Bank of the James Announces Agreement to Acquire Pettyjohn, Wood & White, Inc.
15 Dicembre 2021 - 10:30PM
Bank of the James Financial Group, Inc. (the “Company”)
(NASDAQ:BOTJ), the parent company of Bank of the James (the
“Bank”), is a full-service commercial and retail bank serving
Region 2000 (the greater Lynchburg MSA), and the Blacksburg,
Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia
markets.
Bank of the James Financial Group is pleased to announce that it
has entered into a stock purchase agreement pursuant to which
Pettyjohn, Wood, & White will become a wholly-owned subsidiary
of the Company. Pettyjohn, Wood & White is an SEC-registered
investment advisor based in Lynchburg, Virginia.
Pettyjohn, Wood & White has more than $650,000,000 in assets
under management. The firm currently provides investment advisory
services to high-net-worth individuals, individuals, corporations,
charitable organizations, and pension and profit-sharing plans.
The firm is headed by Gorham B. (“Bunny”) Wood and Charles B.
(“Charlie”) White. Following the transition, Bunny Wood will
continue to serve as President and Charlie White will serve as
Executive Vice President. Both Mr. Wood and Mr. White have entered
into long-term employment agreements. In addition, account managers
Brian Blankinship, Tom Gerhardt and Shep Nowlin have also entered
into employment agreements and will continue to serve Pettyjohn,
Wood & White’s clients. Annette Bradley will serve as the
firm’s Chief Compliance Officer. Pettyjohn, Wood & White is
happy to report that all of its administrative staff have also
agreed to continue to work for the firm and will continue to serve
its clients.
Robert R. Chapman III, President of the Company noted:
“Pettyjohn, Wood & White has built its reputation on superior
client service and a commitment to bettering our community. They
are a perfect fit for a partner to further enhance what we believe
to be a premier financial services institution in our region.
“We have tremendous respect for Bunny, Charlie and the rest of
the PWW team. We have long admired Pettyjohn, Wood & White and
its approach to providing investment advisory services.
“We fully intend for PWW to continue to operate independently
under the management of Bunny and Charlie. PWW’s location,
investment process, and the members of the PWW team will not
change.
“Lastly, we expect this transaction to increase our earnings by
increasing our non-interest income.”
Bank of the James, a wholly owned subsidiary of Bank of the
James Financial Group, Inc. opened for business in July 1999 and is
headquartered in Lynchburg, Virginia. The bank currently services
customers in Virginia from offices located in Altavista, Amherst,
Appomattox, Bedford, Blacksburg, Charlottesville, Forest,
Harrisonburg, Lexington, Lynchburg, Madison Heights, Roanoke, and
Rustburg. The bank offers full investment and insurance services
through its BOTJ Investment Services division and BOTJ Insurance,
Inc. subsidiary. The bank provides mortgage loan origination
through Bank of the James Mortgage, a division of Bank of the
James. Bank of the James Financial Group, Inc. common stock is
listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC.
Additional information on the Company is available at
www.bankofthejames.bank.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The words "believe,"
"estimate," "expect," "intend," "anticipate," "plan" and similar
expressions and variations thereof identify certain of such
forward-looking statements which speak only as of the dates on
which they were made. Bank of the James Financial Group, Inc. (the
"Company") undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise. Readers are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those indicated in the
forward-looking statements as a result of various factors. Such
factors include, but are not limited to, competition, general
economic conditions, potential changes in interest rates, the
effect of the COVID-19 pandemic, and changes in the value of real
estate securing loans made by Bank of the James (the "Bank"), a
subsidiary of the Company. Additional information concerning
factors that could cause actual results to materially differ from
those in the forward-looking statements is contained in the
Company's filings with the Securities and Exchange Commission and
previously filed by the Bank (as predecessor of the Company) with
the Federal Reserve Board.
CONTACT: J. Todd Scruggs, Executive Vice President and Chief
Financial Officer (434) 846-2000.tscruggs@bankofthejames.com
Grafico Azioni Bank of the James Financ... (NASDAQ:BOTJ)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Bank of the James Financ... (NASDAQ:BOTJ)
Storico
Da Giu 2023 a Giu 2024