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Pinnacle Bankshares Corporation Announces Increased Cash Dividend and New Branch Opening

ALTAVISTA, Va., May 16, 2019 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that its Board of Directors declared a cash dividend of $0.14 per share on May 14, 2019 payable June 7, 2019 to shareholders of record as of May 24, 2019. 

The $0.14 per share cash dividend is $0.015 higher than the $0.125 dividend paid last quarter and marks the twenty-seventh consecutive quarter that a dividend has been declared.  Pinnacle previously released its 2019 first quarter earnings on April 23, 2019 indicating record net income for the first quarter of 2019.

“We are pleased to increase our cash dividend after reporting record earnings for the first quarter of 2019,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.

In other news, First National Bank opened its tenth branch location on Main Street in Downtown Lynchburg, Virginia on May 15, 2019 and is ready to further expand its client base in the downtown market.   

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 ten 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, Odd Fellows Road and Main Street 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.

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

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