Shane Bell Appointed New Chief Financial Officer of Potomac Bankshares, Inc.

Potomac Bankshares Announces New CFO

On December 4, 2024, Potomac Bankshares, Inc., the parent company of the Bank of Charles Town—commonly referred to as BCT—made a significant leadership announcement. M. Shane Bell has been appointed as the Executive Vice President and Chief Financial Officer following Dean Cognetti’s retirement. This transition marks an exciting new chapter for the company, aiming to enhance its financial strategies and operations.

In his new role, Bell will be directly responsible for overseeing the comprehensive financial activities of both the Company and the Bank. His tasks will encompass financial planning, capital management, enterprise risk assessment, and fostering robust investor relations.

With over 22 years of extensive banking experience, Shane Bell brings a wealth of expertise to the table. Prior to joining BCT, he excelled in various financial capacities, including the implementation of new accounting standards and the creation of internal controls for financial reporting. Bell also successfully managed liquidity and interest rate risks while formulating financial strategies for market expansion and business acquisitions, ensuring compliance with regulations governing publicly-traded companies.

Before his banking career, Bell spent eight years as a Manager at Yount, Hyde & Barbour, PC, where he not only provided comprehensive audit, tax, and consulting services but also played a pivotal role in expanding services throughout West Virginia. His extensive background equips him with the insight and skills necessary to contribute positively to the Company’s overarching goals.

Alice P. Frazier, the President and CEO of BCT, expressed confidence in Bell’s capabilities: "Shane has built significant relationships within the industry and the community, which position him perfectly to continue Dean’s legacy and drive success in our ongoing and future market initiatives."

Bell is not only well-versed in technical financial skills but is also a dedicated community member. He is actively involved on the Board of Directors and Finance Committee for Blue Ridge United, a non-profit initiative providing access to youth soccer for over 1,800 athletes. He has previously served as the Treasurer for Braddock Street United Methodist Church and held various roles in boards supporting public school programs. He is also engaged as a coach and mentor for youth sports in his locality.

A resident of Winchester, Virginia, Shane Bell enjoys family time and community involvement. His educational background includes a Bachelor of Science degree in Accounting from Frostburg State University, and he is a licensed CPA. Furthermore, he has completed advanced coursework through multiple prominent banking and financial programs designed for industry professionals.

Founded in 1871, the Bank of Charles Town has evolved into a vital financial resource in its community. With approximately $871 million in assets as of September 30, 2024, BCT has made a name for itself through its wide array of banking services, including commercial loans, mortgages, and its prestigious wealth management division, BCT Wealth Advisors. Additionally, the Bank has received accolades in recent years for its excellence in service, making it a leader in community banking.

With Shane Bell at the helm of financial operations, Potomac Bankshares, Inc. is poised for growth and enhanced service delivery to its clients, ensuring a strong future in the competitive banking landscape.