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Overview of Potomac Bancshares Inc
Potomac Bancshares Inc (PTBS) is a bank holding company that operates through its longstanding banking subsidiary, Bank of Charles Town (BCT). With a rich heritage dating back to the 19th century, the company has established a strong regional presence by serving communities in West Virginia, Maryland, and Virginia. As a community bank, it focuses on delivering personalized, localized financial services while maintaining disciplined risk management and a diversified portfolio of lending activities.
Core Business and Operational Model
The company offers a broad range of financial products and services designed to meet the needs of individuals, small to mid-sized businesses, and local governments. Its primary business segments include:
- Commercial Lending: Providing tailored solutions for commercial enterprises, including term loans, construction loans, and real estate financing.
- Residential Lending: Offering a suite of mortgage products such as portfolio and secondary market mortgage loans, construction-to-permanent loans, and home equity lending options.
- Wealth Management: Delivering comprehensive financial planning, trust services, and investment management through BCT Wealth Advisors, which has grown into a trusted resource for personal financial management and estate planning.
- Deposit and Treasury Services: Facilitating secure and convenient access to banking through checkable deposits, online platforms, and a broad network of ATMs.
Market Position and Competitive Landscape
Positioned strategically within its operational regions, Potomac Bancshares Inc leverages its deep community ties and robust local knowledge to differentiate itself from larger, more impersonal financial institutions. Its commitment to personalized service is evident in its approach to client relationships and risk management practices. The bank's strategic branch renovations and planned office relocations are a testament to its ongoing efforts to maintain a modern, community-focused banking environment.
Diversification and Financial Expertise
The company employs a diversified approach to revenue generation that includes interest income from its wide-ranging loan portfolio and fee-based income from its wealth management services. This dual focus allows Potomac Bancshares Inc to cater to various segments of the market while mitigating risks associated with economic fluctuations. Innovative pricing strategies in loan and deposit products further highlight the firm's dedication to maintaining financial integrity and operational efficiency.
Operational Initiatives and Client Focus
Recent operational initiatives, such as branch renovations and the enhancement of its lending offices, underline the company’s commitment to improving client experiences and expanding its market presence. Its community-first approach not only reinforces trust but also supports sustainable local growth. By continuously adapting its services and embracing modern financial technologies, the company ensures that its offerings remain relevant and efficient in a constantly evolving banking landscape.
Risk Management and Quality Controls
Risk management is a critical component of Potomac Bancshares Inc's operational philosophy. The firm maintains rigorous credit standards and employs a conservative approach to managing its loan portfolio and asset quality. A proactive stance on market changes and a commitment to qualitative risk assessment have helped the company sustain its performance amid dynamic economic environments, ensuring robust asset quality through disciplined pricing and credit loss management.
Community Impact and Regional Integration
As a community bank, Potomac Bancshares Inc plays an integral role in the financial ecosystem of the regions it serves. Its emphasis on local decision-making, personalized service, and community reinvestment highlights how the bank integrates itself into the fabric of local economies. The strategic initiatives undertaken by the company further echo its long-term commitment to providing accessible, responsive, and efficient banking services to its customers.
Summary
In summary, Potomac Bancshares Inc is a dynamic bank holding company that marries traditional community banking values with modern financial expertise. Its diversified product and service offerings, spanning commercial and residential lending to comprehensive wealth management, position it as an essential financial partner within its community. With an unwavering focus on client service, risk management, and operational excellence, the company continues to strengthen its reputation as a trusted financial institution in the regional banking landscape.
BCT Residential Lending expands into Fairfax County, Virginia with the addition of The Richardson Team. The team consists of Jay Richardson (Vice President), Sebastian Bonilla (Mortgage Lender), and JeNise Colbert (Mortgage Processor). This strategic expansion strengthens BCT's presence in the Northern Virginia market. Jay Richardson brings 20+ years of mortgage experience and ranks among top 200 lenders. Sebastian Bonilla specializes in serving the Hispanic community with 6 years of banking experience, while JeNise Colbert contributes 11 years of mortgage lending expertise.
Potomac Bancshares, Inc. (OTC:PTBS), the one bank holding company for Bank of Charles Town (BCT), has announced a quarterly dividend declaration. The Board of Directors made this decision during their October meeting. Shareholders of record on November 1, 2024, will receive a dividend of $0.12 per share, which is scheduled for payment on November 8, 2024. BCT, also known as The Community's Bank, continues its tradition of providing returns to its shareholders through this quarterly dividend payout.
The BCTCares Foundation, a nonprofit founded by employees of BCT-Bank of Charles Town (OTC:PTBS), has raised a record $90,000 through its annual Pack The 'Pack program. This year's fundraising effort, conducted from July 1 to August 31, 2024, brings the foundation's total donations to $405,000 since inception, targeting local food-insecurity.
