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Potomac Bancshares, Inc. reports developments tied to its role as the bank holding company for Potomac Bank, a community bank serving markets in West Virginia, Maryland and Northern Virginia. Recurring updates cover quarterly earnings, net interest margin trends, loan and deposit activity, common-stock dividends, and branch or market expansion.
Company news also highlights Potomac Bank's commercial banking, treasury management, commercial real estate lending, residential mortgage, trust, wealth and investment services. Leadership appointments, banker hires, community partnerships and the bank's history from Bank of Charles Town to Potomac Bank are recurring parts of its public-company profile.
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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BCT-The Community's Bank has appointed Paul W. Bice as Executive Vice President and Regional President to drive growth in Northern Virginia for commercial lending. Mr. Bice brings over 35 years of banking experience and a strong record in commercial banking. His previous roles include Regional President at John Marshall Bank and Senior Vice President at James Monroe Bank. BCT, founded in 1871, has about $701 million in assets and operates multiple branch offices in West Virginia and Virginia, offering various banking services.
Potomac Bancshares, Inc. (OTC: PTBS) reported Q3 2021 net income of $2.212 million, or $0.54 per share, up from $1.098 million or $0.27 per share in Q3 2020. This increase was aided by a $490 thousand negative loan loss provision. Year-to-date, net income reached $5.722 million, compared to $2.643 million in the same period last year. Total assets grew by 11% to $700.5 million, with loans increasing 7.5% to $512.8 million. The company declared a $0.08 dividend per share, payable on November 9, 2021. Return on Assets (ROA) improved to 1.13% from 0.61% a year ago.
The Board of Directors of Potomac Bancshares declared a quarterly dividend of $0.08 per share at their October board meeting. This dividend will be distributed to shareholders of record on November 2, 2021, with a payment date set for November 9, 2021. Potomac Bancshares, the parent company of Bank of Charles Town (BCT), reported approximately $672 million in assets as of June 30, 2021, and has a history of over 150 years in service. The bank aims to provide various banking products, including loans and wealth management services.