Pioneer Bankshares, Inc. Announces Record Earnings For 2012 & Opens New Branch Office

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 7^th 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:

Lobby Hours:
	Monday  - Wednesday:	9:00 a.m. - 5:00 p.m.
	Thursday  - Friday:	9:00 a.m. – 6:00 p.m.
	Saturday:	10:00 a.m. – 2:00 p.m.
Drive Thru-Hours:
	Monday  -  Friday:	8:00 a.m. – 7:00 p.m.
	Saturday:	9:00 a.m. – 2:00 p.m.
	Sunday:	1:00 p.m. – 4:00 p.m.

 

SOURCE Pioneer Bankshares, Inc.

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