Bank of the James Declares 10% Stock Dividend

Rhea-AI Summary

Bank of the James Financial Group, Inc. (BOTJ) announced a 10% stock dividend, to be paid around July 9, 2021, for shareholders on record as of June 25, 2021. This means every ten shares will yield an additional share, with cash paid for any fractional shares. CEO Robert R. Chapman III highlighted the company's strong performance over the past year as a reason for the dividend declaration. The bank, headquartered in Lynchburg, Virginia, serves multiple locations in the state.

Positive

• Declaration of a 10% stock dividend, enhancing shareholder value.
• Strong performance attributed to the hard work of the team amid challenges.

Negative

• None.

LYNCHBURG, Va., May 20, 2021 (GLOBE NEWSWIRE) -- At its Annual Meeting of Shareholders held on May 18, 2021, Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets announced that the Board of Directors of the Company declared a 10% stock dividend to be paid on or about July 9, 2021 to shareholders of record as of the close of business on June 25, 2021. As an example, each shareholder will receive one additional share of stock for every ten shares owned on the record date of June 25, 2021. Cash will be paid in lieu of fractional shares based on the closing price of the common stock on the record date.

Robert R. Chapman III, President and CEO, commented: “We are proud of the hard work of our entire team during the past difficult and uncertain year. Their hard work and dedication helped us achieve strong results. We are grateful that our strong performance enabled us to not only declare a quarterly cash dividend, but to further reward our shareholders with this 10% stock dividend.”

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, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Roanoke, and Rustburg. 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. 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.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "estimate," "expect," "intend," "anticipate," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the "Company") undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, the effect of the COVID-19 pandemic, and changes in the value of real estate securing loans made by Bank of the James (the "Bank"), a subsidiary of the Company. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission and previously filed by the Bank (as predecessor of the Company) with the Federal Reserve Board.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.
tscruggs@bankofthejames.com

FAQ

What is the stock dividend amount for BOTJ?

Bank of the James Financial Group has declared a 10% stock dividend.

When will the stock dividend for BOTJ be paid?

The stock dividend is set to be paid on or about July 9, 2021.

What is the record date for the BOTJ stock dividend?

The record date for the stock dividend is June 25, 2021.

What cash payment is available for fractional shares in BOTJ?

Cash will be paid in lieu of fractional shares based on the closing price on the record date.

How does the stock dividend affect BOTJ shareholders?

Shareholders will receive additional shares, increasing their total shareholding.