Pinnacle Bankshares Corporation Announces First National Bank’s Sale of Membership in Bearing Insurance Group, LLC
Rhea-AI Summary
Pinnacle Bankshares (OTCQX: PPBN) announced that First National Bank completed the sale of its membership interest in Bearing Insurance Group, LLC, effective May 1, 2026. The company estimates a pre-tax gain of approximately $3.8 million, to be recognized in second-quarter 2026 results.
The buyer is an unaffiliated third party. The company reiterated customary forward-looking statements and risk factors related to future results.
Positive
- Estimated pre-tax gain of approximately $3.8 million to be recognized in Q2 2026
- Sale completed to an unaffiliated third party, removing the membership interest from the bank's holdings
Negative
- The reported $3.8 million gain is an estimate and subject to adjustment pending final accounting and taxes
- Transaction proceeds are one-time and do not indicate recurring operating income for future quarters
News Market Reaction – PPBN
In the May 4 session, PPBN gained 1.24%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ALTAVISTA, Va., May 04, 2026 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (“Pinnacle” or the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”) announced that effective May 1, 2026 the Bank completed the sale (the “Transaction”) of its membership interest in Bearing Insurance Group, LLC to an unaffiliated third party. Based solely on information available to the Company on the date hereof, the Company estimates that it will recognize a pre-tax gain of approximately
Company Information
Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell, Halifax, and Pittsylvania, and the Cities of Charlottesville, Danville, and Lynchburg. The Company has a total of nineteen branches with one branch in Amherst County within the Town of Amherst, two branches in Bedford County; five branches in Campbell County, including two within the Town of Altavista, where the Bank was founded; one branch in the City of Charlottesville, three branches in the City of Danville; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. The Bank opened a full-service branch in the South Boston area of Halifax County in January of this year, where it also continues to operate a commercial loan production office. First National Bank is in its 118th year of operation.
This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements include, but are not limited to, statements regarding the Company’s future operating results and business performance including related to the Transaction. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management's expectations include, but are not limited to: changes in consumer spending and saving habits that may occur, including due to inflation and changing interest rates; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.
CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com
