CHARLES TOWN, W.Va., Dec. 4, 2024 /PRNewswire/ -- (OTC: PTBS) – Potomac Bankshares, Inc. (the "Company"), the parent company of Bank of Charles Town (the "Bank"), also known as BCT-The Community's Bank, today announced the appointment of M. Shane Bell as Executive Vice President and Chief Financial Officer. Mr. Bell joins the Company following the recent retirement of Dean Cognetti, the former Executive Vice President and CFO. As a member of the executive team, Mr. Bell will oversee the financial activities of the Company and the Bank. His duties will include financial planning and accountability in support of the Company's strategic efforts, capital and enterprise risk management, and investor relations.
Mr. Bell brings more than 22 years of banking experience to BCT where he was responsible for implementation of new accounting standards, designed and implemented internal controls over financial reporting, managed interest rate and liquidity risk, developed financial plans to support expansion into new markets and acquisitions of businesses, all while maintaining compliance with rules and listing standards of publicly-traded companies. Prior to becoming a banker, Mr. Bell served as a Manager with Yount, Hyde & Barbour, PC, for eight years where he provided audit, tax, and consulting services to clients in the banking industry, while collaborating with his team to expand services into the West Virginia market.
"Throughout his career, Shane has established deep relationships with teammates, clients, and the community to deliver responsible financial oversight and guidance," stated Alice P. Frazier, President and CEO of BCT. "Shane is well positioned to build on Dean's legacy and lead us to further success in current and future markets as we develop the full breadth of BCT's capabilities, ultimately improving our clients' financial lives while strengthening BCT's bottom line."
In addition to holding a CPA license, Mr. Bell earned a B.S. in Accounting from Frostburg State University and completed coursework through the AICPA National Banking School at the University of Virginia and the Graduate School of Investments and Financial Management at the University of South Carolina. Mr. Bell previously served on the Virginia Bankers Association CFO Committee, where he planned educational programs for finance and accounting professionals.
Mr. Bell is the embodiment of a community banker. He currently serves on the Board of Directors and Finance Committee of Blue Ridge United, a non-profit organization that provides access to youth soccer to more than 1,800 athletes in the region. Previous community service includes serving as the Treasurer of the Board of Trustees of Braddock Street United Methodist Church, a board member and officer of non-profit organizations that support public school programs, and a volunteer coach and manager for youth athletic teams in his community.
Mr. Bell is a long-time resident of the Winchester, Virginia, area where he enjoys spending time with family and friends.
About the Company
Founded in 1871, Bank of Charles Town, also known as BCT or The Community's Bank, is a wholly owned subsidiary of Potomac Bancshares, Inc. (OTC: PTBS). With approximately $871 million in assets as of September 30, 2024, the Company conducts operations through its main office, an additional eight branch offices, and two loan production offices. The Bank's offices are located in Jefferson and Berkeley Counties (WV), Washington County (MD), and Loudoun and Stafford Counties (VA). The Bank provides various banking products and services including free access to over 55,000 ATMs through the Allpoint® network plus another approximately 675 free access ATMs through another partnership. The Bank provides convenient online and mobile banking for individuals, businesses, and local governments. The Bank also offers commercial lines and term loans, residential and commercial construction loans, commercial real estate loans, agricultural loans, and government contractor loans. The Bank is also a Small Business Administration (SBA) Preferred Lender. The Residential Lending division of the Bank offers secondary market and portfolio mortgage loans, one-time close construction to perm loans, as well as home equity loans and lines of credit. For over 70 years, BCT Wealth Advisors, a division of the Bank, has provided trust services, growing into a premier financial management, investments, and estate services provider. BCT was voted Winner in the LoudounNow 2024 Loudoun's Favorites readers' poll in four categories: Bank, Mortgage Company, Banker, and Financial Planner. Additionally, BCT was voted a "Best of the Best" winner in the 2024 Journal-News Readers' Choice Awards in four categories: Bank, Financial Planning, and Loan Services. In 2023, American Banker selected BCT as a "Top 200 Community Bank," an annual listing of the best performing banks in the United States with assets under $2 billion. In 2024, 2023, 2021, 2020, and 2019, the Bank was named a "Best Bank to Work For" by American Banker.
The Company's shares are quoted on the OTC Pink Sheet marketplace under the symbol "PTBS." For more information about Potomac Bancshares, Inc. and the Bank, please visit our website at www.mybct.bank.
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SOURCE Potomac Bancshares, Inc.
