CHARLES TOWN, W.Va. - Potomac Bancshares, Inc. (OTC:PTBS), the parent company of Bank of Charles Town (BCT), has announced that its Board of Directors has declared a quarterly cash dividend. Shareholders of record as of August 5, 2024, will receive a dividend of $0.12 per share on August 12, 2024.
The company, founded in 1871 and also known as The Community's Bank, reported assets of approximately $855 million as of March 31, 2024. It operates through its main office, eight branch offices, and two loan production offices in West Virginia, Maryland, and Virginia.
BCT offers a range of banking services, including access to a vast network of ATMs, online and mobile banking, and various loan products. Moreover, it is recognized as a Small Business Administration (SBA) Preferred Lender.
Potomac Bancshares has been acknowledged in the industry for its performance and services. In 2023, it was named a "Top 200 Community Bank" by American Banker and also received accolades in the Journal-News Readers' Choice Awards. Moreover, it has been listed as a "Best Bank To Work For" multiple times in recent years.
The company's shares are traded on the OTC Pink Sheet marketplace under the symbol "PTBS." This dividend declaration is consistent with Potomac Bancshares' history of providing shareholder value and reflects the company's financial performance.
The information in this article is based on a press release statement from Potomac Bancshares, Inc.
In other recent news, Potomac Bancshares, the parent company of Bank of Charles Town (BCT), has announced a 20% increase in its quarterly dividend. The dividend rose to $0.12 per share from the previous $0.10, with the changes applicable to shareholders on record as of May 3, 2024.
Alice P. Frazier, President and CEO of Potomac Bancshares, explained that this decision reflects the company's continued success in achieving its strategic growth objectives.
In other developments, BCT, which has been operating under Potomac Bancshares since 1871, has been recognized for its commercial lending services and financial management services. The bank was named a "Top 200 Community Bank" by American Banker in 2023 and has received multiple "Best of the Best" awards in the Journal-News Readers' Choice Awards.
These recent developments indicate the ongoing success of Potomac Bancshares and its commitment to provide shareholder value. It is worth noting that these changes and recognitions are based on recent press releases from the company.
InvestingPro Insights
Potomac Bancshares, Inc. (OTC:PTBS) continues to demonstrate its commitment to shareholder value with its latest dividend announcement. The company's dedication to consistent shareholder returns is underscored by a notable InvestingPro Tip: Potomac Bancshares has maintained dividend payments for 12 consecutive years, a testament to its stable financial practices and a reassuring sign for income-focused investors.
An examination of Potomac Bancshares' financial metrics reveals a company that, despite challenges, stands on solid ground. With a market capitalization of $61.01 million and a price-to-earnings (P/E) ratio of 8.85, the bank's valuation is grounded in its earnings capacity.
Moreover, the dividend yield stands at a healthy 3.26%, which is particularly attractive for dividend investors, especially when considering the company's dividend growth over the last twelve months was 33.33%.
While Potomac Bancshares' revenue growth has been modest at 4.62% over the last year, it's important to note that the company has been profitable over the last twelve months, another InvestingPro Tip highlighting its financial stability.
For investors looking for more detailed analysis and additional InvestingPro Tips, there are 5 more listed on the InvestingPro platform for Potomac Bancshares. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription and gain a deeper understanding of PTBS's financial health.
The InvestingPro Fair Value estimation for Potomac Bancshares stands at $15.77, suggesting potential upside from the previous close price of $14.72. As investors weigh the recent dividend announcement, these insights could provide a broader context for evaluating the company's future performance and investment potential.
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