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: BRBS) has been recognized by Piper Sandler as part of the 2021 Bank & Thrift Sm-All Stars, showcasing its status among the top 35 small-cap banks in the U.S. with market caps below $2.5 billion. The selection highlights the Company's superior performance metrics in growth, profitability, credit quality, and capital strength, eliminating 91% of potential candidates. This honor adds to Blue Ridge Bank's accolades, including being named the "Best Small Bank in Virginia" by Newsweek and receiving a 5-star rating from Bauer Financial.
Blue Ridge Bank, N.A. (NYSE American: BRBS) has installed its first electric vehicle (EV) charging station at its branch located at 11450 Robious Road, North Chesterfield, Virginia. This initiative is part of the bank's commitment to support local communities and enhance sustainability. In partnership with ChargePoint, the station will be free for users, promoting EV adoption in Virginia. A ribbon-cutting ceremony is scheduled for September 28, 2021, to celebrate the launch and the bank's focus on clean energy.
Blue Ridge Bank, N.A. (NYSE American: BRBS) announced a partnership with Mos, a fintech company focused on aiding students in navigating financial aid applications. This collaboration aims to reduce student debt and enhance financial literacy. Mos will integrate debit card services and a banking app into its offerings, expanding its capabilities with support from embedded finance leader Unit. Both companies express optimism about improving financial access and outcomes for students through this technological advancement.
Blue Ridge Bankshares (NYSE: BRBS) reported significant financial growth for the second quarter of 2021, achieving net income of $28.6 million or $1.54 per diluted share, markedly up from $4.2 million in Q1 2021 and $6.2 million in Q2 2020. Year-to-date net income reached $32.9 million, a substantial increase from $7.1 million in the first half of 2020. The strong performance was aided by a $19.2 million after-tax gain from the sale of PPP loans worth over $700 million. The company also announced a merger with FVCBankcorp, anticipated to close in late 2021 or early 2022.
Blue Ridge Bankshares and FVCBankcorp announced a definitive all-stock merger agreement, aiming to create the 4th largest Virginia-headquartered community bank. This merger enhances growth potential and profitability while introducing new revenue streams through various business lines. FVCB shareholders will receive 1.1492 shares of Blue Ridge for each share held. The merged entity will be headquartered in Fairfax, Virginia, with an expected closing in Q4 2021 or Q1 2022. The transaction targets significant earnings per share accretion and boasts strong capital ratios.
Blue Ridge Bankshares and FVCBankcorp announced a merger agreement, forming Virginia's 4th largest community bank by assets. This all-stock merger aims to enhance growth, profitability, and shareholder value through increased fee income and product lines. FVCB shareholders will receive 1.1492 shares of Blue Ridge common stock for each share held, resulting in approximately 47.5% ownership for FVCB and 52.5% for Blue Ridge. The merger is projected to close in Q4 2021 to early Q1 2022, pending approvals. The combined firm plans to target top-tier profitability, with an estimated 2022 ROAA of 1.4% and EPS accretion of 16%+ for Blue Ridge.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) announced a quarterly dividend increase from $0.10 to $0.12 per share, marking a 20% rise. This dividend will be payable on July 30, 2021, to shareholders of record as of July 26, 2021. The bank's total assets reached $3.17 billion as of March 31, 2021, reflecting significant growth. Additionally, the company joined the Russell 2000 Index for the first time, enhancing its visibility in the market. The CEO highlighted the commitment to increasing shareholder value amidst positive business rankings for Virginia and North Carolina.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) announced its inclusion in the Russell 2000® Index, marking a significant milestone for the Company. This index, which comprises the smallest 2,000 stocks within the Russell 3000®, enhances liquidity and accessibility for BRBS shares, making them eligible for funds tracking the index. The Company reported total assets of $3.17 billion as of March 31, 2021, reflecting substantial growth following the merger with Bay Banks of Virginia. Additionally, Blue Ridge Bank became the first U.S. financial institution to facilitate Bitcoin transactions via ATMs.
Blue Ridge Bank, a subsidiary of Blue Ridge Bankshares (NYSE American: BRBS), has partnered with Aeldra Financial to launch a mobile neobank targeting BRICS-Plus countries. This initiative aims to address the cross-border banking needs of customers from these regions. Aeldra will offer various financial products, including interest-bearing accounts and future credit lines, all utilizing Blue Ridge Bank's infrastructure. Brian K. Plum, CEO of Blue Ridge Bank, highlighted the importance of accessibility for underserved communities in these markets.
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