Bank of Botetourt Names Austin its 7th President and Appoints to Board of Directors; Names CEO Hayth as Vice Chair of the Board of Directors

Buchanan-based Bank of Botetourt (OTCPK: BORT, BORTP) appointed Michelle R. Austin as the 7th President in its history, effective February 20, 2023, while retaining her role as Chief Operating Officer.

Rhea-AI Summary

Buchanan-based Bank of Botetourt (OTCPK: BORT, BORTP) appointed Michelle R. Austin as the 7th President in its history, effective February 20, 2023, while retaining her role as Chief Operating Officer. Austin joined the bank in 1993 and has held various positions, including Chief Financial Officer for 18 years. G. Lyn Hayth, the previous President, has been named Vice Chair of the Board. The Board also promoted Dustin G. Bays to Chief Financial Officer. Chairman Tommy L. Moore noted these changes ensure continuity as the bank approaches 125 years of operation.

Positive

• Michelle R. Austin's extensive 30-year experience at Bank of Botetourt expected to bring stability.
• Leadership continuity with G. Lyn Hayth as Vice Chair after over two decades as President.

Negative

• None.

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BUCHANAN, Va., Feb. 21, 2023 /PRNewswire/ -- Buchanan-based Bank of Botetourt (OTCPK: BORT and BORTP) announced that Michelle R. Austin has been named the 7^th President in its 124-year history and has been appointed to its Board of Directors, effective February 20, 2023. She will maintain her role as Chief Operating Officer, which she has held since 2021. Austin began her career in banking with Bank of Botetourt as a college intern in 1991 and joined the Bank full time in 1993 after earning her Bachelor of Business Administration degree from Roanoke College. She then graduated from the Virginia Bankers School of Bank Management at University of Virginia, and the Graduate School of Banking at Louisiana State University. In 2005 Austin graduated from Troy University with a Master of Business Administration and was appointed the Bank's Chief Financial Officer, a position she held for 18 years. G. Lyn Hayth, III, the Bank's top ranking Chief Executive Officer, said "Michelle has spent her entire 30-year career devoted to Bank of Botetourt and she is ready for the role of President & COO." 

Austin currently serves on the Region 2 GO Virginia Board to support programs that help create high-paying jobs through incentivized collaboration between business, education, and government in every region of the Commonwealth, Roanoke College President's Advisory Council, Virginia Bankers Association Benefits Board, Mountain Gateway Community College Real Estate Foundation, and the Roanoke Valley Development Corporation. She currently teaches Financial Management at the Virginia Bankers School of Bank of Management at the University of Virginia.

The Bank's Board of Directors also voted to appoint CEO G. Lyn Hayth, III as its Vice Chair.  Hayth has been a member of the Board of Directors since 1990.  Chairman of the Board Tommy L. Moore stated "Proper succession strategies have ensured the continuity of our Bank for almost 125 years. We welcome Michelle's 30 years of banking experience to our Board of Directors and Lyn's service to the Board for the past 33 years makes him an excellent selection for the Vice Chair leadership role."

The Board of Directors promoted Dustin G. Bays to succeed Austin as the Bank's Chief Financial Officer.  Bays has been in banking and related industries since 2005 when he graduated with a Bachelor of Business Administration degree from Emory & Henry College. Bays holds a Master of Business Administration from Union College of  Kentucky. Bays joined Bank of Botetourt in 2011 and most recently served as its Chief Accounting Officer.

The individuals who have held the title of President since Bank of Botetourt was chartered in 1899 by the Virginia General Assembly are as follows: James Mundy 1899-1904; C.B. Johnson 1904-1942; Dr. E. W. Dodd 1942-1964; Darnell Brugh 1964-1984; H. Watts Steger, III 1984-2002; G. Lyn Hayth, III 2002-2023; Michelle R. Austin 2023-Present.

About Bank of Botetourt
Bank of Botetourt was chartered in 1899 and operates thirteen retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties, the City of Salem, and the Town of Vinton, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.

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SOURCE Bank of Botetourt

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is the new president of Bank of Botetourt as of February 2023?

Michelle R. Austin has been named the new president of Bank of Botetourt, effective February 20, 2023.

What position did G. Lyn Hayth hold before becoming Vice Chair?

G. Lyn Hayth served as the President of Bank of Botetourt before being appointed Vice Chair of the Board.

Who succeeded Michelle R. Austin as the Chief Financial Officer?

Dustin G. Bays has been promoted to Chief Financial Officer, succeeding Michelle R. Austin.

What is the significance of the leadership changes at Bank of Botetourt?

The changes ensure leadership continuity and capitalize on the extensive experience of the new president and vice chair.