Business
Bank of the James Announces Agreement to Acquire Pettyjohn, Wood & White, Inc.
LYNCHBURG, Va., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"LYNCHBURG, Va., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), is a full-service commercial and retail bank serving Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets. Bank of the James Financial Group is pleased to announce that it has entered into a stock purchase agreement pursuant to which Pettyjohn, Wood, & White will become a wholly-owned subsidiary of the Company. Pettyjohn, Wood & White is an SEC-registered investment advisor based in Lynchburg, Virginia. Pettyjohn, Wood & White has more than $650,000,000 in assets under management. The firm currently provides investment advisory services to high-net-worth individuals, individuals, corporations, charitable organizations, and pension and profit-sharing plans. The firm is headed by Gorham B. (“Bunny”) Wood and Charles B. (“Charlie”) White. Following the transition, Bunny Wood will continue to serve as President and Charlie White will serve as Executive Vice President. Both Mr. Wood and Mr. White have entered into long-term employment agreements. In addition, account managers Brian Blankinship, Tom Gerhardt and Shep Nowlin have also entered into employment agreements and will continue to serve Pettyjohn, Wood & White’s clients. Annette Bradley will serve as the firm’s Chief Compliance Officer. Pettyjohn, Wood & White is happy to report that all of its administrative staff have also agreed to continue to work for the firm and will continue to serve its clients. Robert R. Chapman III, President of the Company noted: “Pettyjohn, Wood & White has built its reputation on superior client service and a commitment to bettering our community. They are a perfect fit for a partner to further enhance what we believe to be a premier financial services institution in our region. “We have tremendous respect for Bunny, Charlie and the rest of the PWW team. We have long admired Pettyjohn, Wood & White and its approach to providing investment advisory services. “We fully intend for PWW to continue to operate independently under the management of Bunny and Charlie. PWW’s location, investment process, and the members of the PWW team will not change. “Lastly, we expect this transaction to increase our ea...