Bank of the James Announces Stock Repurchase Program
December 21 2018 - 12:00PM
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 the greater
Lynchburg area (Region 2000), and the Charlottesville,
Harrisonburg, and Roanoke, Virginia markets, today announced that
the Board of Directors of the Company has authorized a stock
repurchase program whereby the Company is authorized to buy up to
75,000 shares of its common stock. As of December 20, 2018, the
Company had 4,378,436 shares of common stock outstanding.
The stock repurchase program will begin on December 21, 2018 and
will expire on the earlier of (a) December 20, 2019, (b) the date
on which the maximum aggregate number of shares authorized to be
repurchased has been repurchased, or (c) after written notice by
the broker or the Company as specified in the program. The shares
will be repurchased in open market transactions through brokers,
subject to availability. Because repurchases made under the program
are subject to SEC regulations as well as certain constraints
specified in the program, there is no guarantee as to when
repurchases may occur or the total number of shares that will be
repurchased.
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," "program" 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, 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 the filings 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
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