G. Lyn Hayth, III to Retire as CEO of Bank of Botetourt; Michelle Austin Named Successor

Rhea-AI Summary

Bank of Botetourt (OTCPK:BORT) announces CEO G. Lyn Hayth, III will retire on June 30, 2025, after nearly 40 years of service. Michelle R. Austin, current President and COO, will succeed as CEO effective July 1, 2025. Hayth will remain Vice-Chair and transition to Chief Strategic Officer part-time.

Under Hayth's leadership since 2010, the bank's total assets grew from $310 million to $864 million. His tenure saw expansion into new markets, establishment of Virginia Mountain Mortgage and Botetourt Wealth Management divisions, and successful navigation through the Great Recession and COVID-19 pandemic. The bank's PPP program helped retain over 4,000 jobs, and in 2024, Forbes recognized it as Virginia's #1 Best-In-State Bank.

Austin, who joined as an intern in 1991, brings extensive experience including 18 years as CFO and leadership roles in various departments. She holds an MBA and has served as President and COO since 2023.

Positive

• Assets grew significantly from $310M to $864M under Hayth's leadership
• Forbes recognition as Virginia's #1 Best-In-State Bank in 2024
• Successful expansion into new markets and establishment of mortgage and wealth management divisions
• Strong succession planning with experienced internal candidate

Negative

• None.

BUCHANAN, Va., April 2, 2025 /PRNewswire/ -- Bank of Botetourt (OTCPK:BORT and BORTP) announces that G. Lyn Hayth, III will retire as Chief Executive Officer on June 30, 2025, after dedicating nearly four decades to the Bank. Hayth will remain Vice-Chair of the Board of Directors and transition into a part-time role as Chief Strategic Officer, where he will focus on strategic initiatives and leadership transition. The Board of Directors has appointed Michelle R. Austin, current President and Chief Operating Officer, as President and Chief Executive Officer, effective July 1,2025.

Since joining the Bank in 1986, Hayth has played a pivotal role in its evolution. Serving as President from 2002 to 2023, and CEO since 2010, he has overseen significant growth, with total assets expanding from $310 million to $864 million. Under his leadership, the Bank has strategically expanded its footprint, establishing new offices in Salem, Cave Spring, Vinton, and Rocky Mount, and relocating the Daleville Office to the Daleville Town Center. He spearheaded the establishment of the Bank's mortgage and wealth management divisions, Virginia Mountain Mortgage and Botetourt Wealth Management respectively. His steady leadership guided Bank of Botetourt through the Great Recession, the COVID-19 pandemic, including the administration of the Paycheck Protection Program (PPP). Through the PPP, the Bank helped small businesses retain more than 4,000 jobs throughout the Bank's footprint. In 2024, the Bank was recognized by Forbes as Virginia's #1 Best-In-State Bank, a direct result of Hayth's leadership and strategic direction.

Beyond his contributions to the Bank, Hayth has been deeply engaged in the community and the banking industry. He has served as a member of the Board of Directors for the Virginia Bankers Association since 2021, and Bearing Insurance, LLC since 2011. His commitment to economic and educational advancement includes roles on the Virginia Innovation Accelerator Board and as Chairman of the Roanoke Higher Education Authority Board of Trustees. He also serves on the Botetourt County Economic Development Authority Board and is an active member of the Kiwanis Club of Botetourt County. Previously, he served on the Community Bankers Bank Board of Directors and Chaired the Virginia Association of Community Banks Board in 2018.

"As I reflect on my time at Bank of Botetourt, I am proud of all we have accomplished together," said Hayth. "The Bank's strength lies in its people—our dedicated employees, senior management, and Board of Directors—who have upheld our values and commitment to our customers and communities. I have full confidence in Michelle's ability to lead the Bank into its next chapter. Her strategic vision, deep expertise, and commitment to excellence make her the ideal choice to continue our legacy."

Austin, who has served as President since 2023, expressed her appreciation, saying, "It has been an honor to work alongside Lyn and learn from his leadership. His energy is unmatched, and his strategic foresight has strengthened the Bank for the future."

Austin's career with Bank of Botetourt began as a college intern in 1991, leading to a full-time role in 1993. She holds a Bachelor of Business Administration from Roanoke College and an MBA from Troy University. A graduate of the Virginia Bankers Association School of Bank Management at the University of Virginia, where she now serves on the faculty, Austin also completed the Graduate School of Banking at Louisiana State University. She spent eleven years as an adjunct professor at Roanoke College's Department of Business Administration and Economics.

As President and COO since 2023, Austin has overseen key operational functions, having previously served as Chief Financial Officer for 18 years, including a decade as an SEC registrant on behalf of the Bank. Earlier in her career, she worked in the Bank's areas of Marketing, the Community Reinvestment Act, and Branch Management.

Board Chair Joyce Kessinger recognized Hayth's lasting impact and Austin's strengths, stating, "Lyn's leadership has positioned Bank of Botetourt as a trusted financial institution that continues to thrive. His vision and dedication have shaped the Bank's growth and success, and we are grateful for his continued guidance. The Board has been intentional in its succession planning, and Michelle Austin's depth of experience and keen understanding of the Bank's operations will ensure its ongoing strength for years to come."

Like Hayth, Austin is actively engaged in the industry and community. She has served on the Virginia Bankers Association Benefits Board since 2019 and represents Virginia on the American Bankers Association's Community Bankers Council. Additionally, she is a member of Roanoke College's President's Advisory Board, the Roanoke Regional Partnership Board of Directors, and the Mountain Gateway Community College Real Estate Foundation.

With more than three decades devoted to Bank of Botetourt, Austin stated, "As I step into the role of CEO, I am committed to building upon the strong foundation that has been established over the past 125 years. My focus will remain on fostering growth, innovation, and maintaining the Bank's unwavering dedication to its customers, employees, and community. Together, we will continue to uphold the values that have made Bank of Botetourt a trusted institution and ensure its success for generations to come."

About Bank of Botetourt

Bank of Botetourt was chartered in 1899 and operates fourteen retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties, the City of Salem, and the Towns of Vinton and Rocky Mount, all in Virginia.  Bank of Botetourt also operates a mortgage division,

Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management. In 2024, the Bank was recognized by Forbes as Virginia's #1 Best-In-State Bank.

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SOURCE Bank of Botetourt

FAQ

When will G. Lyn Hayth III retire as CEO of Bank of Botetourt (BORT)?

G. Lyn Hayth III will retire as CEO on June 30, 2025, transitioning to a part-time role as Chief Strategic Officer while maintaining his position as Vice-Chair.

Who is the new CEO of Bank of Botetourt (BORT) and when does she start?

Michelle R. Austin, current President and COO, will become CEO effective July 1, 2025.

How much did Bank of Botetourt (BORT) assets grow under Hayth's leadership?

Under Hayth's leadership, the bank's total assets grew from $310 million to $864 million.

What major achievements did Bank of Botetourt (BORT) accomplish under Hayth's tenure?

Key achievements include expansion into new markets, establishing mortgage and wealth management divisions, navigating through the Great Recession and COVID-19 pandemic, and being named Virginia's #1 Best-In-State Bank by Forbes in 2024.

How many jobs did Bank of Botetourt (BORT) help retain through its PPP program?

The bank's Paycheck Protection Program (PPP) helped retain more than 4,000 jobs throughout its footprint.