G. Lyn Hayth, III to Retire as CEO of Bank of Botetourt; Michelle Austin Named Successor
MWN-AI** Summary
G. Lyn Hayth, III is set to retire as CEO of Bank of Botetourt on June 30, 2025, after nearly 40 years of dedicated service to the institution. He will transition to a part-time position as Chief Strategic Officer while remaining Vice-Chair of the Board of Directors, focusing on strategic initiatives and leadership transition. Michelle R. Austin, the current President and Chief Operating Officer, will succeed Hayth as President and CEO on July 1, 2025.
During his tenure, Hayth has been instrumental in the Bank's growth, with total assets increasing from $310 million to $864 million. Under his leadership since 2010, the Bank has expanded its geographic footprint with new branches and developed mortgage and wealth management divisions. He effectively navigated the challenges posed by the Great Recession and the COVID-19 pandemic, notably administering the Paycheck Protection Program, which safeguarded over 4,000 jobs in the local community.
Austin, who began her career at the Bank as a college intern in 1991 and has served as President since 2023, brings a wealth of experience and knowledge to her new role. She has previously held vital positions including Chief Financial Officer for 18 years. Educated at Roanoke College and Troy University, Austin is also active in community and banking organizations.
Board Chair Joyce Kessinger praised Hayth’s significant contributions, highlighting the intentional succession planning that led to Austin’s appointment. As Austin prepares to take the helm, she is committed to continuing the Bank's legacy of excellence, innovation, and community service.
Bank of Botetourt, chartered in 1899, operates 14 retail offices in Virginia and was recognized by Forbes as the state's #1 Best-In-State Bank in 2024.
MWN-AI** Analysis
The recent announcement of G. Lyn Hayth, III retiring as CEO of Bank of Botetourt marks a significant transition for the institution. Serving nearly four decades, Hayth's leadership has been instrumental in the bank’s growth, with total assets soaring from $310 million to $864 million. His successful navigation through economic downturns, such as the Great Recession and the COVID-19 pandemic, has positioned the bank as a resilient player in the financial landscape.
As Hayth transitions to the role of Chief Strategic Officer and Michelle Austin steps up as CEO, stakeholders should assess how this leadership change might influence the bank’s direction. Austin brings an extensive background, having been with the bank since 1991 and most recently serving as President and COO. Her deep familiarity with the bank’s operations and strategy suggests continuity, which can be reassuring for investors monitoring the institution's performance.
Market analysts should watch closely for any shifts in strategic priorities under Austin's leadership. Given her commitment to growth and innovation, it’s likely that the bank will aim to expand its services and strengthen its community ties, building upon Hayth's legacy.
Investors may view this transition as a moment for potential capital appreciation, particularly if Austin successfully upholds the bank's reputation—evidenced by its current status as Virginia's #1 Best-In-State Bank by Forbes. However, it is also prudent to remain cautious; the banking sector can be susceptible to regional economic fluctuations.
In conclusion, stakeholders in Bank of Botetourt should maintain a watchful eye on developments following this leadership change. Austin’s proven track record combined with strategic continuity suggests a stable future, though vigilant monitoring of performance metrics post-transition will be critical.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
BUCHANAN, Va. , April 2, 2025 /PRNewswire/ -- Bank of Botetourt (OTCPK:BORT and BORTP) announces that G. Lyn Hayth, III will retire as Chief Executive Officer on June 30, 2025 , after dedicating nearly four decades to the Bank. Hayth will remain Vice-Chair of the Board of Directors and transition into a part-time role as Chief Strategic Officer, where he will focus on strategic initiatives and leadership transition. The Board of Directors has appointed Michelle R. Austin , current President and Chief Operating Officer, as President and Chief Executive Officer, effective July 1,2025 .
Since joining the Bank in 1986, Hayth has played a pivotal role in its evolution. Serving as President from 2002 to 2023, and CEO since 2010, he has overseen significant growth, with total assets expanding from $310 million to $864 million . Under his leadership, the Bank has strategically expanded its footprint, establishing new offices in Salem , Cave Spring, Vinton , and Rocky Mount , and relocating the Daleville Office to the Daleville Town Center. He spearheaded the establishment of the Bank's mortgage and wealth management divisions, Virginia Mountain Mortgage and Botetourt Wealth Management respectively. His steady leadership guided Bank of Botetourt through the Great Recession, the COVID-19 pandemic, including the administration of the Paycheck Protection Program (PPP). Through the PPP, the Bank helped small businesses retain more than 4,000 jobs throughout the Bank's footprint. In 2024, the Bank was recognized by Forbes as Virginia's #1 Best-In-State Bank, a direct result of Hayth's leadership and strategic direction.
