Blue Ridge Bnksh Stock Price, News & Analysis

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.

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.