ALTAVISTA, Va., May 14, 2026 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation ("Pinnacle" or the "Company") (OTCQX: PPBN), the one-bank holding company for First National Bank (the "Bank"), announced today that its Board of Directors declared a cash dividend of $0.30 per share on May 12, 2026, payable June 5, 2026, to shareholders of record as of May 22, 2026.
The $0.30 per share cash dividend is $0.02, or 7%, higher than the $0.28 paid last quarter and marks the fifty-fifth consecutive quarter that a dividend has been declared.
"We are pleased to increase our quarterly dividend to $0.30 per share," stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, "Pinnacle's continued strong earnings, liquidity, and asset quality combined with our capital position have all contributed to enhanced returns for our shareholders, including a new record high stock price of $52.75 per share achieved May 8, 2026."
Annual Meeting of Shareholders Results
At the Annual Meeting of Shareholders held on May 12, 2026, James E. Burton, IV, Judson H. Dalton, Robert Hurt, Donald W. Merricks, and Ramsey W. Yeatts, were re-elected to the Board of Directors as Class II Directors to serve until the 2029 Annual Meeting of Shareholders.
In addition, Mr. Hall presented his Annual Report to Shareholders, which included information on Pinnacle's performance in 2025 and the first quarter of 2026. He also offered comments on the economy, the banking industry, peer rankings, Pinnacle's Share Repurchase Plan, and our strategic initiatives. Mr. Hall's PowerPoint presentation may be viewed on our website at www.1stnatbk.com under the Investor Relations tab by clicking Financial Information, then 2026 Annual Shareholders' Meeting Presentation.
Company Information
Pinnacle 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; one branch and a commercial loan production office in Halifax County within the Town of South Boston; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. In 2026, First National Bank is celebrating 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, including statements made in Mr. Hall's quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, future returns and capital accretion, our cost of funds, the maintenance of our net interest margin, future operating results and business performance and our growth initiatives. 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 increased inflation; 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
