CHARLES TOWN, W.Va. - Potomac Bancshares, Inc. (OTC: PTBS), the parent company of Bank of Charles Town, also known as BCT-The Community's Bank, with a current market capitalization of $68.39 million, today announced the appointment of M. Shane Bell as the new Executive Vice President and Chief Financial Officer. Bell takes over following the retirement of Dean Cognetti, his predecessor in the role.
With over two decades of experience in banking, Bell's career has spanned various aspects of financial management, including implementing new accounting standards, developing internal controls, and managing financial risks. His responsibilities at BCT will encompass financial planning, capital and enterprise risk management, and investor relations.
Prior to joining BCT, Bell served as a Manager at Yount, Hyde & Barbour, PC, focusing on audit, tax, and consulting services in the banking sector. His academic credentials include a B.S. in Accounting from Frostburg State University and additional coursework at the AICPA National Banking School and the Graduate School of Investments and Financial Management.
Alice P. Frazier, President and CEO of BCT, expressed confidence in Bell's ability to contribute to the company's strategic goals and financial stability. His community involvement includes serving on the Board of Directors and Finance Committee of Blue Ridge United and past roles with various non-profit organizations.
Bank of Charles Town, established in 1871, operates through its main office, eight branch offices, and two loan production offices across multiple counties. With assets totaling approximately $871 million as of September 30, 2024, the bank generates annual revenue of $32.23 million and maintains a healthy P/E ratio of 9.51. The bank offers a range of services, including access to a vast network of ATMs, online and mobile banking, and various loan products. Additionally, BCT Wealth Advisors, a division of the bank, provides financial management and estate services. According to InvestingPro analysis, the company maintains a GOOD financial health score and has consistently raised its dividend for four consecutive years, currently yielding 2.91%.
BCT has received multiple accolades, including being voted a "Best of the Best" winner in the 2024 Journal-News Readers' Choice Awards and selection by American Banker as a "Top 200 Community Bank" in 2023. The company's shares, traded on the OTC Pink Sheet marketplace, have demonstrated strong performance with a 17.46% return over the past year and are currently trading near their 52-week high. InvestingPro analysis suggests the stock is slightly undervalued, with additional insights and metrics available to subscribers.
This leadership transition 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, declared a quarterly dividend of $0.12 per share. This dividend will be distributed to shareholders of record as of November 1, 2024, with payment scheduled for November 8, 2024. The company also reported assets of approximately $832 million as of June 30, 2024. In another recent development, the company announced a 20% increase in its quarterly dividend to $0.12 per share, applicable to shareholders on record as of May 3, 2024. The company also reported assets of approximately $855 million as of March 31, 2024. These recent developments highlight the ongoing success of Potomac Bancshares, emphasized by its consistent recognition as a "Top 200 Community Bank" by American Banker in 2023. The company's financial performance and industry recognition underscore its strong position in the banking sector.
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