POTOMAC BANCSHARES, INC. INCREASES QUARTERLY DIVIDEND 12.5%

Rhea-AI Summary

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.

Positive

• Dividend increased by 12.5%, from $0.08 to $0.09 per share.
• Demonstrates commitment to rewarding shareholders.
• Company holds substantial assets of approximately $710 million.

Negative

• None.

CHARLES TOWN, W.Va., April 20, 2022 /PRNewswire/ -- The Board of Directors of Potomac Bancshares, Inc. (the "Company") (OTC: PTBS), the one bank holding company for Bank of Charles Town (BCT), declared at their April Board meeting a quarterly dividend of $0.09 per share, an increase of 12.5% from the previous quarterly dividend of $0.08. The dividend is for all shareholders of record on May 3, 2022 and will be paid on May 10, 2022.

"For the second year in a row, we are pleased to reward our shareholders with an increase to the dividend," said Alice P. Frazier, President and CEO. "The Board of Directors is gratified with our BCT team's resilience and commitment to our founding principles that continue to provide for sound growth in both our balance sheet and profitability." 

About the Company

Founded more than 150 years ago, 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 $710 million in assets as of December 31, 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, 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 Potomac Bancshares, Inc.

FAQ

What is the dividend amount declared by Potomac Bancshares?

Potomac Bancshares declared a quarterly dividend of $0.09 per share.

When will the dividend be paid to shareholders of Potomac Bancshares?

The dividend will be paid on May 10, 2022.

What was the percentage increase of the dividend from the previous quarter for PTBS?

The dividend increased by 12.5% from $0.08 to $0.09 per share.

Who is the CEO of Potomac Bancshares?

The CEO of Potomac Bancshares is Alice P. Frazier.