Profile: Bank of the James (BOTJ.OQ)
10 Mar 2014
Bank of the James Financial Group, Inc. (Financial), incorporated on October 3, 2003, is a bank holding company of Bank of the James (the Bank). The Bank, though it’s BOTJ Investment Services division (Investment) offers brokerage, fixed and variable annuity products, and related services to the public through a contract with a third party broker-dealer. The Bank also wholly owns BOTJ Insurance, Inc. (BOTJ Insurance) through which it acts as an agent for insurance and annuity products. As of December 31, 2009, the Bank conducted its business from nine full-service offices. Four of the full-service offices are located in Lynchburg, Virginia, one full-service location is located in Madison Heights, Virginia, one is located in the Town of Amherst, Virginia, one is located in Forest, Virginia, one is located in the City of Bedford, Virginia and one is located in the Town of Altavista, Virginia.
The Bank offers a range of short- to medium-term commercial and consumer loans. Commercial loans include both secured and unsecured loans for working capital (including inventory and receivables), business expansion (including acquisition of real estate and improvements), and purchase of equipment and machinery. Consumer loans include secured and unsecured loans for financing automobiles, home improvements, education and personal investments. Additionally, the Bank originates fixed and floating-rate mortgage loans and real estate construction and acquisition loans.
The Bank make loans to small- and medium-sized businesses in Region 2000 for purposes such as purchases of equipment, facilities upgrades, inventory acquisition and various working capital purposes. It makes commercial and residential construction and development loans to customers in the market area. The Bank grant loans to borrowers secured by commercial real estate. It offers various types of secured and unsecured consumer loans, including personal loans, lines of credit, overdraft lines of credit, automobile loans, installment loans, demand loans, and home equity loans. It makes consumer loans primarily for personal, family or household purposes. The other services offered by the Bank includes safe deposit boxes, travelers checks, direct deposit of payroll and social security checks, automatic drafts for various accounts, and credit card merchant services.
Brokerage and Investment Services
The Bank provides brokerage and investment services through its investment division. Investment provides securities brokerage services to Bank customers and others through an agreement with Waterford Securities, Inc. (Waterford), a registered broker-dealer.
The bank provides insurance and annuity products through BOTJ Insurance as an agent for national insurance companies. As of December 31, 2009, the insurance products offered by the Company include credit life, life insurance, fixed annuities, and disability insurance.
Sources of Fund
The Bank offers a range of deposit services. It includes checking accounts, savings accounts and other time deposits of various types, ranging from daily money market accounts to longer-term certificates of deposit. The transaction accounts and time certificates are tailored to the Bank’s market area at rates competitive to those offered in the area. In addition, the Bank offers its customers Individual Retirement Accounts (IRAs). All deposit accounts are insured by the Federal Deposit Insurance Corporation (the FDIC) up to the maximum amount allowed by law (generally, $250,000 per depositor, subject to aggregation rules). The Bank solicits such accounts from individuals, businesses, associations and organizations, and governmental authorities.
Bank of the James
828 Main Street
LYNCHBURG VA 24504