ALTAVISTA, Va., March 13, 2019 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that the Bank’s Board of Directors has approved establishing a new branch office in the downtown area of Lynchburg, VA.  The new branch is expected to be located at 800 Main Street, Lynchburg, VA 24504 and is subject to regulatory approval and finalizing the lease agreement. 

“First National Bank is excited to announce plans to establish a new branch office in the downtown area of Lynchburg,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.  He further commented, “This part of our market is viewed as the hub of regional commerce and has undergone significant redevelopment over the past fifteen years.  Recently, the Lynchburg Regional Business Alliance relocated to downtown and the Academy Center of the Arts completed its renovation of the historic theatre.  We believe businesses and individuals will continue to migrate downtown based on its convenient location within the Lynchburg region and the steady stream of commercial and residential options becoming available.  We are in the process of submitting our application for regulatory approval of the new branch and finalizing a lease agreement for the location.”     

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 has a total of nine 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 and Odd Fellows Road in the City of Lynchburg and Forest Road in Bedford County.   First National Bank is in its 111th year of operation.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are not statements of historical fact and are based on assumptions and describe future plans, strategies, and expectations of management, and are inherently subject to risks and uncertainties. For discussion of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, please see “Cautionary Statement Regarding Forward-Looking Statements” in our latest Annual Report available on our website, www.1stnatbk.com, under “Investor Relations—Financial Documents.” These risks and uncertainties should be considered in evaluating forward‑looking statements contained herein, and you should not place undue reliance on such statements. We undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

CONTACT:  Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com