Contact: J. Todd Scruggs, Executive Vice President and CFO
(434) 846-2000 tscruggs@bankofthejames.com
For Immediate Release
Bank of the James Financial Group, Inc. Announces 10% Stock Dividend
Lynchburg, Va., May 21, 2008.........Bank of the James Financial Group, Inc. (OTCBB:BOJF) (the "Company") announced yesterday at the annual shareholder's meeting that the Board of Directors voted to declare a 10% stock dividend. The dividend will be paid to shareholders of record as of June 17, 2008 and will be paid on July 22, 2008. The dividend will increase shares outstanding by approximately 255,000. Robert R. Chapman III, the Company's President commented, "We are pleased our board has voted to declare a stock dividend for our shareholders for the fifth consecutive year. In declaring the stock dividend, the Board of Directors wishes to recognize and reward the loyalty and confidence of its ownership base, both those which have been with the organization since its inception and those who acquired our stock during the follow-on stock offering that concluded in 2006."
# # #
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "estimate," "expect," "intend," "anticipate," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group (the "Company") undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various f actors. Such factors include, but are not limited to competition, general economic conditions, potential changes in interest rates, and changes in the value of real estate securing loans made by Bank of the James (the "Bank"), a subsidiary of Bank of the James Financial Group, Inc. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission and previously filed by the Bank (as predecessor of the Company) with the Federal Reserve Board.
# # #
