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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.
BCT Wealth Advisors, a division of Bank of Charles Town, has appointed Emma Espinosa as Client Coordinator. Reporting to Senior VP Leslie Crabill, Espinosa will enhance client experiences from relationship management to disbursements. She has a strong academic background, graduating Summa Cum Laude from Shepherd University and serving as President of the Financial Planning Club. BCT Wealth Advisors operates across D.C., Maryland, Virginia, and West Virginia, emphasizing their commitment to client service and leadership development.
Potomac Bancshares (OTC: PTBS) reported Q1 2022 earnings of $1.669 million ($0.40/share), a decrease from $1.778 million ($0.43/share) Y-o-Y. Total assets rose 8.7% to $719.2 million, with loans up 4.8% to $523.7 million. Total deposits increased 8% to $635.6 million. Pre-tax net income excluding PPP fees was $1.872 million, a 14.2% increase Y-o-Y. ROA was 0.95%, down from 1.12%, and ROE was 11.14%, down from 12.97%. The board declared a $0.09/share dividend, a 12.5% increase. The company continues to focus on strategic investments and navigating rising interest rates.
The Board of Directors of Potomac Bancshares declared a quarterly dividend of $0.09 per share, marking a 12.5% increase from the previous $0.08. This dividend is for shareholders of record on May 3, 2022, and will be paid on May 10, 2022. President and CEO Alice P. Frazier expressed satisfaction with the company's growth and resilience. As of December 31, 2021, Potomac Bancshares holds approximately $710 million in assets. This increase reflects the company’s commitment to rewarding its investors.
Potomac Bancshares reported strong financial results for the fourth quarter and full year 2021. Net income reached $1.848 million, or $0.45 per share, compared to $1.142 million in Q4 2020. Full-year earnings stood at $7.570 million, up from $3.785 million in 2020. Total assets increased by 14.4% to $710.1 million, while total deposits rose 14.7% to $629.1 million. The company declared a $0.08 per share dividend payable on February 10, 2022. Strategic initiatives, including SBA lender approval and venture investments, contributed to this growth.
Potomac Bancshares, Inc. (OTC: PTBS) declared a quarterly dividend of $0.08 per share during its January board meeting. This dividend is applicable to shareholders recorded on February 3, 2022, and will be paid on February 10, 2022. As of September 30, 2021, the bank held approximately $701 million in assets, operating through nine branches and offering diverse banking services, including commercial and residential loans. BCT has received accolades as a top workplace and as a leading bank in Maryland.
BCT-Bank of Charles Town (OTC:PTBS) announced a partnership with KlariVis on January 18, 2022. KlariVis offers an enterprise dashboard and analytics tool designed for the financial services sector, providing actionable insights to enhance decision-making and customer engagement. BCT, with assets of approximately $701 million as of September 20, 2021, aims to leverage this partnership to improve customer experience and operational efficiency. This collaboration highlights BCT's commitment to innovation and quality service in community banking.
BCT-Bank of Charles Town (OTC:PTBS) announced a partnership with Jack Henry (NASDAQ:JKHY) to digitize its commercial lending experience. The integration aims to streamline loan origination processes, shortening turnaround times and enhancing customer experience. Vice President Anthony J. Ranghelli highlighted the importance of this digital transformation in supporting the bank's growth strategy, particularly for small and mid-sized businesses. The partnership is expected to enable better credit risk assessments and improve operational efficiencies for BCT.
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.
BCT-Bank of Charles Town (OTC:PTBS) has announced its commitment as an early investor in BankTech Ventures, a new venture capital fund aimed at supporting community banks through banking technology investments and education. The fund, targeting $150-200MM, has already secured $55MM from 60 initial partners. The collaboration is set to enhance BCT's ability to adopt emerging technologies while offering lower-cost research and development opportunities. BCT’s leadership views this partnership as crucial for maintaining competitiveness in the fast-evolving banking sector.
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