Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: US$4.69 (vs US$1.29 in FY 2023) Full year 2024 results: EPS: US$4.69 (up from US$1.29 in FY 2023). Revenue: US$33.1m (up 32% from FY 2023). Net income: US$7.02m (up 266% from FY 2023). Profit margin: 21% (up from 7.6% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.86% (up from 3.65% in FY 2023). Non-performing loans: 0.05% (no change from 0.05% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Declared Dividend • Feb 28
Fourth quarter dividend of US$0.18 announced Dividend of US$0.18 is the same as last year. Ex-date: 7th March 2025 Payment date: 14th March 2025 Dividend yield will be 0.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 8.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Village Bank and Trust Financial Corp. announces Quarterly dividend, payable on March 14, 2025 Village Bank and Trust Financial Corp. announced Quarterly dividend of USD 0.1800 per share payable on March 14, 2025, ex-date on March 07, 2025 and record date on March 07, 2025. Reported Earnings • Feb 01
Full year 2024 earnings released: EPS: US$4.69 (vs US$1.29 in FY 2023) Full year 2024 results: EPS: US$4.69 (up from US$1.29 in FY 2023). Revenue: US$33.1m (up 32% from FY 2023). Net income: US$7.02m (up 266% from FY 2023). Profit margin: 21% (up from 7.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Declared Dividend • Nov 22
Third quarter dividend of US$0.18 announced Dividend of US$0.18 is the same as last year. Ex-date: 29th November 2024 Payment date: 6th December 2024 Dividend yield will be 0.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: US$1.41 (vs US$1.72 loss in 3Q 2023) Third quarter 2024 results: EPS: US$1.41 (up from US$1.72 loss in 3Q 2023). Revenue: US$8.46m (up 246% from 3Q 2023). Net income: US$2.11m (up US$4.66m from 3Q 2023). Profit margin: 25% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to US$76.25, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 61% over the past three years. Announcement • Sep 26
TowneBank (NasdaqGS:TOWN) signed a definitive agreement and plan of reorganization to acquire Village Bank and Trust Financial Corp. (NasdaqCM:VBFC) for approximately $120 million. TowneBank (NasdaqGS:TOWN) signed a definitive agreement and plan of reorganization to acquire Village Bank and Trust Financial Corp. (NasdaqCM:VBFC) for approximately $120 million on September 23, 2024. Under the terms of the agreement, shareholders of Village will receive $80.25 per share in cash for each share of Village outstanding common stock. This corresponds to an aggregate transaction value of approximately $120.0 million, based on Village common stock currently outstanding. The separate corporate existence of Village Bank thereupon shall cease, and Towne shall be the surviving corporation in the Merger. If the agreement is terminated by Village Bank, it is required to pay Towne the sum of $4.8 million termination fee.
The transaction is expected to close in the first half of 2025 and is subject to customary conditions, including regulatory approval, as well as the approval of Village’s shareholders. The boards of directors of each of TowneBank, Towne Merger Sub, Village and Village Bank have unanimously approved the Agreement. TowneBank expects the transaction to be approximately 6% accretive to earnings per share with fully phased-in cost savings on a GAAP basis.
