Potomac Bancshares, Inc. announced that it has received $10 million in funding
September 16, 2020
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On September 16, 2020, Potomac Bancshares, Inc. (OTCPK:PTBS) closed the transaction. The transaction included participation from 18 investors. The company has issued non-convertible subordinated notes due 2030 in the transaction. The notes have a maturity date of September 15, 2030 and carry a coupon of 5% for the first five years. Thereafter, the notes will pay interest at 3-month secured overnight financing rate (SOFR) plus 487.4 basis points, resetting quarterly. The company is entitled to redeem the notes without penalty, in whole or in part, on any interest payment date on or after September 15, 2025, or at any time, in whole or in part, upon certain other specified events. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.
Potomac Bancshares, Inc. is the one bank holding company of Bank of Charles Town (BCT), also known as The Community's Bank. BCT is a locally owned community bank with nine full-service offices and one loan production office serving the Eastern Panhandle of West Virginia, Washington County, Maryland and Loudoun County, Virginia. Its personal banking services include personal checking; savings, Certificates of Deposit (CD) and Individual Retirement Accounts (IRA); Centsables financial education; online and mobile banking; Convenience services; home equity lending; personal loans; consumer credit cards; account opening service, and others. The Companyâs business banking services include specialties, commercial loans, small business administration (SBA) lending, business checking solutions, management, Autobooks, online and mobile banking, business credit cards and others. It offers fixed and adjustable-rate mortgages, construction loans, and VA, FHA, and USDA options.
POTOMAC BANCSHARES, INC. 
