Profile: Bank of the James (BOTJ.OQ)
27 Jul 2016
Bank of the James Financial Group, Inc., incorporated on October 23, 1998, is a bank holding company for Bank of the James (Bank). The Bank is a Virginia banking corporation engaged in general retail and commercial banking business. The Company conducts two principal activities: general retail and commercial banking through the Bank and mortgage origination services through Bank of the James Mortgage, a division of the Bank. In addition, the Company provides securities brokerage services through BOTJ Investment, a division of the Bank and acts as an agent for insurance and annuity products through BOTJ Insurance, Inc. (BOTJ Insurance), a subsidiary of the Bank. Other services offered by the Bank include safe deposit boxes, traveler's checks, direct deposit of payroll and social security checks, automatic drafts for various accounts, treasury management services and credit card merchant services. It also provides brokerage and investment services through the Bank's Investment division.
The Bank offers short- to medium-term commercial and consumer loans. The Bank's loan portfolio consists of commercial short-term lines of credit, term loans, mortgage financing and construction loans that are used by the borrower to build or develop real estate properties, and consumer loans. The consumer portfolio includes residential real estate mortgages, home equity lines and installment loans. The Bank's total loans are approximately $435.13 million.
The investment securities portfolio of the Bank includes the United States agency obligations, the United States treasuries, mortgage-backed securities, municipal and corporate securities. The Bank's portfolio of securities available-for-sale totals approximately $35.99 million.
Sources of Funds
Deposits are a major source of the Company's funding. The Bank offers deposit services, including checking accounts, savings accounts and other time deposits of various types, ranging from daily money market accounts to longer-term certificates of deposit. In addition, the Bank offers its customers Individual Retirement Accounts (IRAs) and Health Care Savings Accounts (HSAs). The Bank has approximately $446.19 million in total deposits.
Bank of the James
828 Main Street
LYNCHBURG VA 24504