Blue Ridge Bank Hires Banking Veteran Steve Farbstein as First Chief Development Officer
Blue Ridge Bank, N.A., a subsidiary of Blue Ridge Bankshares (NYSE American: BRBS), has appointed Steve Farbstein as its first Chief Development Officer (CDO). Farbstein will focus on expanding the Bank's non-interest income streams, marketing efforts, and employee development. He brings over 30 years of experience, previously serving as VP of Business Development at Cornerstone RPO and Head of Mortgage Banking at Park Sterling Bank. CEO Brian K. Plum emphasized that Farbstein's leadership will be vital for the Bank's growth and culture enhancement.
- Appointment of Steve Farbstein as CDO expected to enhance leadership.
- Focus on non-interest income lines could drive revenue growth.
- Farbstein's extensive experience in financial services may improve the Bank's market positioning.
- Concerns over the transition as new leadership may lead to changes in strategy.
- Experience gap as Farbstein adapts to his new role could affect immediate operational efficiency.
Blue Ridge Bank, N.A. (the “Bank”), the national bank subsidiary of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), announced today the hiring of Steve Farbstein as the Bank’s first Chief Development Officer (CDO).
Steve Farbstein, Chief Development Officer of Blue Ridge Bank (Photo: Business Wire)
Farbstein is responsible for growing and maintaining the Bank’s multiple lines of revenue, specifically non-interest income lines of business, as well as marketing and employee development. He is based out of the Bank’s Richmond office along with Brooke Ullman, the former Creative Director for The Federal Reserve Bank of Richmond, who joined the Bank last week as Director of Marketing.
“Steve is widely known throughout the region as a principled, measured, and thoughtful leader,” said Brian K. Plum, President and Chief Executive Officer of Blue Ridge Bank. “The Bank’s growth creates both the opportunity and resources to invest in team development. He has a passion for great culture, and his leadership will be invaluable as we continue improving upon our culture and business practices. Steve will play a critical role in helping us unlock existing potential and capturing all that’s possible with our multiple business lines. His addition is a force multiplier for our team.”
Farbstein has more than 30 years of financial and professional services experience. Prior to joining Blue Ridge Bank, he was Vice President of Business Development at Cornerstone RPO, a leader in talent acquisition solutions and one of the most diverse RPO (Recruitment Process Outsourcing) companies in the United States. He was previously Head of Mortgage Banking at Park Sterling Bank (Now South State Bank) and StellarOne Bank.
“Blue Ridge Bank’s recent merger and forward-thinking business strategies have put them on a major growth trajectory,” said Steve Farbstein. “I was particularly drawn to Brian’s vision of multi-channel revenue streams for the bank and how my skills and background can help bring that vision to fruition. What I’m looking forward to most as CDO is playing a key role in Blue Ridge’s rapidly-evolving brand and culture.”
Farbstein, who started on March 15, is the former Chair of the Mortgage Executives Committee at The Virginia Bankers Association and The Richmond Mortgage Bankers Association. He recently finished his term as the National Chair for The March of Dimes National Volunteer Leadership Council where he has volunteered for more than 30 years.
About Blue Ridge Bank:
Blue Ridge Bank, N.A. is the wholly-owned banking subsidiary of Blue Ridge Bankshares, Inc. Through its subsidiaries and affiliates, Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina. Visit mybrb.com to learn more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210323006002/en/
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