Blue Ridge Bankshares, Inc. reports developments for a bank holding company whose subsidiaries include Blue Ridge Bank, National Association and BRB Financial Group, Inc. Company news centers on retail and commercial banking, loan and deposit activity, quarterly operating results, credit trends, capital ratios, and a return to community banking after the termination of an OCC consent order.
Recurring updates also cover capital actions such as special cash dividends, share repurchase authorization, and warrant-related matters, along with leadership and board changes at the holding company and bank. The company’s services include checking, savings, money market and cash management accounts; commercial, residential mortgage, home equity and consumer loans; and investment, wealth management and trust services.
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.
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.