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) reported unaudited net income of $4.2 million ($0.28 EPS) for Q1 2021, down from $5.6 million ($0.65 EPS) in Q4 2020 and up from $832 thousand ($0.10 EPS) in Q1 2020. The earnings reflect expenses from the Bay Banks Merger and increased loan applications totaling $642 million in PPP loans. Total assets rose to $3.17 billion, largely due to the merger, with total deposits at $2.14 billion. Noninterest expenses jumped to $30.5 million. The bank's capital position remains strong, with a tangible book value per share of $11.02.
Blue Ridge Bank, N.A., a subsidiary of Blue Ridge Bankshares (NYSE American: BRBS), announces an extended partnership with SK2 Capital Inc. to launch the EasyPPPzy™ online platform, facilitating access to forgivable PPP loans for freelancers and gig economy workers. The platform allows applicants to complete the process online in under five minutes, addressing significant barriers to COVID-19 relief funds. Blue Ridge Bank has previously partnered with SK2 Capital since March 2020, helping hundreds of small businesses secure funding. This initiative aims to assist more borrowers, particularly those facing challenges in accessing PPP funds.
Blue Ridge Bank, a subsidiary of Blue Ridge Bankshares (NYSE: BRBS), has approved 4,039 Payment Protection Program (PPP) loans totaling $346.7 million since January 11, 2021. The average loan amount is $85,849, supporting approximately 900 hospitality businesses with over $63 million in funding. Over 1,473 First Draw PPP loans have been processed for forgiveness. The bank has adjusted to recent regulatory changes to improve customer experience. CEO Brian K. Plum highlights the team's dedication in assisting nearly 40,000 people during challenging times.
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.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) announced a quarterly dividend of $0.15 per share, reflecting a 5.3% increase from the previous dividend. The payment date is set for April 30, 2021, with shareholders of record on April 20, 2021. Additionally, the company declared a 3-for-2 stock split, increasing outstanding shares from approximately 12.4 million to 18.6 million, effective on the same record date. The management highlighted strong financial results despite economic uncertainties.
Blue Ridge Bank has made history by becoming the first commercial bank in the U.S. to offer Bitcoin access directly at its ATM locations. Customers can now buy and redeem Bitcoin at 19 ATMs across Virginia, enhancing the bank's services amid growing demand for cryptocurrencies. This initiative is a collaboration with BluePoint ATM Solutions and LibertyX, enabling users to purchase Bitcoin conveniently at their local bank ATMs. CEO Brian K. Plum emphasized the bank's commitment to evolving and meeting customer needs in the face of digital currency growth.
Blue Ridge Bankshares (NYSE American: BRBS) has completed its merger with Bay Banks of Virginia (OTC: BAYK). The merger creates a prominent Virginia community bank with a pro forma total market capitalization nearing $230 million. As of September 30, 2020, the combined entity has $2.8 billion in assets, $1.9 billion in deposits, and $2.1 billion in loans. Virginia Commonwealth Bank will operate as a division of Blue Ridge Bank until May 2021, following system conversions.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) has successfully completed its merger with Bay Banks of Virginia, Inc. (OTC: BAYK). This merger forms a prominent community bank in Virginia with a pro forma market capitalization nearing $230 million. The combined assets total approximately $2.8 billion, with $1.9 billion in deposits and $2.1 billion in loans. Virginia Commonwealth Bank will continue operating under its name until a systems transition in May 2021.
Blue Ridge Bankshares (NYSE American: BRBS) reported a Q4 2020 net income of $5.5 million, or $0.98 EPS, up from $5.1 million in Q3 2020 and $0.5 million in Q4 2019. The earnings include $0.7 million in one-time merger costs related to the upcoming merger with Bay Banks. Increased loan volumes, especially through the PPP loans, contributed to record earnings. However, there are concerns of asset quality deterioration due to COVID-19, with nonaccrual loans rising to $6.6 million. The Company declared a dividend of $0.1425 per share.
Shareholders of Blue Ridge Bankshares (NYSE American: BRBS) and Bay Banks of Virginia approved the merger of the two financial institutions on January 21, 2021. This strategic merger aims to create a combined entity with approximately $2.8 billion in assets, $1.9 billion in deposits, and $2.1 billion in loans, enhancing their market presence and service offerings. The merger is subject to regulatory approvals and could face challenges, including economic uncertainties stemming from the COVID-19 pandemic.
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