Bank of the James Reveals Transition of CFO-CIO Roles and New Chief Financial Officer Appointment
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 30 2025
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Source: Newsfilter
Leadership Changes: Bank of the James Financial Group announced a transition in executive leadership, with J. Todd Scruggs moving from Chief Financial Officer to Chief Investment Officer, and Eric J. Sorenson, Jr. appointed as the new Chief Financial Officer.
Strategic Goals: The leadership transition aims to enhance oversight and coordination between financial operations and investment strategies, ensuring focused responsibilities and balanced skillsets among the executives.
Experience and Continuity: Both Scruggs and Sorenson bring extensive experience to their new roles, with Scruggs having been CFO since the bank's founding and Sorenson serving as General Counsel for over three years.
Transition Timeline: The changes will take effect on January 1, 2026, with both executives working closely together until then to ensure a smooth transition and minimal disruption to operations.
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About BOTJ
Bank of the James (the Bank) is a full-service commercial and retail bank. The Bank is a wholly owned subsidiary of Bank of the James Financial Group, Inc. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank offers a full range of short- to medium-term commercial and consumer loans. The Bank services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Bank of the James Founder J. Todd Scruggs Retires, Leaving Lasting Impact
- Founder Retirement: J. Todd Scruggs, one of the founders of Bank of the James, retired on January 5, 2026, concluding 25 years of service on the boards and executive roles, marking a significant leadership transition for the company.
- Asset Growth: During his tenure, Scruggs played a pivotal role in growing the bank from an initial capital of $10 million to over $1 billion in assets, demonstrating his critical influence on the company's financial strategy.
- Leadership Transition: Scruggs' retirement will impact the company's financial management; however, he ensured a seamless transition of CFO responsibilities, indicating a need for the future leadership to adapt to this change.
- Community Contribution: Scruggs has shown a deep commitment to the community by expanding the bank's presence to over 20 locations in Virginia, and the future leadership team must continue to uphold this mission.
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Bank of the James Founder J. Todd Scruggs Retires After Over 25 Years of Service
- Founder Retirement: J. Todd Scruggs, one of the founders of Bank of the James, retired on January 5, 2026, concluding over 25 years of service on the boards and in executive roles, marking a significant leadership transition for the company.
- Asset Growth: Under Scruggs' leadership, Bank of the James grew from an initial capital of $10 million in 1998 to over $1 billion in assets today, demonstrating its successful expansion in the regional banking sector.
- Leadership Transition: Scruggs' retirement will impact the company's financial strategy; however, he ensured a seamless transition of CFO responsibilities, allowing the bank to retain his financial discipline and leadership wisdom for future growth.
- Community Contribution: Scruggs played a crucial role in fostering the bank's relationship with the community, with the CEO emphasizing that his impact on the community cannot be overstated, highlighting his importance to the organization's mission.
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