CHARLES TOWN, W.Va. - Potomac Bancshares, Inc. (OTC:PTBS), the parent company of Bank of Charles Town, declared a quarterly dividend of $0.12 per share. The dividend will be distributed to shareholders of record as of November 1, 2024, with payment scheduled for November 8, 2024.
Potomac Bancshares, operating through its main office, eight branch offices, and two loan production offices, reported assets of approximately $832 million as of June 30, 2024. The company offers a range of banking products and services, including access to a network of over 55,000 ATMs and additional free access ATMs through another partnership. Its online and mobile banking services cater to individuals, businesses, and local governments.
The bank's lending services include commercial lines and term loans, residential and commercial construction loans, commercial real estate loans, and agricultural loans. It also specializes in government contractor loans and is recognized as a Small Business Administration (SBA) Preferred Lender. The Residential Lending division provides secondary market and portfolio mortgage loans, construction to permanent loans, and home equity products.
Beyond banking, BCT Wealth Advisors, a division of the bank, has been offering trust services for over 70 years, expanding into financial management, investments, and estate services.
The company has received multiple accolades, including being voted as a favorite in several categories in the LoudounNow 2024 readers' poll and being named a "Top 200 Community Bank" by American Banker in 2023. Additionally, BCT has consistently been recognized for its workplace environment, earning a spot on the "Best Bank To Work For" list by American Banker in previous years.
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, announced a 20% increase in its quarterly dividend to $0.12 per share, applicable to shareholders on record as of May 3, 2024. This decision reflects the company's continued success in achieving its strategic growth objectives, as stated by Alice P. Frazier, President and CEO of Potomac Bancshares. The company also declared a quarterly cash dividend of $0.12 per share for shareholders of record as of August 5, 2024.
In addition, Potomac Bancshares reported assets of approximately $855 million as of March 31, 2024. The bank, operating since 1871, has been recognized for its performance and services, being named a "Top 200 Community Bank" by American Banker in 2023 and receiving multiple accolades in the Journal-News Readers' Choice Awards.
These recent developments highlight the ongoing success of Potomac Bancshares and its commitment to provide shareholder value. The company's financial performance and industry recognition underscore its position in the banking sector. These facts are based on recent press releases from the company.
InvestingPro Insights
Diving deeper into Potomac Bancshares, Inc. (OTC:PTBS), InvestingPro data reveals some interesting financial metrics that complement the company's recent dividend announcement and overall business overview.
As of the latest data, PTBS boasts a market capitalization of $61.22 million, with a price-to-earnings (P/E) ratio of 9.13. This relatively low P/E ratio could suggest that the stock might be undervalued compared to its earnings potential. Furthermore, the company's price-to-book ratio stands at 0.92, indicating that the stock is trading below its book value, which might interest value investors.
One of the InvestingPro Tips highlights that PTBS has raised its dividend for 3 consecutive years, aligning with the company's recent quarterly dividend declaration. This consistent dividend growth is further supported by a current dividend yield of 3.25% and an impressive dividend growth rate of 33.33% over the last twelve months. These figures underscore the company's commitment to returning value to shareholders, which is particularly noteworthy given its status as a community bank.
Another InvestingPro Tip points out that PTBS has been profitable over the last twelve months, with a reported revenue of $32.16 million and an operating income margin of 27.28%. This profitability is crucial for sustaining the company's dividend policy and supporting its various banking and wealth management services.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a fuller picture of PTBS's financial health and market position. These insights can be particularly valuable for those interested in community banks with strong dividend histories.
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