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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 Bankshares (OTC: PTBS) has appointed M. Shane Bell as Executive Vice President and Chief Financial Officer, following Dean Cognetti's retirement. Bell brings over 22 years of banking experience and will oversee the company's financial activities, including financial planning, capital management, and investor relations.
Bell's extensive background includes implementing accounting standards, managing internal controls, and handling interest rate and liquidity risk. Prior to this role, he served as a Manager at Yount, Hyde & Barbour, PC. He holds a CPA license, a B.S. in Accounting from Frostburg State University, and completed coursework at prestigious institutions. Bell has been active in community service, serving on various boards and committees.
BCT-Bank of Charles Town (OTC: PTBS) has appointed Ronald B. Burley as Executive Vice President and Chief Retail Banking Officer. Burley brings over 23 years of banking experience, previously managing operations for 200+ branches in Mid-Atlantic markets. He holds an MBA from Salisbury University and a BS in Economics from Drexel University. As part of the executive team, he will oversee retail banking sales and operations, leveraging his experience in sales leadership, retail operations, and M&A to support the bank's strategic growth plans while maintaining positive client experiences.
BCT-Bank of Charles Town (OTC:PTBS) has been named a '2024 Best Banks to Work For' by American Banker, marking its fifth recognition in six years. The program, established in 2013 by American Banker and Best Companies Group, evaluates U.S. banks based on employee satisfaction through comprehensive surveys and organizational assessment.
The selection criteria emphasize engaged leadership, strong corporate culture, job training opportunities, and employee benefits including volunteer time off and appreciation events. Banks ranging from 52 to 5,200 employees were eligible for consideration.
President and CEO Alice P. Frazier highlighted the company's commitment to creating an exceptional employee experience, noting that employee feedback provides valuable insights for continuous workplace improvement.
Potomac Bancshares (OTC: PTBS) reported Q3 2024 earnings of $1.761 million ($0.42 per share), compared to $1.729 million ($0.42 per share) in Q3 2023. Total assets reached $871.4 million, up 7.6% year-over-year. Key highlights include: 20% growth in wealth management assets, stable net interest margin at 3.21%, and loan growth of $22.4 million (3.4%) in Q3. The company declared a quarterly dividend of $0.12 per share. Year-to-date net income was $4.857 million ($1.17 per share), down from $5.554 million ($1.34 per share) in the same period of 2023.
BCT Residential Lending expands into Fairfax County, Virginia with the addition of The Richardson Team. The team consists of Jay Richardson (Vice President), Sebastian Bonilla (Mortgage Lender), and JeNise Colbert (Mortgage Processor). This strategic expansion strengthens BCT's presence in the Northern Virginia market. Jay Richardson brings 20+ years of mortgage experience and ranks among top 200 lenders. Sebastian Bonilla specializes in serving the Hispanic community with 6 years of banking experience, while JeNise Colbert contributes 11 years of mortgage lending expertise.
Potomac Bancshares, Inc. (OTC:PTBS), the one bank holding company for Bank of Charles Town (BCT), has announced a quarterly dividend declaration. The Board of Directors made this decision during their October meeting. Shareholders of record on November 1, 2024, will receive a dividend of $0.12 per share, which is scheduled for payment on November 8, 2024. BCT, also known as The Community's Bank, continues its tradition of providing returns to its shareholders through this quarterly dividend payout.
The BCTCares Foundation, a nonprofit founded by employees of BCT-Bank of Charles Town (OTC:PTBS), has raised a record $90,000 through its annual Pack The 'Pack program. This year's fundraising effort, conducted from July 1 to August 31, 2024, brings the foundation's total donations to $405,000 since inception, targeting local food-insecurity.
The funds will be equally distributed among four local backpack food charities, with each receiving $22,500. This donation will enable the filling of over 15,000 backpacks with enough food for two days per child. The campaign received contributions from bank clients, vendors, employees, Board of Directors, and community members across Maryland, Virginia, and West Virginia.
Alice P. Frazier, President and CEO of BCT, expressed pride in the team's efforts and the community's generosity. The partner charities include Berkeley County Backpack Program, Community Combined Ministries – Kidz Power Pacs, HARC/Micah's Backpack, and Fueled (formerly Loudoun Backpack Coalition).
Potomac Bancshares, Inc. (OTC: PTBS) reported Q2 2024 earnings of $1.421 million or $0.34 per share, compared to $1.783 million or $0.43 per share in Q2 2023. The quarter included an after-tax loss of $300,000 from investment security sales. Excluding this loss, Q2 2024 earnings would have been $1.721 million or $0.42 per share. For the first half of 2024, net income was $3.096 million or $0.75 per share.
Key highlights include:
- Assets decreased by 2.7% to $832.5 million
- Loan growth of 1.3% for the quarter
- Deposits decreased by 3.0%
- Net interest margin improved to 3.21%
- Allowance for credit losses at 1.04% of total loans
- Non-performing assets at 0.36% of total assets
The company declared a quarterly dividend of $0.12 per share, payable on August 12, 2024.
BCT-Bank of Charles Town (OTC:PTBS), known as The Community's Bank in Northern Virginia and Washington, DC, has been voted the 2024 'Loudoun's Favorite' winner in four financial services categories: Bank, Mortgage Company, Banker (Alice Frazier), and Financial Planner (Mary Szabat). The bank was also voted runner-up for Mortgage Broker (Steve Cowen).
The annual readers' poll, conducted by LoudounNow, a local newspaper serving Loudoun County, Virginia, allows readers to vote for their favorite people, places, and businesses in over 200 categories. BCT President and CEO Alice P. Frazier expressed gratitude for the recognition, attributing it to the bank's employees and their commitment to fostering relationships that simplify clients' financial lives.
This approach has been central to BCT's philosophy for over 153 years, reflecting the bank's long-standing commitment to community service and client satisfaction in the region.
Potomac Bancshares, Inc. (OTC:PTBS), the holding company for Bank of Charles Town (BCT), has announced a quarterly dividend of $0.12 per share. This decision was made by the Board of Directors at their July meeting. The dividend will be paid on August 12, 2024, to shareholders of record as of August 5, 2024. BCT, also known as The Community's Bank, continues its tradition of rewarding shareholders through consistent dividend payments.