Representing Community Banks at House Small Business Committee Hearing, BCT-Bank of Charles Town's Alice Frazier Urges Regulatory and Tax Relief to Promote Lending

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BCT-Bank of Charles Town (OTC:PTBS) CEO Alice P. Frazier addressed the House Small Business Committee, representing the Independent Community Bankers of America (ICBA). As ICBA Vice Chair, she advocated for regulatory and tax relief to enhance small business lending capabilities.

Frazier highlighted community banks' significant role in small-business lending through their relationship-based model. She urged policymakers to: provide relief from CFPB's 1071 data collection requirements, implement tiered regulations, extend Section 199A tax benefits, facilitate new community bank capital sources, and support new bank formation through the Promoting New Bank Formation Act (H.R. 478).

CHARLES TOWN, W.Va., Feb. 6, 2025 /PRNewswire/ -- (OTC:PTBS) - Yesterday at the first House Small Business Committee hearing of the 119th Congress, Alice P. Frazier, President and CEO of BCT-Bank of Charles, spoke on behalf of the Independent Community Bankers of America (ICBA) today calling on lawmakers to advance regulatory and tax relief that will further enhance lending to the nation's small businesses. She also advocated for policies to spur economic growth and job creation in local communities. Ms. Frazier is also Vice Chair of the ICBA.

"The new Congress and administration present an opportunity to transform the regulatory environment for community banks, sparking economic growth in rural, suburban, and urban markets," Frazier said. "While we are ready to lend today to all qualified borrowers, our capacity could be yet further enhanced by regulatory and tax relief that would allow us to direct more resources toward helping our customers."

Noting that community banks account for an outsized share of the nation's small-business loans due to their relationship-based business model that sets them apart from larger, out-of-market lenders, Frazier encouraged policymakers to:

• Provide relief from the Consumer Financial Protection Bureau's 1071 small-business data collection and reporting requirements through Chairman Roger Williams' 1071 Repeal to Support Small Business Lending Act.
• Advance tiered regulations through a comprehensive update of regulatory thresholds.
• Preserve and expand a pro-growth tax environment, such as by extending Section 199A of the Tax Cuts and Jobs Act for pass-through business.
• Facilitate new sources of community bank capital to support small business lending.
• Promote the formation of de novo community banks through Rep. Andy Barr's Promoting New Bank Formation Act (H.R. 478).

Ms. Frazier's complete testimony is available on the ICBA website, www.icba.org. The ICBA's comprehensive "Repair, Reform, and Thrive" plan and open letter to the 119th Congress outline a complete set of reforms to address the nation's policy challenges.

About ICBA
The Independent Community Bankers of America^® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.  

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at www.icba.org.

About BCT-Bank of Charles Town
Founded in 1871, 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 $877 million in assets as of December 31, 2024, 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 offers commercial lines and term loans, residential and commercial construction loans, commercial real estate loans, agricultural loans, and government contractor loans.  The Bank is also a Small Business Administration (SBA) Preferred Lender.  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 70 years, BCT Wealth Advisors has provided caring and personalized trust services, growing into a premier financial management, investments, and estate services provider.  The Bank also provides convenient online and mobile banking for individuals, businesses, and local governments plus free access to over 55,000 ATMs through the Allpoint^® network plus another approximately 675 free access ATMs through another partnership.  BCT was voted WINNER in the LoudounNow 2024 Loudoun's Favorites readers' poll in four categories:  Bank, Mortgage Company, Banker, and Financial Planner.  In 2023, American Banker selected BCT as a "Top 200 Community Bank," an annual listing of the best performing banks in the United States with assets under $2 billion.  BCT was voted a "Best of the Best" winner in the 2023 Journal-News Readers' Choice Awards in four categories:  Bank, Mortgage Company, Loan Services, and Financial Planning.  The Bank was named a "Best Bank To Work For" by American Banker five of the last six years.

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 BCT - Bank of Charles Town

FAQ

What regulatory changes did BCT-Bank (PTBS) CEO propose at the House Small Business Committee?

BCT-Bank CEO Alice Frazier proposed relief from CFPB's 1071 data collection requirements, tiered regulations implementation, extension of Section 199A tax benefits, new capital source facilitation, and support for the Promoting New Bank Formation Act.

How does PTBS plan to enhance small business lending capacity?

PTBS aims to enhance lending capacity through regulatory and tax relief measures that would allow the bank to direct more resources toward helping customers.

What specific tax benefits is PTBS seeking to preserve?

PTBS is seeking to preserve and extend Section 199A of the Tax Cuts and Jobs Act for pass-through businesses.

What legislation did PTBS support regarding new bank formation?

PTBS supported Rep. Andy Barr's Promoting New Bank Formation Act (H.R. 478) to promote the formation of de novo community banks.