Welcome to our dedicated page for Blue Ridge Bankshares news (Ticker: BRBS), a resource for investors and traders seeking the latest updates and insights on Blue Ridge Bankshares stock.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) is a well-established financial institution in the United States. Founded in 1893, the company has built a reputation for delivering high-quality, ethical, and customer-focused financial services. Through its wholly-owned subsidiary, Blue Ridge Bank, National Association, and its non-bank financial services affiliates, the company provides a comprehensive range of commercial and consumer banking services.
Blue Ridge Bank offers a variety of financial products, including checking accounts, savings accounts, money market accounts, cash management accounts, and loans such as commercial and industrial loans, residential mortgages, and consumer installment loans. Customers can also access investment accounts, insurance, credit cards, and a range of digital banking services, including online, telephone, and mobile banking.
Notable products include Kasasa Cash® and Kasasa Saver®, which provide high-interest savings and checking solutions with benefits like nationwide ATM fee refunds. Despite a challenging financial environment, evidenced by a net loss from continuing operations in recent quarters, Blue Ridge Bank remains committed to enhancing its core banking operations and addressing regulatory requirements.
The bank's leadership recently underwent changes, with G. William 'Billy' Beale stepping in as President and CEO. Under his leadership, the company is focused on regulatory remediation and strengthening its risk management framework. In addition, a $150 million private placement was announced to support strategic initiatives and bolster capital levels.
Blue Ridge Bank's fintech partnerships continue to play a crucial role, contributing to revenue and deposit growth. However, the bank is also taking steps to wind down certain fintech relationships to better align with its core banking focus.
For the latest financial results and updates, including detailed quarterly reports and strategic announcements, visit the company's official website at www.mybrb.com.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) announced the promotion of Judy C. Gavant to President and Director of Blue Ridge Bank, effective immediately. Ms. Gavant will continue her roles as CFO and EVP at Blue Ridge. In her new capacity, she will lead commercial banking efforts and oversee bank operations. CEO Brian K. Plum praised her experience and decision-making ability. Ms. Gavant, who has been with Blue Ridge since its 2021 acquisition of Bay Banks, aims to maintain the bank's strong financial position while executing growth strategies.
Blue Ridge Bankshares (NYSE: BRBS) reported strong financial results for Q4 and the full year 2021. The Company achieved a net income of $12.8 million in Q4, a significant increase from $6.8 million in Q3 2021 and $5.6 million in Q4 2020. For 2021, net income rose to $52.5 million compared to $17.7 million in 2020, boosted by a $19.2 million gain from the sale of PPP loans. Total assets grew to $2.67 billion, with deposits reaching $2.30 billion. However, the mortgage division faced profitability challenges amid pricing pressures.
Blue Ridge Bankshares and FVCBankcorp have mutually agreed to terminate their merger agreement originally announced on
Blue Ridge Bankshares and FVCBankcorp have mutually agreed to terminate their merger agreement originally announced on July 14, 2021. Following careful consideration, both companies' boards concluded it was imprudent to continue pursuing the merger. The decision allows each company to focus on consistent growth and value creation. Each party will bear its own expenses related to the terminated agreement, and no termination fees will be paid.
Blue Ridge Bankshares (NYSE American: BRBS) has committed to achieving carbon neutrality by 2040, joining the Net-Zero Banking Alliance. This initiative aligns its operations and investment portfolios with net-zero emissions by 2050. The 2022 executive cash incentive plan incorporates progress on carbon neutrality and diversity. Additionally, the bank has partnered with ChargePoint for electric vehicle charging stations. Recently, Blue Ridge was recognized as the Best Small Bank in Virginia by Newsweek and received a 5-star rating from Bauer Financial.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) reported a net income of $6.8 million for Q3 2021, down from $28.6 million in Q2 2021. Year-to-date net income reached $39.7 million, influenced by a $19.2 million gain from the PPP loan sale. The company completed the merger with Bay Banks in January 2021 and announced an upcoming merger with FVCBankcorp, facing regulatory scrutiny. Total assets rose to $2.70 billion, with significant increases in loans and deposits. However, mortgage profitability was impacted by margin compression, signaling potential challenges ahead.
Blue Ridge Bankshares (NYSEAM: BRBS) and FVCBankcorp (NASDAQ: FVCB) provided an update on their all-stock merger agreement announced on July 14, 2021. The merger aims to create a $5 billion franchise in Virginia and is pending regulatory and shareholder approvals. However, the Office of the Comptroller of the Currency has raised regulatory concerns regarding Blue Ridge Bank, which may affect the merger timeline. Both companies are committed to resolving these issues promptly, with completion expected in Q2 or Q3 of 2022.
Blue Ridge Bankshares and FVCBankcorp have provided an update on their all-stock merger initially announced on July 14, 2021. The merger aims to create a $5.0 billion franchise in Virginia, pending regulatory approvals and shareholder consent. However, the Office of the Comptroller of the Currency has raised some regulatory concerns regarding Blue Ridge Bank. Both companies are committed to resolving these issues and expect the merger to be completed in the second or third quarter of 2022. The transaction is viewed as strategically beneficial by both parties.
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.
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