Bank of Botetourt CEO retires after nearly four decades at bank

G. Lyn Hayth III will retire as CEO of the Buchanan-based Bank of Botetourt at the end of June after nearly four decades at the bank, according to a Wednesday announcement.

Michelle R. Austin, the bank’s president and chief operating officer, will become CEO on July 1 and retain her role as president.

After joining the bank in 1986 as a vice president, Hayth went on to become president in 2002, a role he held from 2002 to 2023. He was named CEO in 2010.

Austin also has a long history with the Bank of Botetourt. While a business administration student at Roanoke College, Austin interned at the bank. After graduating in 1993, Austin joined the bank as a full-time employee. In 2005, she was named the bank’s chief financial officer, a job she kept until 2023 when she was promoted to COO and president.

Under Hayth’s leadership, the Bank of Botetourt expanded its footprint in the Roanoke Valley, with new offices in Salem, Cave Spring, Vinton and Rocky Mount. He also spearheaded the creation of Virginia Mountain Mortgage, the bank’s mortgage division, in 2016 and Botetourt Wealth Management, the bank’s wealth management division, in 2018.

Hayth sits on several boards including the Virginia Bankers Association and the Roanoke Higher Education Authority.

Hayth received a bachelor’s degree in agricultural economics and a master of science degree from Virginia Tech. He is also a graduate of the Virginia Bankers School of Bank Management and the Graduate School of Banking of the South at Louisiana State University.

Austin has an MBA from Troy University. She also completed the Graduate School of Banking of the South and the Virginia Bankers Association School of Bank Management, for which she now serves as a faculty member. For 11 years, Austin taught as an adjunct professor at Roanoke College’s Department of Business Administration and Economics.

Austin sits on several boards, including the Real Estate Foundation board for Mountain Gateway Community College.

The Bank of Botetourt had $857 million in total assets at the end of 2024, an 8.35% increase over the previous year. Total  loans were $671.59 million, a 13.20% increase over the previous year, while total deposits were $767 million, a 10.94% increase.

Founded in 1899, the Bank of Botetourt has 14 retail locations and 137 full-time employees.