Piper Sandler & Co. served as the financial advisor and Gregory F. Parisi and Seth A. Winter of Troutman Pepper Hamilton Sanders LLP served as legal counsel to TowneBank in the transaction. Janney Montgomery Scott served as the financial advisor and fairness opinion provider; and Benjamin A. McCall and Scott H. Richter of Williams Mullen served as legal counsel to Village in the transaction. Declared Dividend • Aug 30
Second quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 6th September 2024 Payment date: 13th September 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.5% EPS decline seen over the last 5 years. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$1.11 (vs US$0.83 in 2Q 2023) Second quarter 2024 results: EPS: US$1.11 (up from US$0.83 in 2Q 2023). Revenue: US$8.00m (up 8.9% from 2Q 2023). Net income: US$1.65m (up 33% from 2Q 2023). Profit margin: 21% (up from 17% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • May 26
First quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 3rd June 2024 Payment date: 10th June 2024 Dividend yield will be 1.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 49% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.7% EPS decline seen over the last 5 years. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: US$1.19 (vs US$1.04 in 1Q 2023) First quarter 2024 results: EPS: US$1.19 (up from US$1.04 in 1Q 2023). Revenue: US$7.85m (up 3.0% from 1Q 2023). Net income: US$1.77m (up 15% from 1Q 2023). Profit margin: 23% (up from 20% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Apr 10
Village Bank and Trust Financial Corp., Annual General Meeting, May 21, 2024 Village Bank and Trust Financial Corp., Annual General Meeting, May 21, 2024, at 10:00 Eastern Standard Time. Agenda: To consider and approve elect three directors for a term of three years each; approve, in an advisory (non-binding) vote, the company’s named executive officer compensation disclosed in the proxy statement; approve, in an advisory (non-binding) vote, whether an advisory vote on executive compensation should be held every one, two or three years; approve the village bank and trust financial corp. 2024 stock incentive plan; and to discuss other matters. Declared Dividend • Mar 01
Fourth quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 7th March 2024 Payment date: 15th March 2024 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 43% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.7% EPS decline seen over the last 5 years. Announcement • Mar 01
Village Bank and Trust Financial Corp Declares Quarterly Cash Dividend, Payable on March 15, 2024 On February 27, 2024, Village Bank and Trust Financial Corp. announced that its board of directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be payable on March 15, 2024, to shareholders of record as of March 8, 2024. Announcement • Nov 17
Village Bank and Trust Financial Corp. Declares Cash Dividend, Payable on December 1, 2023 Village Bank and Trust Financial Corp. announced that its Board of Directors has declared a cash dividend of $0.18 per share with respect to the Company's outstanding common stock. The dividend will be payable on December 1, 2023, to shareholders of record at the close of business on November 24, 2023. The quarterly common stock dividend of $0.18 per common share is a 13% increase from the previous dividend rate. Reported Earnings • Oct 28
Third quarter 2023 earnings released: US$1.72 loss per share (vs US$1.46 profit in 3Q 2022) Third quarter 2023 results: US$1.72 loss per share (down from US$1.46 profit in 3Q 2022). Revenue: US$2.45m (down 70% from 3Q 2022). Net loss: US$2.55m (down 219% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Oct 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.3% Last year net profit margin: 26% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (9.3% net profit margin). Market cap is less than US$100m (US$63.3m market cap). Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: US$0.83 (vs US$1.48 in 2Q 2022) Second quarter 2023 results: EPS: US$0.83 (down from US$1.48 in 2Q 2022). Revenue: US$7.35m (down 11% from 2Q 2022). Net income: US$1.24m (down 43% from 2Q 2022). Profit margin: 17% (down from 27% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$45.75, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 8x in the Banks industry in the US. Total returns to shareholders of 49% over the past three years. Announcement • May 25
Village Bank and Trust Financial Corp. Declares Quarterly Cash Dividend, Payable on June 12, 2023 Village Bank and Trust Financial Corp. announced that its Board of Directors has declared a cash dividend of $0.16 per share with respect to the company's outstanding common stock. The dividend will be payable on June 12, 2023, to shareholders of record at the close of business on June 5, 2023. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: US$5.62 (vs US$8.48 in FY 2021) Full year 2022 results: EPS: US$5.62 (down from US$8.48 in FY 2021). Revenue: US$32.6m (down 15% from FY 2021). Net income: US$8.31m (down 33% from FY 2021). Profit margin: 26% (down from 33% in FY 2021). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.67% (down from 3.76% in FY 2021). Non-performing loans: 0.12% (down from 0.26% in FY 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 28
