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Investor Relations

Investor Relations

Allegheny BancShares, Inc., Completes Acquisition of Bank of Mount Hope, Inc.

Allegheny Bancshares, Inc. (“Allegheny”), parent company of Pendleton Community Bank, Inc., announced that, effective today, it completed its acquisition of Bank of Mount Hope, Inc. (“Bank of Mount Hope”). Immediately following the acquisition, Bank of Mount Hope was merged into Pendleton Community Bank, with Pendleton Community Bank as the resulting institution.
 
“Bank of Mount Hope has a long-standing history of excellent service to its customers and the communities they serve—which is also a tradition at Pendleton Community Bank,” said William A. Loving, Jr., President and Chief Executive Officer. “We are excited to be joining our banks together and are confident that this transaction will further strengthen our company, expand our footprint in West Virginia and provide more banking options for customers of Pendleton Community Bank and Bank of Mount Hope.  We look forward to welcoming Bank of Mount Hope’s customers as we work toward a seamless transition.”
 
Following the merger, Bank of Mount Hope clients will continue to enjoy a highly personalized banking experience, as well as Pendleton Community Bank’s expanded line of financial services and innovative solutions.
 
Bank of Mount Hope was advised by the investment banking firm of ProBank Austin and the law firm Bowles Rice LLP. Allegheny was advised by the investment banking firm of Vining Sparks Community Bank Advisory Group and was represented by the law firm Jackson Kelly PLLC.
 
About Allegheny
Allegheny is a $440 million bank holding company headquartered in Franklin, West Virginia. Pendleton Community Bank, Inc., an independent community bank since 1925, currently has four full-service financial centers located in the West Virginia communities of Franklin, Moorefield, Marlinton, Petersburg, and two financial centers and mortgage division in the Virginia community of Harrisonburg. In addition, the Bank has a loan production office in Wardensville, West Virginia that is in the process of being transitioned into a full-service facility.
 
Allegheny Contact:
With respect to Allegheny:
William A. Loving, Jr., President & CEO
Telephone:  (304) 358-2311
Email:  bloving@yourbank.com
 
Cautionary Note Regarding Forward Looking Statements
This press release includes forward-looking statements, which are not historical facts and pertain to future operating results. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements are subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. Accordingly, actual results may differ materially from anticipated results. 

Allegheny Bancshares Inc. announces 2019 earnings

Allegheny Bancshares, Inc., the parent company of Pendleton Community Bank, is pleased to announce second quarter 2019 net income of $821,000 or $0.98 per share. In comparison, net income for second quarter 2018 was $1,002,000 or $1.20 per share.
 
For the first half of 2019, Allegheny had net income of $1,679,000 or $2.01 per share, which is a decrease in net income from $1,941,000 earned in the first half of 2018. Return on Average Assets (ROAA) for the first 6 months was 1.08% and the Return on Average Equity (ROAE) was 8.73%. This compares to a ROAA of 1.33% and a ROAE of 10.58% for the same period of 2018.
 
Assets increased by 6.0% from June 30, 2018 to June 30, 2019 and, at the end of the quarter totaled $317 million. At June 30, 2019, total loans were $252.5 million, an increase of $15.8 million, or 6.7% from June 30, 2018 while deposits grew $15.5 million, or 6.1% for the same period. Shareholders' Equity at the end of the quarter totaled $40.1 million.
 
The decrease in net income for the first half of 2019 compared to the same period in 2018 was attributed to increases in the provision for loan loss expense and non-interest expenses including preparation costs for Allegheny's planned merger with Bank of Mount Hope. These additional expenses more than offset the 4.8% ($292,000) increase in net interest income, and a 7.7% ($83,000) increase in non-interest income.
 
W.A. (Bill) Loving, President and CEO, indicated he was pleased with the second quarter and first six months' performance. According to Loving, "2019 is a transitional year for Allegheny Bancshares. With the planned expansion of our Wardensville Loan Production Office to a full service financial center, to be soon followed by our merger with Bank of Mount Hope (which will add another three full service financial centers), we have focused on preparing for growth and a smooth consolidation of customers. In addition, we continued to invest in talent and resources in our current footprint. These steps toward the future, along with the increased loan loss provision allocated to support the growth in loans, increased non-interest expenses at a greater pace than the increased interest and non-interest income. We are excited about the prospects these investments will make for the future and I am especially optimistic as I look to what our larger financial center network can do to increase shareholder value in Allegheny Bancshares and future opportunities that will become available to us."
 
This press release includes forward-looking statements, which are not historical facts and pertain to future operating results. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. Accordingly, actual results may differ materially from anticipated results.
 
Pendleton Community Bank, an independent community bank since 1925, currently has four full-service financial centers located in the West Virginia communities of Franklin, Moorefield, Marlinton, Petersburg, and two offices in the Virginia community of Harrisonburg; a loan production office in Wardensville, West Virginia; and a mortgage division that is headquartered in Harrisonburg, VA