UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 12, 2000
PINNACLE BANKSHARES CORPORATION
(Exact Name of Registrant as specified in its Charter)
Virginia 000-23909 54-1832714
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification)
P.O. Box 29
Altavista, Virginia 24517
(804) 369-3000
(Address, including zip code, and telephone number,
including area code, or registrant's
principal executive offices)
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DAWN P. CRUSINBERRY
Vice President and Chief Financial Officer
Pinnacle Bankshares Corporation
P.O. Box 29
Altavista, Virginia 24517
(804) 369-3000
(Name, address, including zip code, and the telephone number,
including area code, of agent for service)
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Not Applicable
(Former name or former, if changed since last report.)
<PAGE>
Item 5. Other Events.
On May 12, 2000, Pinnacle Bankshares Corporation, a Virginia
corporation (the "Company"), declared a two-for-one split of the Company's
Common Stock. The additional shares issuable in the split will be distributed on
or about June 16, 2000, to shareholders of record on May 19, 2000.
Additional information with respect to the split is included in the
Company's press release, dated May 12, 2000, a copy of which is filed herewith
as Exhibit 20.1, and incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PINNACLE BANKSHARES
CORPORATION
Date: May 12, 2000 By: /s/ Dawn P. Crusinberry
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Dawn P. Crusinberry
Vice President and
Chief Financial Officer
#743239
FOR IMMEDIATE RELEASE
Contact: Dawn P. Crusinberry
Vice President and CFO
(804) 369-3036
PINNACLE BANKSHARES ANNOUNCES
STOCK SPLIT
ALTAVISTA, VA (MAY 12, 2000) Pinnacle Bankshares Corporation announced today
that its Board of Directors has declared a two-for-one split of the Company's
common stock. The additional shares to be issued in connection with the split
will be distributed on or about June 16, 2000, to shareholders of record on May
19, 2000.
Pinnacle Bankshares, headquartered in Altavista, Virginia, is a one-bank holding
company for The First National Bank of Altavista, a ninety-two year old
community bank with full service offices in Altavista and at 14580 Wards Road,
Lynchburg, Virginia. First National Mortgage, a division of First National Bank,
has a mortgage loan production office in Forest, Virginia. Pinnacle Bankshares
had total assets of $155,399,000 as of March 31, 2000.
Robert H. Gilliam, Jr., President and Chief Executive Officer of Pinnacle
Bankshares Corporation, said "The split will create new shares which reflect
growth of the holding company since it was formed in May, 1997. The two-for-one
split should also enhance public interest in Pinnacle's stock, while at the same
time providing availability of more shares for purchase and sale."
At present there are 720,670 shares of Pinnacle Bankshares common stock
outstanding. After the split, there will be 1,441,340 outstanding shares. The
current par value of $5.00 per share will become $2.50 per share commensurate
with the split.
The most recent quarterly cash dividend of $.19 per share was paid April 21,
2000. The next scheduled quarterly cash dividend declaration date is July 11,
2000.
Pinnacle Bankshares Corporation is an over-the-counter bulletin board stock
whose trading symbol is PPBN.
