Bank of the James Extends Loan Maturity to 2030, Adjusts Interest Rate in New Agreement with National Bank of Blacksburg

Reuters
08/21
Bank of the James Extends Loan Maturity to 2030, Adjusts Interest Rate in New Agreement with National Bank of Blacksburg

Bank of the James Financial Group, Inc. has announced a significant amendment to its existing corporate loan agreement with The National Bank of Blacksburg $(NBB)$. Effective September 1, 2025, the revised terms under the Second Note Modification Agreement and Allonge extend the maturity date of the $11 million Secured Promissory Note to August 31, 2030, from the previous date of December 31, 2026. The interest rate has been adjusted from 3.90% to 5.65% per annum. Furthermore, the repayment schedule has been restructured to require equal monthly installments of approximately $61,000, with a final balloon payment of around $7.4 million at maturity. The company, with an outstanding principal balance of about $8.9 million as of August 31, 2025, retains the option to request a one-time recast of the amortization schedule with a prepayment of $1 million or more. This agreement reinforces Bank of the James' financial strategy while securing its obligations with a first-priority lien on approximately 4.95% of its common stock.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Bank of the James published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001562762-25-000214), on August 20, 2025, and is solely responsible for the information contained therein.

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