Blue Ridge Bank Increases Minimum Hourly Pay to $17

Rhea-AI Summary

On October 18, 2021, Blue Ridge Bank, N.A. announced a 13.3% increase in its minimum pay rate from $15 to $17 per hour, effective October 1, 2021. This new rate significantly surpasses Virginia's minimum wage of $9.50 and the federal minimum of $7.25. The bank also issued employee bonuses between $2,000 and $5,000 for team members earning less than $100,000 annually, recognizing their efforts during the pandemic. Blue Ridge Bank was recently named one of America's Best Small Banks by Newsweek and received a 5-star rating from Bauer Financial.

Positive

• Minimum pay increased from $15 to $17 per hour, a 13.3% raise.
• Bonus payouts of $2,000 to $5,000 awarded to employees for pandemic efforts.
• Recognized as one of America's Best Small Banks by Newsweek.
• Received a 5-star rating from Bauer Financial.

Negative

• None.

RICHMOND, Va., Oct. 18, 2021 /PRNewswire/ -- Blue Ridge Bank, N.A. (the "Bank"), the national bank subsidiary of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), increased its minimum pay rate from $15 to $17 per hour, a 13.3% increase. This increase went into effect October 1, 2021. This minimum hourly pay rate is substantially above the Commonwealth of Virginia's minimum hourly wage rate of $9.50 and the federal minimum hourly wage rate of $7.25.

"We adopted a commitment to maintain a living wage for all members of our team when we implemented a minimum $15 per hour pay rate at the beginning of 2020," said Brian K. Plum, President and CEO of Blue Ridge Bank. "An increase to $17 per hour based on the incredible effort and commitment everyone on our team demonstrated in 2020 and 2021 was an easy decision."

Blue Ridge Bank also awarded bonus payouts ranging from $2,000 to $5,000 at the end of June 2021 for all employees making less than $100,000 in annual salary. The bonus payments rewarded the team for its efforts continuing to serve customers through the COVID-19 pandemic and with the Paycheck Protection Program. These payments were on top of payments awarded at the end of 2020 up to $2,000 per employee.

"The customer experience and work environment at Blue Ridge Bank consists of the contributions of every single individual on the team," continued Plum. "Our success is a collective effort, and providing additional incentives, particularly during a time of stress, is the least we can do to recognize and appreciate this."

The collaborative and collective approach at Blue Ridge Bank is also reflected in the Bank's Employee Stock Ownership Plan (ESOP). The ESOP is designed to help support employees' retirement goals by building assets through the success of their daily work. Employee ownership at Blue Ridge Bank rewards employee dedication and commitment while guaranteeing all employees can participate in a retirement plan, ensuring a sustainable future for employees and the Bank.

Blue Ridge Bank was recently named one of America's Best Small Banks by Newsweek. The Bank also received a 5-star rating from Bauer Financial, the nation's leading independent bank rating firm and most recently was named to Piper Sandler's "Class of 2021 Bank and Thrift Sm-All Stars". Piper Sandler recognized Blue Ridge Bankshares, Inc. among the top 35 best performing small capitalization institutions from a list of publicly traded banks and thrifts in the U.S. with market capitalizations less than $2.5 billion.

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. Visit mybrb.bank to learn more.

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SOURCE Blue Ridge Bank, N.A.

FAQ

What is the new minimum pay rate for Blue Ridge Bank employees?

The new minimum pay rate is $17 per hour, effective October 1, 2021.

When did Blue Ridge Bank increase its minimum wage?

The minimum wage increase took effect on October 1, 2021.

How much are the bonuses for Blue Ridge Bank employees?

Bonuses range from $2,000 to $5,000 for employees making less than $100,000 annually.

What awards has Blue Ridge Bank received recently?

Blue Ridge Bank was named one of America's Best Small Banks by Newsweek and received a 5-star rating from Bauer Financial.

What is BRBS's market capitalization criteria for rankings mentioned in the PR?

The rankings refer to institutions with market capitalizations less than $2.5 billion.