Bank of the James Announces Completion of Private Placement of Debt
July 09 2020 - 12:30PM
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 it
completed a private placement of an unregistered debt offering
pursuant to which it issued $10,050,000 in five-year notes. The
notes pay interest at the rate of 3.25%. The notes mature on
June 30, 2025 and are callable by the Company on or after June 30,
2021.
Robert R. Chapman III, President, commented, “We are pleased
that 39 local, accredited investors showed their confidence in our
future by making this investment. We have used $5,000,000 of the
proceeds to retire an earlier private placement. We intend to
use the balance of the proceeds for general corporate purposes,
which may include a contribution of capital to our Bank of the
James subsidiary, and to pay interest on the notes.”
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, 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
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