Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
As part of Bank of the James Financial Group, Inc.'s (the "Company") strategic
plan, effective October 13, 2021, Michael A. Syrek, 49, will assume the role of
President of Bank of the James (the "Bank"), the Company's wholly-owned bank
subsidiary. Mr. Syrek has served as Executive Vice President and Chief Lending
Officer of the Bank since 2012. Prior to joining the Bank, Mr. Syrek served as
President of SunTrust Bank in Lynchburg, Virginia where he managed relationship
managers in Virginia and West Virginia.
There are no family relationships between Mr. Syrek and any of the
Company's directors or executive officers.
Mr. Syrek is and has been a customer of the Bank, and the Bank has had, and
expects to have in the future, banking transactions with Mr. Syrek in the
ordinary course of its business, on substantially the same terms, including
interest rates and collateral on loans, as those prevailing at the same time for
comparable transactions with other individuals. These transactions do not
involve more than the normal risk of collectability or present other unfavorable
features. The Company has not otherwise entered into any transactions with Mr.
Syrek that are reportable under Item 404(a) of Regulation S-K.
There is no arrangement or understanding between Mr. Syrek and any other persons
pursuant to which Mr. Syrek was promoted to President.
In connection with Mr. Syrek's promotion to President, the Bank adjusted Mr.
Syrek's annual base salary to $285,000.
In connection with this appointment, Robert R. Chapman III stepped down as
President of the Bank. Mr. Chapman will continue to serve as the Chief Executive
Officer of the Bank as well as President of the Company. By separating the
duties of the CEO and President of the Bank, the Bank anticipates that Mr.
Chapman will be able to concentrate on executing the Bank's strategic plan,
which includes a focus on growth and increasing revenue and profitability.
Item 7.01 Regulation FD
A copy of the press release announcing the appointment of Michael A. Syrek as
President of the Bank, issued by the Company on October 13, 2021, is attached
hereto as Exhibit 99.1 to this current report on Form 8-K.
Exhibit No. Exhibit Description
99.1 Bank of the James Financial Group, Inc. Press Release dated
October 13, 2021
104 The cover page from this Current Report on Form 8-K, formatted in
Inline XBRL
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