Benchmark Announces Stafford Retirement, Burke to Take Helm

November 21, 2023 - Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based holding company for Benchmark Community Bank, has announced the pending retirement of Jay A. Stafford, President of the Company, and Chief Executive Officer of both the Company and the Bank, effective December 31, 2023. Stafford will also retire as a member of the Boards of Directors for both the Company and the Bank on that date.

E. Neil Burke, Executive Vice President/Chief Financial Officer of the Bank, and Assistant Secretary/ Treasurer of the Company has been appointed to succeed Stafford. Burke joined Benchmark in 1999 as a Branch Officer. A South Hill, Virginia, native and current resident, Burke has served in his current position since April 2017, having previously served nine years as Senior Vice President/Chief Financial Officer.

In September, Elizabeth T. (Beth) Beale joined Benchmark as Executive Vice President to succeed Burke as Chief Financial Officer (CFO). A 26-year veteran of the financial industry, Beale most recently served since July 2019 as Executive Vice President/Chief Financial Officer for Old Point National Bank, headquartered in Hampton, Virginia. Additionally, Beale served 15 years as Executive Vice President/Chief Financial Officer for Citizens National Bank, Windsor, Virginia, prior to its 2018 acquisition by Old Point. Beale is a Certified Public Accountant and holds her B.S. in Accounting from Elon University in North Carolina. She has been a member of the Virginia Bankers Association's CFO Committee since 2010 and served as past Chair. Beale also serves on the board of the Virginia Bankers Association Benefits Corporation.

Of Stafford's service, Ernest R. Lail, Chairman of the Board of Directors of the Company and the Bank said, "Jay has been an inspiring leader for Benchmark. Since he took the helm in the spring of 2017, the Bank's asset size has almost doubled. Significant growth of this type comes with hard work and a clear strategy. Jay's work along with the entire staff of the Bank during these years including the pandemic has been exceptional. His close working relationship with Neil and the management team cultivated a business model that carefully balanced the deposit and loan growth to put the bank in a position of strength. Jay can be proud of what the bank has accomplished under his leadership."

"It has been an honor to have spent my entire banking career at Benchmark Community Bank," Stafford said. "I've had a truly fortunate and unique experience of working for one bank for over 35 years. I take pride in having been a part of Benchmark's growth and consistently strong financial performance, while contributing to growing a bank from two branches with $30MM in assets to seventeen branches with over $1B in assets.

But what I value most is the impact and importance of an independent community bank in the communities we serve and the relationships and friendships I established during this time. I have no doubt Neil will do an excellent job as my successor."

Neil Burke received his undergraduate education from Bridgewater College where he graduated in 1993 with a bachelor's degree in business administration. In 2001, he received his Master of Business Administration from Syracuse University, before completing the American Banking Association's Stonier Graduate School of Banking in 2004. In 2006, he completed the University of South Carolina's Graduate School of Bank Investments and Financial Management program.

On behalf of Benchmark, Burke serves on the Virginia Bankers Association's CFO Committee, presiding as Chair since 2021. He is also currently serving on the GO Virginia Region 3 Project Review Committee.

"We are pleased that Neil has agreed to succeed Jay," Lail continued. "Neil has a deep knowledge and understanding of the Bank. This combined with his financial insight, positions Benchmark well for the future. As they have for the past twenty years, Jay and Neil have been working over the past months to affect a seamless transition. The Board of Directors looks forward to working with Neil and his team to continue the success Benchmark has enjoyed."

Of his appointment, Burke said, "I am so appreciative to the Board of Directors for this opportunity and to Jay for his mentorship over the years. The banking industry has changed significantly in the past 20 years, and I look forward to working with our customers and employees to incorporate time-tested financial practices with innovative technology that allows us to better serve our markets while staying true to who we are as a traditional community bank."

A newcomer to the Benchmark family, Beale shared the unforeseen circumstances that led to the opportunity for her to join the organization.

"I've known Neil for a long time as counterparts on VBA committees," she said, "and, of course, knew Benchmark's reputation as a well-run organization. I've worked with great financial institutions during my career, and I wasn't actually looking when the opportunity presented itself for me to join Benchmark."

"When I heard Jay was retiring and Neil would be moving into the President/CEO position leaving an opening for a new CFO," she continued, "I knew the timing was something that may not come along again in the foreseeable future. After a few conversations and a visit with the core Benchmark team, I knew I had found a great fit for my professional and personal objectives. I'm looking forward to my future at Benchmark."

About Benchmark Community Bank - Benchmark Community Bank, founded in 1971, is headquartered in Kenbridge, VA. It is the sole subsidiary of Benchmark Bankshares, Inc. and operates seventeen banking offices throughout central Southside Virginia and northern North Carolina. The common stock of Benchmark Bankshares, Inc. trades on the OTC Pink marketplace under the symbol BMBN. Any stockbroker can assist with purchases of the company's stock, as well as with sales of holdings.

Contact: Helen Person, VP/Director of Marketing & Public Relations
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