Bank of the James Financial Group, Inc. Announces Retirement of Co-Founder and Director J. Todd Scruggs
Rhea-AI Summary
Bank of the James Financial Group (NASDAQ: BOTJ) announced the retirement of co-founder and director J. Todd Scruggs, effective January 5, 2026.
Mr. Scruggs co-founded the bank in 1998, served as CFO through 2025, and most recently was executive vice president and chief investment officer, secretary and treasurer. He helped recruit the initial board and raise the bank's $10 million starting capital, guiding growth to over $1 billion in assets and more than 20 Virginia locations. Management says Scruggs completed a seamless transition of CFO duties and will continue to provide institutional knowledge.
Positive
- Assets grew from $10 million to over $1 billion
- Operates >20 locations across multiple Virginia regions
- Company reports a seamless transition of CFO responsibilities
Negative
- Retirement of a co-founder and long-tenured CFO effective Jan 5, 2026
News Market Reaction – BOTJ
On the day this news was published, BOTJ gained 1.38%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LYNCHBURG, Va., Jan. 09, 2026 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ: BOTJ), the parent company of Bank of the James (the “Bank”), today announced the retirement of J. Todd Scruggs from the Boards of Directors of the Company and the Bank and from his executive roles, effective January 5, 2026.
Mr. Scruggs, along with Robert R. Chapman III, was one of the two founders of Bank of the James in 1998, and was instrumental in recruiting the initial Board of Directors and raising the Bank's starting capital. As Chief Financial Officer from the Bank's inception through 2025, he managed the Company's financial strategy through more than 25 years of growth, including its transition to a public company and its subsequent regional expansion. Most recently, he served as Executive Vice President and Chief Investment Officer of the Bank and as Secretary and Treasurer of the Company.
“Todd and I began this journey together in 1998, and his contribution to our success cannot be overstated,” stated Robert R. Chapman III, CEO of the Bank. “He was key to our growth from a de novo bank with
The Company and the Bank express their deep gratitude to Mr. Scruggs for his decades of service, his guidance as a director, and his commitment to the organization’s mission.
About the Company
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, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. 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. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. 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.
CONTACT: Robert R. Chapman, III, Chief Executive Officer (434) 846-2000.
FAQ
Who is J. Todd Scruggs and what roles did he hold at BOTJ?
When did J. Todd Scruggs' retirement from BOTJ become effective?
How large did Bank of the James grow under Scruggs' financial leadership?
Will BOTJ maintain access to Scruggs' expertise after retirement?
How many Bank of the James locations exist and which regions are served?
