ALTAVISTA, Va.--(BUSINESS WIRE)--
Pinnacle Bankshares Corporation (OTCBB:PPBN), the one-bank holding
company of First National Bank, announced today that it has launched a
new consumer loan product for current and prospective customers seeking
financing for higher education expenses.
The new program, appropriately labeled the FNB Student Loan, is a credit
based loan used by borrowers to fund the gap created when the cost of
attending a post-secondary educational institution is not fully covered
by available resources such as grants, scholarships, federal student
loans, cash and investments.
“Customers and colleges in our surrounding market will benefit from this
new product which offers a term of 15 years, rates as low as Prime +
2.5%, and no origination fees,” said Aubrey H. Hall, III, Executive Vice
President and Chief Lending Officer of First National Bank.
Billions of dollars are spent each year to pay for higher education.
Private loans, such as the FNB Student Loan, are becoming a key
financing option since federal loans and other forms of financial aid
cover only a portion of the total costs. The availability of these
private loans has become increasingly limited in recent years as many
financial institutions have experienced pressure on their capital
levels. First National Bank is proud to be in a position to offer this
product to customers.
“Launching this insured loan product diversifies our product offering,
leverages our strong capital position, creates a new revenue stream and
serves customers in need of additional financing to achieve their higher
education goals,” commented Rob Gilliam, President & CEO of Pinnacle
Bankshares and First National Bank.
The loan program will be managed by GradCapital, LLC, a management and
advisory firm with extensive expertise in the education finance industry.
About Pinnacle Bankshares Corporation
Pinnacle Bankshares Corporation is the holding company for First
National Bank, a full service commercial bank based in Altavista,
Virginia. First National is in its 102nd year of operation
and serves a market area consisting primarily of all or portions of the
Counties of Campbell, Pittsylvania, Franklin, Bedford, Amherst and the
City of Lynchburg. The Bank has branches located in Altavista (2),
Amherst (1), Forest (1), Lynchburg (3), and Rustburg (1) as well as a
loan production office at Smith Mountain Lake in Franklin County.
About GradCapital, LLC:
GradCapital, LLC is a Richmond, Virginia based firm that provides
advisory and management services within the education finance industry.
They assist financial institutions interested in entering the education
lending market by developing, marketing and managing a credit based
student loan program or by identifying and assisting in valuing credit
based and federally guaranteed student loan portfolios. More information
about GradCapital can be found at www.gradcapital.com.
Source: Pinnacle Bankshares Corporation
Contact:
Pinnacle Bankshares Corporation
Bryan M. Lemley, 434-477-5882
bryanlemley@1stnatbk.com
or
GradCapital
W.
Clark McGhee, 804-562-9469
cmcghee@gradcapital.com