Bank of the James Financial Group, Inc. Announces Retirement of Co-Founder and Director J. Todd Scruggs

Core Viewpoint - Bank of the James Financial Group, Inc. announced the retirement of J. Todd Scruggs from its Boards of Directors and executive roles, effective January 5, 2026, marking the end of a significant era for the company [1][2]. Group 1: Leadership Transition - J. Todd Scruggs was a co-founder of Bank of the James in 1998 and played a crucial role in establishing the initial Board of Directors and raising the Bank's starting capital [2]. - Scruggs served as Chief Financial Officer from the Bank's inception until 2025, overseeing the financial strategy during over 25 years of growth, including the transition to a public company and regional expansion [2]. - The CEO, Robert R. Chapman III, highlighted Scruggs' contributions to the Bank's growth from a de novo bank with $10 million in initial capital to a regional institution with over $1 billion in assets and more than 20 locations in Virginia [3]. Group 2: Company Overview - 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 [4]. - The Bank services customers in Virginia from multiple locations and offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary [4]. - The Company provides investment advisory services through its subsidiary, Pettyjohn, Wood & White, Inc., which is an SEC-registered investment advisor [4].