Pinnacle Bankshares Corporation Completes Merger with Virginia Bank Bankshares, Inc.

ALTAVISTA, Va., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (OTCQX: PPBN) (“Pinnacle”), the holding company for First National Bank, today announced the completion of its merger with Virginia Bank Bankshares, Inc. (“Virginia Bank”) and the completion of the merger of Virginia Bank’s wholly-owned bank subsidiary, Virginia Bank and Trust Company, with and into First National Bank. 

The merger creates a premier community bank in Central and Southern Virginia with a total of 17 branches and an eighteenth branch to open soon in Forest, VA.  Pinnacle will operate the former Virginia Bank and Trust branches as a division of First National Bank until operating systems are converted in February 2021.

Based on financial information as of June 30, 2020, the combined company has total assets of approximately $796 million, deposits of approximately $719 million and net loans of approximately $572 million. 

“We are excited about Pinnacle and Virginia Bank’s strategic partnership.  Together we are well positioned to serve our communities and customers in Central and Southern Virginia and provide enhanced returns to our shareholders,” commented Aubrey H. “Todd” Hall, III, Pinnacle’s President and Chief Executive Officer.

About Pinnacle

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, Danville and Charlottesville. First National Bank has a total of 17 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 and 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.  New branch locations acquired through the merger include Main Street, North Main Street, Riverside Drive, and South Boston Road in the City of Danville; Franklin Turnpike and Martinsville Highway in the Mt. Hermon and Brosville areas of Pittsylvania County; and North Main Street in the Town of Chatham.  Additionally, First National Bank 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.