The funds will be equally distributed among four local backpack food charities, with each receiving $22,500. This donation will enable the filling of over 15,000 backpacks with enough food for two days per child. The campaign received contributions from bank clients, vendors, employees, Board of Directors, and community members across Maryland, Virginia, and West Virginia.
Alice P. Frazier, President and CEO of BCT, expressed pride in the team's efforts and the community's generosity. The partner charities include Berkeley County Backpack Program, Community Combined Ministries – Kidz Power Pacs, HARC/Micah's Backpack, and Fueled (formerly Loudoun Backpack Coalition).
Potomac Bancshares, Inc. (OTC: PTBS) reported Q2 2024 earnings of $1.421 million or $0.34 per share, compared to $1.783 million or $0.43 per share in Q2 2023. The quarter included an after-tax loss of $300,000 from investment security sales. Excluding this loss, Q2 2024 earnings would have been $1.721 million or $0.42 per share. For the first half of 2024, net income was $3.096 million or $0.75 per share.
Key highlights include:
- Assets decreased by 2.7% to $832.5 million
- Loan growth of 1.3% for the quarter
- Deposits decreased by 3.0%
- Net interest margin improved to 3.21%
- Allowance for credit losses at 1.04% of total loans
- Non-performing assets at 0.36% of total assets
The company declared a quarterly dividend of $0.12 per share, payable on August 12, 2024.
BCT-Bank of Charles Town (OTC:PTBS), known as The Community's Bank in Northern Virginia and Washington, DC, has been voted the 2024 'Loudoun's Favorite' winner in four financial services categories: Bank, Mortgage Company, Banker (Alice Frazier), and Financial Planner (Mary Szabat). The bank was also voted runner-up for Mortgage Broker (Steve Cowen).
The annual readers' poll, conducted by LoudounNow, a local newspaper serving Loudoun County, Virginia, allows readers to vote for their favorite people, places, and businesses in over 200 categories. BCT President and CEO Alice P. Frazier expressed gratitude for the recognition, attributing it to the bank's employees and their commitment to fostering relationships that simplify clients' financial lives.
This approach has been central to BCT's philosophy for over 153 years, reflecting the bank's long-standing commitment to community service and client satisfaction in the region.
Potomac Bancshares, Inc. (OTC:PTBS), the holding company for Bank of Charles Town (BCT), has announced a quarterly dividend of $0.12 per share. This decision was made by the Board of Directors at their July meeting. The dividend will be paid on August 12, 2024, to shareholders of record as of August 5, 2024. BCT, also known as The Community's Bank, continues its tradition of rewarding shareholders through consistent dividend payments.
BCTCares Foundation, founded by BCT-Bank of Charles Town and its employees, has launched the annual Pack the 'Pack funding campaign under its BCTCares For The Hungry initiative. The campaign aims to support local backpack food programs for food-insecure children by raising funds to fill 5,000 take-home backpacks. Fundraising runs from July 1 to August 31, 2024, with monetary donations accepted at all BCT branches and online. A $15 donation can feed one child for two days. The campaign partners with four local food charities: Berkeley County Backpack Program, Community Combined Ministries, HARC/Micah's Backpack, and Fueled. For more information or to donate, visit BCT's website.
BCT Wealth Advisors, a division of Bank of Charles Town, has appointed Mary C. Szabat, CFP®, as Senior Vice President, Wealth Advisor, for the Virginia/DC Metro market. Ms. Szabat brings over 25 years of experience in financial planning and wealth advisory roles, having previously worked at notable institutions such as Key Private Bank and Tompkins Financial Reporting to Leslie Crabill, EVP and Director of Wealth and Investments, Ms. Szabat will operate from BCT's Loudoun County office. Her appointment aligns with BCT's strategic plans to enhance client service in the DC metro area. Ms. Szabat holds a Master of Science degree from Canisius College and a Bachelor of Arts degree from the State University of New York at Buffalo, and is a Certified Financial Planner™ professional.
Potomac Bancshares, Inc. reported its 2024 first-quarter results, showing a decrease in earnings compared to the previous year due to a loss on sales of securities. Despite slower loan and deposit growth, the company remains focused on operational improvements and strategic initiatives. Total assets and deposits increased, while net interest income slightly decreased. Loan and deposit growth were notable, with improvements in the company's leverage capital ratio and tangible equity ratio. However, non-interest income was down, and expenses increased, primarily due to investments in training and technology. The company announced a 20% increase in dividends, reflecting its commitment to growth.
BCT-Bank of Charles Town promoted Leslie Crabill to Executive Vice President of BCT Wealth and Investments Division. With over 25 years of experience, Leslie will lead the division's strategic expansion and client service in Virginia. She holds various securities and insurance licenses, and is actively involved in community service.
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