Full year 2022 earnings released: EPS: US$5.62 (vs US$8.48 in FY 2021) Full year 2022 results: EPS: US$5.62 (down from US$8.48 in FY 2021). Revenue: US$32.6m (down 15% from FY 2021). Net income: US$8.31m (down 33% from FY 2021). Profit margin: 26% (down from 33% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Announcement • Dec 14
Village Bank and Trust Financial Corp. and Village Bank Announces Board Changes On December 13, 2022, Village Bank and Trust Financial Corp. (the “Company”) announced that Raymond T. Avery III and George R. Whittemore will retire from the Boards of Directors of the “Company and its wholly-owned subsidiary, Village Bank (the “Bank”). Mr. Avery will retire effective December 31, 2022, and Mr. Whittemore will retire effective as of May 23, 2023, the date of the Company’s 2022 Annual Meeting of Shareholders. Mr. Avery and Mr. Whittemore have been directors since 1998. Mr. Avery’s and Mr. Whittemore’s retirements are not the result of any disagreement on matters relating to the Company’s operations, policies or practices. Also on December 13, 2022, Roy Carey and Selena Sanderson were appointed to the Boards of Directors of the Company and the Bank, effective as of January 1, 2023. Mr. Carey is expected to serve on the Board Risk, Audit, and Compensation Committees of the Board of Directors of the Company. Mrs. Sanderson is expected to serve on the Board Risk, Audit, and Nominating and Governance Committees of the Board of Directors of the Company. Mr. Carey and Mrs. Sanderson will be compensated in the same manner as other non-employee directors of the Company and Bank. Announcement • Nov 16
Village Bank and Trust Financial Corp. Declares Cash Dividend, Payable on December 2, 2022 Village Bank and Trust Financial Corp. announced that its Board of Directors has declared a cash dividend of $0.16 per share with respect to the Company's outstanding common stock. The dividend will be payable on December 2, 2022, to shareholders of record at the close of business on November 25, 2022. The quarterly common stock cash dividend of $0.16 per common share is a 14% increase from the previous dividend rate. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: US$1.46 (vs US$1.98 in 3Q 2021) Third quarter 2022 results: EPS: US$1.46 (down from US$1.98 in 3Q 2021). Revenue: US$8.19m (down 12% from 3Q 2021). Net income: US$2.15m (down 26% from 3Q 2021). Profit margin: 26% (down from 31% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Aug 24
Village Bank and Trust Financial Corp. Declares Quarterly Cash Dividend, Payable on September 9, 2022 Village Bank and Trust Financial Corp. announced that its Board of Directors has declared a cash dividend of $0.14 per share with respect to the Company's outstanding common stock. The dividend will be payable on September 9, 2022, to shareholders of record at the close of business on September 2, 2022. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$1.48 (vs US$2.24 in 2Q 2021) Second quarter 2022 results: EPS: US$1.48 (down from US$2.24 in 2Q 2021). Revenue: US$8.26m (down 15% from 2Q 2021). Net income: US$2.19m (down 34% from 2Q 2021). Profit margin: 27% (down from 34% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jun 26
Village Bank and Trust Financial Corp.(NasdaqCM:VBFC) dropped from Russell Microcap Value Index Village Bank and Trust Financial Corp.(NasdaqCM:VBFC) dropped from Russell Microcap Value Index Announcement • May 26
Village Bank and Trust Financial Corp. Declares Cash Dividend, Payable on June 10, 2022 Village Bank and Trust Financial Corp. announced that its Board of Directors has declared a cash dividend of $0.14 per share with respect to the Company's outstanding common stock. The dividend will be payable on June 10, 2022, to shareholders of record at the close of business on June 3, 2022. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: US$1.22 (vs US$2.66 in 1Q 2021) First quarter 2022 results: EPS: US$1.22 (down from US$2.66 in 1Q 2021). Revenue: US$7.89m (down 25% from 1Q 2021). Net income: US$1.80m (down 54% from 1Q 2021). Profit margin: 23% (down from 37% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
Village Bank and Trust Financial Corp., Annual General Meeting, May 24, 2022 Village Bank and Trust Financial Corp., Annual General Meeting, May 24, 2022, at 10:00 Eastern Standard Time. Agenda: To elect three directors for a term of three years each; to approve, in an advisory vote, the Company’s named executive officer compensation disclosed in the Proxy Statement; ratify the appointment of Yount, Hyde and Barbour, P.C. as Village Bank and Trust Financial Corp.’s independent registered public accounting firm for the year ending December 31, 2022; and to discuss other matters. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: US$8.48 (vs US$5.86 in FY 2020) Full year 2021 results: EPS: US$8.48 (up from US$5.86 in FY 2020). Revenue: US$38.3m (up 17% from FY 2020). Net income: US$12.5m (up 46% from FY 2020). Profit margin: 33% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.76% (up from 3.41% in FY 2020). Non-performing loans: 0.26% (down from 0.28% in FY 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
