As previously announced, the Company filed a Form 15 with the Securities and Exchange Commission to deregister the Company’s common stock under section 12(g) of the Securities Exchange Act of 1934, and intends to take further steps in 2013 to suspend its Exchange Act reporting obligations and exit the SEC reporting system. The Company expects the Section 12(g) deregistration and future suspension of reporting obligations will provide substantial cost savings.
Based on improved credit quality and earnings, the Company’s Board of Directors declared a cash dividend of $0.05 per share on October 9, 2012 payable November 2, 2012 to shareholders of record as of October 19, 2012. Anticipated cost savings from the Section 12(g) deregistration provided further justification for the action.
On July 9, 2012, the Bank opened a temporary location in the Town and Country Shopping Plaza in Altavista to replace the Vista Branch Office that was destroyed by fire on April 10, 2012. First National Bank’s Board of Directors has approved moving forward with rebuilding a permanent facility to replace the Vista Branch in order to better serve the Altavista community and the Bank’s clients. Construction of the new Vista Branch Office will begin in early November 2012.
Selected financial highlights are shown below._______________________________ 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 City of Lynchburg. The Company operates two branches in the Town of Altavista, one branch in the Town of Amherst, one branch in the Village of Rustburg, one branch on Timberlake Road and one branch on Wards Road in Campbell County, one branch in the City of Lynchburg and one branch in Bedford County at Forest. First National Bank is in its 104th year in operation.