Pinnacle Bankshares Corporation (OTCBB:PPBN), the one bank holding company of First National Bank, held its 2010 Annual Meeting of Shareholders on Tuesday, April 13 in Altavista, Virginia. In this meeting, four Directors were re-elected to serve on the Company’s Board of Directors: A. Willard Arthur, John P. Erb, Robert H. Gilliam, Jr. and R.B. Hancock, Jr. Two new Directors, A. Patricia Merryman, the Vice President of Sonny Merryman Inc., a transportation equipment distributor, and C. Bryan Stott, the Vice President and Lynchburg Branch Manager of Stifel Nicolaus, an investment services firm, were also elected to serve on the Board of Directors. Also in this meeting, Director James P. Kent was recognized for his many years of dedicated service with a Resolution by the Board of Directors presented in his honor by Robert H. Gilliam, Jr., President & CEO of Pinnacle Bankshares Corporation and First National Bank. Mr. Kent retired from the Board of Directors after 30 years of service. During the Board of Directors meeting also held on April 13, John P. Erb was elected Chairman and Jeb E. Burton IV was elected Vice-Chairman of the Pinnacle Bankshares Corporation Board of Directors. Chairman Erb is the Assistant Superintendent for Administration of Campbell County Schools and has been a Director of the company since 1989. Vice-Chairman Burton is the President of Marvin V. Templeton & Sons, Inc. and has served as a Director of the company since 1998. 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, Franklin, Bedford, Amherst and the City of Lynchburg. The Company operates two branches in the Town of Altavista, one branch in the Town of Amherst, three branches in Campbell County, one branch in the City of Lynchburg, one branch in Bedford County at Forest and a loan production office at Smith Mountain Lake in Franklin County at Moneta. The Company’s newest branch opened February 12, 2009 in the Town of Rustburg. First National Bank is celebrating its 102nd year in operation.
This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties All statements contained herein that are not historical facts, such as statements regarding the Company’s future plans and performance, are forward-looking and are based on current assumptions and analysis by the Company. 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: interest rates, general economic and business conditions, the real estate market, the legislative/regulatory climate, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System and any policies or programs implemented pursuant to the Emergency Economic Stabilization Act of 2008, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows and funding costs, competition, demand for financial services in our market area and accounting principles, policies and guidelines. 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.