Welcome to our dedicated page for Blue Ridge Bnksh news (Ticker: BRBS), a resource for investors and traders seeking the latest updates and insights on Blue Ridge Bnksh stock.
Blue Ridge Bankshares Inc. (BRBS), a community banking institution serving clients since 1893, maintains this dedicated news hub for stakeholders seeking authoritative updates about its financial services and community initiatives. This page aggregates all official announcements, regulatory filings, and strategic developments from the Virginia-based bank.
Investors and community members alike will find value in our curated collection of earnings reports, regulatory updates, and leadership announcements. The resource prioritizes timely access to material information affecting BRBS's retail banking operations, commercial lending activities, and risk management practices.
Regular updates cover essential developments including capital management strategies, community reinvestment programs, and service expansion initiatives. All content undergoes verification to ensure alignment with financial disclosure standards and the bank's commitment to transparent communication.
Bookmark this page for streamlined access to Blue Ridge Bankshares' latest news. For comprehensive understanding of the company's operations, review updates alongside our detailed corporate profile and historical filings.
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.
Shareholders of Blue Ridge Bankshares (NYSE: BRBS) and Bay Banks of Virginia (OTC: BAYK) approved their merger in separate meetings. This 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 based on data from September 30, 2020. The merger is expected to enhance market presence and financial services offerings. However, various risks are associated with the merger, including integration challenges and potential impacts from the ongoing COVID-19 pandemic.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) announced it has received all necessary regulatory approvals for the merger with Bay Banks of Virginia, Inc. Shareholder meetings are scheduled for January 21, 2021, to vote on the merger. The merger aims to enhance service offerings and market presence, although it remains subject to shareholder approval and other conditions. Both companies are engaged in providing a wide array of banking services across Virginia. Potential risks include integration challenges and impacts from the ongoing COVID-19 pandemic.
Bay Banks of Virginia reported financial results for Q3 2020, revealing a net income of $1.5 million, marking an improvement from a net loss of $8.1 million in Q2 2020. However, the company experienced a net loss of $6.6 million for the first nine months of 2020 due to a significant goodwill impairment of $10.4 million. The company announced a merger with Blue Ridge Bankshares, where shareholders will receive 0.50 shares of Blue Ridge stock for each Bay Banks share. The merger is expected to close in Q1 2021, pending approvals. Loan loss provisions have increased, primarily due to COVID-19 impacts.
Blue Ridge Bankshares reported a net income of $5.1 million for Q3 2020, equating to $0.88 EPS, down from $6.2 million or $1.10 EPS in the previous quarter, yet significantly up from $1.3 million or $0.29 EPS year-over-year. This quarter's earnings were affected by $1.1 million in one-time merger expenses. The bank funded over 2,400 PPP loans totaling $361 million, gaining $11.5 million in processing fees. A dividend of $0.1425 per share will be paid on October 30, 2020. The bank anticipates potential asset quality deterioration due to ongoing COVID-19 challenges.
Carolina State Bank, a division of Blue Ridge Bank, has appointed Alex Jung as the North Carolina Market President. With over 25 years of experience in consumer, commercial, and mortgage banking, Jung aims to leverage market opportunities in the Piedmont Triad area. He is expected to enhance the bank's community-focused services. Brian K. Plum, CEO of Blue Ridge Bankshares, praised Jung's extensive skill set and leadership qualities, which align with the bank's mission. Carolina State Bank has a strong presence in North Carolina and several other states.
Blue Ridge Bankshares and Bay Banks of Virginia have announced a definitive merger agreement to form a significant Virginia-based community bank with a combined market capitalization nearing $200 million. Bay Banks shareholders will exchange their shares for Blue Ridge stock at a ratio of 0.50. The new entity will operate under the Blue Ridge name and hold approximately $2.4 billion in assets. Projected cost savings of $8.2 million and strong profitability metrics are expected to enhance shareholder value. The merger is anticipated to close in Q1 2021.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) reported a significant rise in Q2 2020 net income, reaching $6,218,000 or $1.10 per share, compared to $841,000 or $0.15 per share in Q1 2020. This growth is attributed to increased mortgage volume and Paycheck Protection Program (PPP) loan fees, offset by higher loan loss provisions due to COVID-19 uncertainties. The company funded over 2,400 PPP loans totaling approximately $350 million, earning about $11 million in processing fees. Total assets rose by 66.05% year-to-date to $1.6 billion, reflecting a robust response to the pandemic.
