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Potomac Bancshares, Inc. (PTBS) serves as the one bank holding company for Bank of Charles Town (BCT). Founded in 1871, BCT offers a variety of banking products and services through its main office and multiple branches. The bank provides commercial and residential loans, wealth management services, and more to individuals, businesses, and local municipalities. With a focus on building long-lasting client relationships, the bank continues to achieve steady growth and profitability. PTBS maintains a strong presence in the market with consistent dividends, strategic goals, and a commitment to delivering exceptional service.
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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