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Pinnacle Bankshares Corporation Introduces New Student Loan Product

Pinnacle Bankshares Corporation (OTCBB:PPBN), the one-bank holding company of First National Bank, announced today that it has launched a new consumer loan product for current and prospective customers seeking financing for higher education expenses.

The new program, appropriately labeled the FNB Student Loan, is a credit based loan used by borrowers to fund the gap created when the cost of attending a post-secondary educational institution is not fully covered by available resources such as grants, scholarships, federal student loans, cash and investments.

“Customers and colleges in our surrounding market will benefit from this new product which offers a term of 15 years, rates as low as Prime + 2.5%, and no origination fees,” said Aubrey H. Hall, III, Executive Vice President and Chief Lending Officer of First National Bank.

Billions of dollars are spent each year to pay for higher education. Private loans, such as the FNB Student Loan, are becoming a key financing option since federal loans and other forms of financial aid cover only a portion of the total costs. The availability of these private loans has become increasingly limited in recent years as many financial institutions have experienced pressure on their capital levels. First National Bank is proud to be in a position to offer this product to customers.

“Launching this insured loan product diversifies our product offering, leverages our strong capital position, creates a new revenue stream and serves customers in need of additional financing to achieve their higher education goals,” commented Rob Gilliam, President & CEO of Pinnacle Bankshares and First National Bank.

The loan program will be managed by GradCapital, LLC, a management and advisory firm with extensive expertise in the education finance industry.

About Pinnacle Bankshares Corporation

Pinnacle Bankshares Corporation is the holding company for First National Bank, a full service commercial bank based in Altavista, Virginia. First National is in its 102 nd year of operation and serves a market area consisting primarily of all or portions of the Counties of Campbell, Pittsylvania, Franklin, Bedford, Amherst and the City of Lynchburg. The Bank has branches located in Altavista (2), Amherst (1), Forest (1), Lynchburg (3), and Rustburg (1) as well as a loan production office at Smith Mountain Lake in Franklin County.

About GradCapital, LLC:

GradCapital, LLC is a Richmond, Virginia based firm that provides advisory and management services within the education finance industry. They assist financial institutions interested in entering the education lending market by developing, marketing and managing a credit based student loan program or by identifying and assisting in valuing credit based and federally guaranteed student loan portfolios. More information about GradCapital can be found at www.gradcapital.com.



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