Pinnacle Bankshares Corporation and Virginia Bank Bankshares, Inc. Announce Regulatory Approvals for Pending Merger
ALTAVISTA, Va. and DANVILLE, Va., Sept. 22, 2020 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (OTCQX: PPBN) (“Pinnacle” or the “Company”), the holding company for First National Bank, and
Virginia Bank Bankshares, Inc. (OTC Pink: VABB) (“Virginia Bank”), the holding company for Virginia Bank and Trust, today jointly announced that they have received all required bank regulatory
approvals for the pending merger of Virginia Bank into Pinnacle.
“We are extremely pleased to have the approvals from the OCC, the Federal Reserve and the Virginia State Corporation Commission for the merger,” stated Aubrey H. “Todd” Hall, III, Pinnacle’s President and Chief Executive Officer. He further commented, “Together Pinnacle and Virginia Bank will be well positioned to serve our communities and generate enhanced returns for our shareholders. We are excited about providing a full array of financial services across the combined bank’s footprint after the merger.”
Donald W. Merricks, President and Chief Executive Officer of Virginia Bank, said, “Receiving these regulatory approvals is an important milestone as Pinnacle and Virginia Bank join forces as a combined company committed to our customers, our employees and our communities. The integration teams at First National Bank and Virginia Bank and Trust continue to make great progress planning for the combined bank’s operations. This sets the stage for a very successful integration after the merger.”
Pinnacle and Virginia Bank will convene meetings of their respective shareholders on October 20, 2020 to vote on the merger. The merger remains subject to approval by shareholders of Pinnacle and Virginia Bank and other customary closing conditions.
Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central Virginia. The one-bank holding company of First National Bank serves an area consisting primarily of all or portions of the Counties of Campbell, Pittsylvania, Bedford, Amherst and the Cities of Lynchburg and Charlottesville. The Company has a total of 10 branches with two located in the Town of Altavista, where the Bank was founded. Other branch locations include Village Highway in Rustburg, Wards Road near the Lynchburg Regional Airport, Timberlake Road in Campbell County, South Main Street in the Town of Amherst, Old Forest Road, Odd Fellows Road and Main Street in the City of Lynchburg and Forest Road in Bedford County. Additionally, the Company operates a loan production office located in Charlottesville and plans to open another branch in the Graves Mill Center located in Forest once the impacts of the COVID-19 pandemic subside. First National Bank is in its 112th year of operation.