Neil Burke Succeeds President and CEO of Benchmark

Benchmark Bankshares, Inc. (BMBN) has announced the impending retirement of Jay A. Stafford, President and CEO of both the Company and the Bank, effective December 31, 2023. Stafford will also step down as a member of both Boards of Directors on the same date.

Neil Burke, currently the Executive Vice President/Chief Financial Officer of the Bank and Assistant Secretary/Treasurer of the Company, has been appointed as Stafford’s successor. Burke, a South Hill, Virginia native, joined Benchmark in 1999 as a Branch Officer and has held various roles within the organization. He assumed his current position in April 2017, following nine years as Senior Vice President/Chief Financial Officer.

Neil Burke’s educational background includes a bachelor’s degree in business administration from Bridgewater College in 1993, an MBA from Syracuse University in 2001, followed by graduation from the American Banking Association’s Stonier Graduate School of Banking in 2004, and the University of South Carolina’s Graduate School of Bank Investments and Financial Management program in 2006.

Elizabeth T. (Beth) Beale, a seasoned veteran with 26 years in the financial industry, recently joined Benchmark as Executive Vice President and replaced Burke as Chief Financial Officer. Prior to this, Beale served as Executive Vice President/Chief Financial Officer at Old Point National Bank in Hampton, Virginia, from July 2019, and for 15 years at Citizens National Bank in Windsor, Virginia, until its acquisition by Old Point in 2018.

Beale is a Certified Public Accountant and earned her B.S. in Accounting from Elon University in North Carolina. She has been an active member of the Virginia Bankers Association’s CFO Committee since 2010, previously serving as Chair, and is on the board of the Virginia Bankers Association Benefits Corporation.

Ernest R. Lail, Chairman of both Boards of Directors, praised Jay Stafford for his inspiring leadership, noting the significant growth achieved under his guidance. Lail expressed gratitude for Stafford’s contributions and highlighted the diligent work done by the entire Bank team, especially during challenging periods such as the pandemic.

Beth Beale shared her perspective, mentioning her familiarity with Neil and Benchmark’s reputation as a well-managed organization. She embraced the unforeseen opportunity to join Benchmark and looks forward to contributing to its future success.

Stafford, reflecting on his tenure, expressed pride in Benchmark’s consistent growth, transforming from two branches with $30MM in assets to seventeen branches with over $1B in assets. He emphasized the importance of an independent community bank and valued the relationships formed during his tenure.

Speaking about the transition, Burke expressed gratitude to the Board and Stafford for the opportunity and mentorship. He anticipated combining traditional banking practices with innovative technology for better customer service.

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