Pinnacle Bankshares Corporation Announces Charlottesville Market Plans

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ALTAVISTA, Va., Sept. 24, 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 has successfully recruited Michael D. Lyster as Senior Vice President and Market Leader for Charlottesville, VA.   Michael is a native of Charlottesville and has twenty-six years of experience in the financial services industry, primarily in commercial banking and business services.  He earned his Bachelor of Arts degree from Hampden-Sydney College, his Masters of Business Administration from William & Mary and is a graduate of the Virginia Bankers School of Bank Management.  Michael and his wife live in Charlottesville, have three children and are active in the community.

“Our successful recruitment of Michael is our first step in establishing a presence in the Charlottesville market.  Michael will work with Management to open a Loan Production Office in the near future and will lead our efforts to build client base in Charlottesville as we move towards establishment of a full service presence over the next few years,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.  “We are poised and ready for this move and are excited to have Michael join our team.  He is an excellent cultural fit and will work well with all of us to continue First National’s success,” added Hall.

First National’s move into Charlottesville is part of the Bank’s Strategic Plan and the next step in its growth plans to expand over a larger geographical area. 

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.

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

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