit their website at https://www.sba.gov/.

About the Company

Founded in 1871 and celebrating their 150th year of service, 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 $701 million in assets as of September 30, 2021, 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 60 years, BCT Wealth Advisors has provided financial management, investment, trust, and estate services to its clients. In 2019 and 2020, 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 does being an SBA Preferred Lender mean for BCT Bank (PTBS)?

Being an SBA Preferred Lender allows BCT Bank to directly approve SBA loan applications, leading to quicker and more efficient loan processing for clients.

When was BCT Bank approved as an SBA Preferred Lender?

BCT Bank was approved as an SBA Preferred Lender on December 9, 2021.

How does the SBA Preferred Lender status benefit small businesses?

The SBA Preferred Lender status benefits small businesses by streamlining the loan application process, resulting in cost savings and faster approvals.

What is the significance of BCT Bank being the first in West Virginia to receive this status?

BCT Bank's designation as the first SBA Preferred Lender in West Virginia enhances its reputation and illustrates its commitment to supporting local businesses.