Bank of the James announces executive leadership changes

LYNCHBURG, Va. - Bank of the James Financial Group, Inc. (NASDAQ:BOTJ) announced Thursday a reorganization of its executive leadership team, with Chief Financial Officer J. Todd Scruggs transitioning to the newly created role of Chief Investment Officer, effective January 1, 2026. The regional bank, currently trading at $16.24 and valued at approximately $74 million in market capitalization, has seen its shares rise nearly 27% over the past year.

Eric J. Sorenson, Jr., currently serving as Executive Vice President and General Counsel, will succeed Scruggs as CFO. Sorenson has advised the bank on regulatory, legal and financial matters for over 25 years, including three years in his current role.

The leadership changes aim to separate oversight responsibilities, with Scruggs focusing on managing the bank’s investment portfolio while Sorenson oversees financial operations.

"Todd has been key to our financial leadership since the Bank’s founding. His judgment, discipline, and strategic vision will be vital to managing our investment portfolio as CIO," said Robert R. Chapman III, Chief Executive Officer of the Bank, in a press release statement.

Scruggs has served as CFO since the bank’s founding 26 years ago. In his new role, he will be responsible for managing the bank’s investment portfolio, strategic asset allocation, and investment governance.

Sorenson will oversee financial, accounting, treasury, budgeting, and reporting functions. Prior to joining the bank full-time in 2022, he worked with the company for more than 20 years as outside counsel.

Augustus A. Petticolas, Jr., Chairman of the Board, expressed confidence in both executives as they assume their new roles.

Bank of the James Financial Group operates branches across Virginia and offers investment and insurance services through its divisions. The company’s stock is listed on the NASDAQ Stock Market. According to InvestingPro, the bank trades at a P/E ratio of 10.3 and offers a 2.5% dividend yield, having maintained dividend payments for 12 consecutive years and raised its dividend for 4 consecutive years. InvestingPro data indicates the company has a "GOOD" overall financial health score of 2.8, with particularly strong price momentum over recent months. Investors seeking additional insights can access more ProTips and detailed financial metrics through InvestingPro.

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