CHARLES TOWN, W.Va., Feb. 9, 2021 /PRNewswire/ -- (OTC:PTSB) – BCT-Bank of Charles Town, also known as The Community's Bank, announced today the launch of the Banking On Diversity initiative, a minority business funding program to improve and develop local communities.
The Banking on Diversity program was created through a partnership of four community banks in the regions including Suburban Northern Virginia, Northern Shenandoah Valley of Virginia, the Eastern Panhandle of West Virginia, and Washington County, Maryland. These community banks understand the importance and benefit of having a diverse business community. In addition to BCT-Bank of Charles Town, sponsoring banks include Bank of Clarke County, The Fauquier Bank, and First Bank.
The banks have collectively committed up to $1 million in interest-free loans to aid both startup and existing minority-owned small businesses within the sponsoring community banks' markets. There are two loan programs: one for start-ups and one for existing businesses. The program is expected to include educational seminars to support the evolution of the business. Qualified businesses may receive only one loan.
Program Guidelines are as follows:
To qualify as a minority-owned business, the business must be 51 percent owned and operated by one or more minority individuals who are United States citizens or legal resident aliens – or – 51 percent equity ownership in a corporation, partnership, or LLC or other entity and is owned by one or more minority individuals who are United States citizens or legal resident aliens, and both the management and daily business operations are controlled by one or more minority individuals.
The Banking on Diversity program is open for application. Those interested may apply by visiting a bank partner's website or a local branch of their choosing. Though not required, it is encouraged for applicants to apply with a partner bank in their geographic region. The websites of the banks are as follows:
About BCT-Bank of Charles Town
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 $621 million in assets as of December 31, 2020, the Company conducts operations through its main office, an additional eight branch offices, and one loan production office. BCT's offices are located in Jefferson and Berkeley Counties (WV), Washington County (MD), and Loudoun County (VA). The Bank provides various banking products and services including free access to over 55,000 ATMs through the Allpoint® network plus online and mobile banking for individuals, businesses, and local governments. The Bank also offers commercial lines and term loans, residential and commercial construction, commercial real estate loans and agricultural loans. 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 60 years, BCT Wealth Advisors has provided financial management, investment, trust, and estate services to its clients. In 2019 and 2020, the Bank was named a "Best Bank To Work For" by American Banker. In 2018, Forbes named BCT a "Best In State Bank" for Maryland.
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.
SOURCE BCT - Bank of Charles Town
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