Potomac Bancshares, Inc. Increases Quarterly Dividend 14.3%

Rhea-AI Summary

Potomac Bancshares, Inc. (OTC: PTBS) has declared a quarterly dividend of $0.08 per share, marking a 14.3% increase from the previous $0.07 dividend. This dividend will be available to shareholders recorded on May 4, 2021, and paid on May 11, 2021. The company highlights strong growth in balance sheet and profitability over the past year. With around $621 million in assets as of December 31, 2020, Potomac Bancshares remains committed to serving its customers and communities.

Positive

• Quarterly dividend increased by 14.3% to $0.08 per share.
• Successfully reported sound growth in balance sheet and profitability.

Negative

• None.

CHARLES TOWN, W.Va., April 20, 2021 /PRNewswire/ -- The Board of Directors of Potomac Bancshares, Inc. (OTC: PTBS), the one bank holding company for Bank of Charles Town (BCT), approved and declared a quarterly dividend of $0.08 per share, an increase of 14.3% from the previous quarterly dividend of $0.07.  The dividend is for all shareholders of record on May 4, 2021 and will be paid on May 11, 2021.   

"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 particularly proud of the commitment of the BCT team to our customers and the communities we serve as evidenced by the continued sound growth in both our balance sheet and profitability over the past twelve months." 

About the Company

Founded in 1871 and celebrating its 150^th anniversary year, 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 $621 million in assets as of December 31, 2020, the Company conducts operations through its main office, an additional eight branch offices, and one loan production office.  BCT's offices are located in Jefferson and Berkeley Counties (WV), Washington County (MD), and Loudoun County (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 Potomac Bancshares, Inc.

FAQ

What is the new dividend amount for PTBS?

Potomac Bancshares has increased its quarterly dividend to $0.08 per share.

When will the PTBS dividend be paid?

The dividend will be paid on May 11, 2021.

What is the record date for the PTBS dividend?

The record date for the dividend is May 4, 2021.

How much did PTBS increase its dividend?

PTBS increased its dividend by 14.3% from the previous amount.

What is the financial status of Potomac Bancshares?

As of December 31, 2020, Potomac Bancshares had approximately $621 million in assets.