CHARLES TOWN, W.Va. - Potomac Bancshares, Inc. (OTC:PTBS), the parent company of Bank of Charles Town (BCT), announced a 20% increase in its quarterly dividend, raising the amount to $0.12 per share from the previous $0.10. This dividend is applicable to shareholders on record as of May 3, 2024, and will be disbursed on May 10, 2024.
The decision, as stated by Alice P. Frazier, President and CEO of Potomac Bancshares, reflects the company's ongoing success in achieving its strategic growth objectives. Frazier emphasized the company's commitment to delivering a robust return on investment for its shareholders.
Bank of Charles Town, operating under Potomac Bancshares since 1871, serves customers through its main office, eight branch offices, and two loan production offices across multiple counties in West Virginia, Maryland, and Virginia. The bank offers a range of financial products and services, including personal and business banking solutions, as well as online and mobile banking.
BCT is also recognized for its commercial lending services, including government contractor loans and Small Business Administration (SBA) preferred lending. The bank's residential lending division provides various mortgage options, and BCT Wealth Advisors offers financial management and estate services.
In recent years, BCT has received accolades such as being named a "Top 200 Community Bank" by American Banker in 2023 and earning multiple "Best of the Best" awards in the Journal-News Readers' Choice Awards. Additionally, it has been designated as a "Best Bank To Work For" multiple times.
The announcement of the dividend increase is based on a press release statement from Potomac Bancshares, Inc. This financial move is likely to be of interest to current and potential investors as an indicator of the company's financial health and its ability to provide shareholder value.
InvestingPro Insights
Potomac Bancshares, Inc. (OTC:PTBS) has recently announced a significant increase in its quarterly dividend, a move that aligns with the company’s track record of rewarding its shareholders. Notably, Potomac Bancshares has raised its dividend for the past three consecutive years, illustrating a consistent dedication to providing shareholder value.
According to InvestingPro Tips, the company has also maintained its dividend payments for an impressive 12 consecutive years, further cementing its reputation as a reliable dividend payer.
From a financial health perspective, Potomac Bancshares showcases a robust operating income margin of 30.6% for the last twelve months as of Q4 2023, which underscores the company's effective cost management and profitability. Additionally, the company's P/E ratio stands at 7.99, adjusted for the same period, suggesting a potentially undervalued stock when compared to industry benchmarks.
While the company’s gross profit margins are considered weak according to InvestingPro Tips, Potomac Bancshares remains profitable over the last twelve months, a testament to its financial resilience. Investors may find this information valuable when assessing the company's potential for long-term investment, especially in light of its recent dividend increase.
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