STANLEY, Va., March 25, 2013 /PRNewswire/ -- Pioneer
Bankshares, Inc. (OTC Bulletin Board: PNBI), parent company of
Pioneer Bank, reported net earnings of $2.3
million for the year ending December
31, 2012, as compared to $1.7
million for 2011. This represents an increase of
approximately $605,000 or 37% over
the prior year. Total earnings per share as of December 31, 2012 were $2.26 compared to $1.60 for the prior year.
According to Thomas Rosazza,
President/CEO, this is the first time the company has exceeded
$2.0 million in net earnings, as well
as the highest income figure in the history of the institution.
Earnings for 2012 exceeded the company's previous historical
record, which had occurred in 2010, by approximately $403,000 or 22%. The company is extremely
pleased to have been able to accomplish this historical earnings
record in light of the current economic conditions and continued
concerns about recessionary recovery.
The Company had asset growth of approximately $5.0 million during 2012, which is primarily
attributed to increased loan volume. The Company's total
capital was $20.4 million as of
December 31, 2012 and remains above
the established regulatory guidelines to be considered a well
capitalized institution.
The Company's book value as of December
31, 2012 was $21.45 per share,
as compared to a book value of $19.75
per share as of December 31,
2011. Pioneer also increased its dividend payout to
shareholders from $0.59 per share in
2011 to $0.61 per share in 2012,
which is an overall increase of 3.39%.
Pioneer Bankshares, Inc. is a one-bank holding company
headquartered in Page County,
Virginia. The Company's main branch and corporate office is
located in Stanley, Virginia, with
other existing branch locations in Shenandoah, Luray, Harrisonburg, Stanardsville, and Charlottesville, Virginia. The Bank also
operates a small finance company know as Valley Finance Services, a
Division of Pioneer Bank, which specializes in consumer and auto
lending.
Further, the Company is pleased to announce the opening of its
7th branch location on March
4, 2013. This new full service facility is located at
58 Stoneridge Drive North, in Ruckersville, Virginia, next door to
McDonald's. The branch is equipped with a variety of current
innovative technologies, 2 ATM's capable of receiving both check
and cash deposits, and an expanded customer service center.
Laura Proffitt, a resident of
Greene County, is the Financial
Services Manager for the branch. She has extended a warm welcome
for you to stop by and visit the branch.
For customer convenience, the following hours of operation have
been established for the new branch:
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Lobby
Hours:
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Monday
- Wednesday:
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9:00 a.m.
- 5:00 p.m.
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Thursday
- Friday:
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9:00 a.m.
– 6:00 p.m.
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|
Saturday:
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10:00 a.m.
– 2:00 p.m.
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|
|
|
Drive
Thru-Hours:
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|
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Monday
- Friday:
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8:00 a.m.
– 7:00 p.m.
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Saturday:
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9:00 a.m.
– 2:00 p.m.
|
|
Sunday:
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1:00 p.m.
– 4:00 p.m.
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SOURCE Pioneer Bankshares, Inc.