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, 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.
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.