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Bank of Botetourt Buchanan VA (BORTP) news hub provides investors and community members with essential updates from this century-old financial institution. Our curated collection features official press releases, regulatory filings, and strategic announcements from Virginia's trusted community banking partner.
Access real-time updates on financial performance metrics, community development initiatives, and technological advancements in regional banking. Key coverage areas include quarterly earnings disclosures, agricultural lending program expansions, digital banking upgrades, and leadership updates impacting service delivery across Botetourt County.
Bookmark this page for streamlined tracking of mortgage rate adjustments, wealth management service enhancements, and regulatory compliance developments. Discover how BORTP's relationship banking model continues evolving through economic cycles while maintaining its commitment to personalized financial solutions.
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.
Bank of Botetourt (BORT) reported strong financial results for Q4 and full-year 2024. The bank achieved Q4 net income of $1,954,000 ($0.94 per share), up from $1,800,000 ($0.86 per share) in Q4 2023. Full-year 2024 net income was $7,942,000 ($3.82 per share), compared to $8,173,000 ($3.95 per share) in 2023.
Key highlights include total deposit growth of 10.94%, total asset growth of 8.35%, and total loan growth of 13.20%. The bank maintained strong asset quality with a Community Bank Leverage Ratio of 10.22%. The Board approved a 12.5% increase in quarterly dividend to $0.225 per common share, payable February 18, 2025, and a 7.00% preferred dividend of $0.49 per share, payable February 7, 2025.
The bank expanded its presence by opening its fourteenth full-service branch in Rocky Mount, Virginia, on December 23, 2024.
Bank of Botetourt (OTCPK: BORT) reported Q3 2024 net income of $1.97 million ($0.94 per share), compared to $2.09 million ($1.01 per share) in Q3 2023. For the nine months ended September 2024, net income was $5.99 million ($2.88 per share). Key highlights include total deposit growth of 2.49%, asset growth of 3.41%, and loan growth of 9.65%. The bank maintained a strong Community Bank Leverage Ratio of 10.53%. The Board approved a $0.20 quarterly dividend for common shareholders and a 7.00% preferred dividend. The decrease in quarterly net income was primarily due to higher interest expenses and provision for credit losses, partially offset by increased interest and fees on loans.
Bank of Botetourt (OTCPK: BORT) reported strong Q2 2024 financial results, exceeding budget expectations. Key highlights include:
- Net income of $2,193,000 or $1.06 per basic share, up 10.04% from $1,993,000 or $0.96 per share in Q2 2023
- Total loan growth of 6.09%
- Return on average assets of 1.01%
- Return on average equity of 10.53%
- Community Bank Leverage Ratio of 10.40%
The bank's performance was driven by increased interest and fees on loans and reduced provision for credit losses. However, this was partially offset by higher interest expenses on deposits and borrowings. The Board approved a $0.20 per share quarterly dividend payable on August 16, 2024.
Bank of Botetourt (OTCPK: BORT and OTCPK: BORTP) has applied to establish a full-service branch in Roanoke, Virginia, at 2502 Melrose Ave, NW. The bank is partnering with Goodwill Industries to provide banking services at Melrose Plaza, aiming to strengthen Northwest Roanoke. The new branch will offer 24/7 ITM access, night deposits, and mortgage services through Virginia Mountain Mortgage.
This expansion underscores Bank of Botetourt's commitment to empowering the Northwest Neighborhood and promoting financial wellness. The branch will provide personalized banking services, including mortgage, commercial and agricultural lending, insurance, and wealth management solutions. With a 125-year history, Bank of Botetourt aims to become an integral part of the community, offering financial education and growth opportunities.
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