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.
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.