BCT-Bank of Charles Town Approved as SBA Preferred Lender, the First in West Virginia

December 9, 2021
Charles Town, WV, December 9, 2021 /PRNewswire/ (OTC:PTBS) – BCT-Bank of Charles Town, also known as The Community’s Bank, was recently approved as a Small Business Administration (SBA) Preferred Lender, the first for a West Virginia chartered bank. As a Preferred Lender, BCT will be authorized to directly approve loan applications instead of processing them through the SBA for approval.

This added authority benefits small business owners with a more stream-lined application, cost savings, and quicker approval process.

There is a stringent review process by the SBA to be approved as a Preferred Lender and BCT was found to be reputable with an experienced SBA lender and management team.  BCT’s ongoing relationship with the SBA and demonstrated knowledge and expertise with SBA loan requirements were also considerations in their selection as an SBA Preferred Lender. 

“Supporting small businesses is essential to fulfilling our vision of helping our communities grow.  Being selected as a Preferred Lender for the SBA allows us to keep decision-making local to provide access to a broad range of SBA-backed loans,”  stated Alice Frazier, President and CEO.  “Small business owners who apply for an SBA loan through BCT will work with a team of SBA experts ensuring a quality customer experience.”

“The Bank of Charles Town is the first community bank in West Virginia to receive the Preferred Lender Program status,” states SBA West Virginia District Director Karen Friel. “The PLP status can help borrowers get the funds they need quicker than a standard 7(a) loan as the lender has delegated authority.”  

The SBA is a cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise to small business owners and entrepreneurs.  To learn more about the SBA, visit their website at https://www.sba.gov/.

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About the Company

Founded in 1871, BCT - Bank of Charles Town, also known as The Community's Bank, is a wholly owned subsidiary of Potomac Bancshares, Inc. (OTC:PTBS). With approximately $855 million in assets as of March 31, 2024, the Company conducts operations through its main office, an additional eight branch offices, and two loan production offices.  BCT’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 an affiliation with Sheetz convenience stores.  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 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 has provided trust services, growing into a premier financial management, investments, and estate services provider.  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.  BCT was voted a “Best of the Best” winner in the 2023 Journal-News Readers’ Choice Awards in four  categories:  Bank, Mortgage Company, Loan Services, and Financial Planning.  In 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.