Beyond his contributions to the Bank, Hayth has been deeply engaged in the community and the banking industry. He has served as a member of the Board of Directors for the Virginia Bankers Association since 2021, and Bearing Insurance, LLC since 2011. His commitment to economic and educational advancement includes roles on the Virginia Innovation Accelerator Board and as Chairman of the Roanoke Higher Education Authority Board of Trustees. He also serves on the Botetourt County Economic Development Authority Board and is an active member of the Kiwanis Club of Botetourt County . Previously, he served on the Community Bankers Bank Board of Directors and Chaired the Virginia Association of Community Banks Board in 2018.
"As I reflect on my time at Bank of Botetourt , I am proud of all we have accomplished together," said Hayth. "The Bank's strength lies in its people—our dedicated employees, senior management, and Board of Directors—who have upheld our values and commitment to our customers and communities. I have full confidence in Michelle's ability to lead the Bank into its next chapter. Her strategic vision, deep expertise, and commitment to excellence make her the ideal choice to continue our legacy."
Austin, who has served as President since 2023, expressed her appreciation, saying, "It has been an honor to work alongside Lyn and learn from his leadership. His energy is unmatched, and his strategic foresight has strengthened the Bank for the future."
Austin's career with Bank of Botetourt began as a college intern in 1991, leading to a full-time role in 1993. She holds a Bachelor of Business Administration from Roanoke College and an MBA from Troy University . A graduate of the Virginia Bankers Association School of Bank Management at the University of Virginia , where she now serves on the faculty, Austin also completed the Graduate School of Banking at Louisiana State University . She spent eleven years as an adjunct professor at Roanoke College's Department of Business Administration and Economics.
As President and COO since 2023, Austin has overseen key operational functions, having previously served as Chief Financial Officer for 18 years, including a decade as an SEC registrant on behalf of the Bank. Earlier in her career, she worked in the Bank's areas of Marketing, the Community Reinvestment Act, and Branch Management.
Board Chair Joyce Kessinger recognized Hayth's lasting impact and Austin's strengths, stating, "Lyn's leadership has positioned Bank of Botetourt as a trusted financial institution that continues to thrive. His vision and dedication have shaped the Bank's growth and success, and we are grateful for his continued guidance. The Board has been intentional in its succession planning, and Michelle Austin's depth of experience and keen understanding of the Bank's operations will ensure its ongoing strength for years to come."
Like Hayth, Austin is actively engaged in the industry and community. She has served on the Virginia Bankers Association Benefits Board since 2019 and represents Virginia on the American Bankers Association's Community Bankers Council. Additionally, she is a member of Roanoke College's President's Advisory Board, the Roanoke Regional Partnership Board of Directors, and the Mountain Gateway Community College Real Estate Foundation.
With more than three decades devoted to Bank of Botetourt , Austin stated, "As I step into the role of CEO, I am committed to building upon the strong foundation that has been established over the past 125 years. My focus will remain on fostering growth, innovation, and maintaining the Bank's unwavering dedication to its customers, employees, and community. Together, we will continue to uphold the values that have made Bank of Botetourt a trusted institution and ensure its success for generations to come."
About Bank of Botetourt
Bank of Botetourt was chartered in 1899 and operates fourteen retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties, the City of Salem , and the Towns of Vinton and Rocky Mount, all in Virginia. Bank of Botetourt also operates a mortgage division,
Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management. In 2024, the Bank was recognized by Forbes as Virginia's #1 Best-In-State Bank.
SOURCE Bank of Botetourt
FAQ**
How will G. Lyn Hayth, III's retirement as CEO of Bank of Botetourt BORTP impact the bank's strategic direction moving forward, especially in the wake of his significant contributions over the past decades?
In what ways does Michelle Austin's previous experience as President and COO of Bank of Botetourt BORTP prepare her for the challenges ahead as she steps into the CEO role?
What strategic initiatives will G. Lyn Hayth, III pursue as Chief Strategic Officer, and how do they align with the future goals of Bank of Botetourt BORTP under Michelle Austin's leadership?
Given the bank's growth under Hayth, how does the Board of Directors at Bank of Botetourt BORTP feel about the planned transition and their confidence in Austin’s capability to maintain this momentum?
**MWN-AI FAQ is based on asking OpenAI questions about Bank of Botetourt (OTC: BORTP).
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