Village Bank and Trust Financial Corp. Declares Quarterly Cash Dividend, Payable on March 11, 2022 Village Bank and Trust Financial Corp. announced that its board of directors has declared a cash dividend of $0.14 per share with respect to the company's outstanding common stock. The dividend will be payable on March 11, 2022 to shareholders of record at the close of business on March 4, 2022. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$8.48 (up from US$5.86 in FY 2020). Revenue: US$38.3m (up 17% from FY 2020). Net income: US$12.5m (up 46% from FY 2020). Profit margin: 33% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS US$1.97 (vs US$1.55 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$9.29m (up 6.7% from 3Q 2020). Net income: US$2.90m (up 28% from 3Q 2020). Profit margin: 31% (up from 26% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS US$2.24 (vs US$1.61 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$9.74m (up 31% from 2Q 2020). Net income: US$3.29m (up 41% from 2Q 2020). Profit margin: 34% (up from 31% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 24% share price gain to US$53.36, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 57% over the past three years. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS US$2.66 (vs US$0.62 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$10.5m (up 73% from 1Q 2020). Net income: US$3.90m (up 334% from 1Q 2020). Profit margin: 37% (up from 15% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS US$5.86 (vs US$3.10 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$32.7m (up 26% from FY 2019). Net income: US$8.55m (up 91% from FY 2019). Profit margin: 26% (up from 17% in FY 2019). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.41% (down from 3.68% in FY 2019). Non-performing loans: 0.28% (down from 0.44% in FY 2019). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 03
New 90-day high: US$38.50 The company is up 19% from its price of US$32.32 on 30 November 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 25% over the same period. Is New 90 Day High Low • Jan 30
New 90-day high: US$35.95 The company is up 19% from its price of US$30.12 on 30 October 2020. The American market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 29% over the same period. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS US$5.86 (vs US$3.10 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$32.0m (up 24% from FY 2019). Net income: US$8.55m (up 91% from FY 2019). Profit margin: 27% (up from 17% in FY 2019). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.30% (down from 3.68% in FY 2019). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Dec 18
Village Bank and Trust Financial Corp. and Village Bank Announce Retirement of Charles E. Walton from its Boards of Directors Effective December 31, 2020, Charles E. Walton will retire from the boards of directors of Village Bank and Trust Financial Corp. (the “Company”) and its wholly-owned subsidiary, Village Bank (the “Bank”). Mr. Walton has been a director since 2008 when River City Bank merged with the Bank. He formerly served as a director of River City Bank. Recent Insider Transactions • Dec 18
Insider recently bought US$131k worth of stock On the 14th of December, Kenneth Lehman bought around 4k shares on-market at roughly US$33.94 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$935k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Dec 01
New 90-day high: US$32.32 The company is up 9.0% from its price of US$29.67 on 01 September 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 20% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of US$6.81m, up 69% from the prior year. Total revenue was US$28.6m over the last 12 months, up 13% from the prior year. Announcement • Sep 26
Village Bank and Trust Financial Corp. and Village Bank Appoint Mary Margaret Kastelberg to the Boards of Directors Effective as of October 1, 2020 On September 22, 2020, Mary Margaret Kastelberg was appointed to the Boards of Directors of Village Bank and Trust Financial Corp. (the “Company”) and its wholly owned subsidiary, Village Bank, effective as of October 1, 2020. Mrs. Kastelberg is expected to serve on the Board Risk and Compensation Committees of the Board of Directors of the Company. Mrs. Kastelberg is Director of Investment Research at Alpha Wealth Advisors, LLC. Mrs. Kastelberg serves as a board member and former Chair of Commonwealth Catholic Charities and as Secretary of the Board for Benedictine Education Foundation. Announcement • Jul 10
Village Bank and Trust Financial Corp. and Village Bank Announce Management Changes, Effective August 14, 2020 Village Bank and Trust Financial Corp.(the 'Company'), parent company of Village Bank (the 'Bank'), announced that William G. Foster, Jr., Chief Executive Officer of the Company and the Bank, will step down as an officer of the Company and the Bank on August 14, 2020 to pursue other interests. James E. “Jay” Hendricks, Jr., currently Executive Vice President, Chief Operating Officer and Chief Risk Officer of the Bank, will assume the roles of Chief Executive Officer of the Company and the Bank upon Mr. Foster’s departure. 
