Bank of the James co-founder J. Todd Scruggs retires from board

Bank of the James Financial Group Inc. (NASDAQ: BOTJ) announced the retirement of co-founder and director J. Todd Scruggs from the boards of directors of the company and its subsidiary bank, effective January 5, 2026.

Scruggs co-founded Bank of the James in 1998 alongside Robert R. Chapman III and served as chief financial officer from the bank's inception through 2025. He most recently held the position of executive vice president and chief investment officer of the bank and secretary and treasurer of the parent company.

The executive helped recruit the initial board of directors and raise the bank's starting capital. Under his financial oversight, the institution grew from a startup with $10 million in initial capital to a regional bank with over $1 billion in assets and more than 20 Virginia locations.

"Todd and I began this journey together in 1998, and his contribution to our success cannot be overstated," stated Chapman, who serves as CEO of the bank. "He was key to our growth from a de novo bank with $10 million in initial capital to a regional institution with over $1 billion in assets."

The Lynchburg, Virginia-based bank operates locations across Region 2000, Roanoke, Charlottesville, Harrisonburg and Lexington. The company offers investment and insurance services through its BOTJ Investment Services division and provides investment advisory services through wholly-owned subsidiary Pettyjohn, Wood & White Inc.

Bank of the James Financial Group's common stock trades on the NASDAQ Stock Market under the symbol BOTJ.

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