BRBS News & Events

Blue Ridge Bankshares announces that its Board of Directors has declared a special cash dividend of 25c per share of the company's common stock. The dividend is payable on November 21 to shareholders of record as of the close of business on November 7.

Blue Ridge Bankshares announced that its Board of Directors has adopted a share repurchase program. Pursuant to the Repurchase Program, the Company may purchase up to $15M of the Company's issued and outstanding shares of common stock. Repurchases may be made in open market purchases, block trades, or privately negotiated transactions.

Blue Ridge Bankshares announced that Blue Ridge Bank has entered into a definitive asset purchase and sale agreement to sell certain assets of its mortgage division operating as Monarch Mortgage to an unrelated third-party mortgage company. Monarch Mortgage provides mortgage banking services, including the origination and processing of residential mortgage loans primarily for sale into the secondary market. The transaction is expected to close by the end of the first quarter, subject to customary closing conditions.

Reports Q4 tangible book value per share $3.82. Reports Q4 CET1 capital ratio 17.24%. Reports Q4 net charge-offs .36%. The company said, "With respect to our regulatory remediation work, I am pleased to say that as of the end of 2024, we had exited 45 fintech banking-as-a-service depository partnerships in an orderly wind down as to not adversely impact the many customers attained through these relationships. In doing so, we reduced deposits from these sources by $445 million. Over the same period, we reduced our dependency on wholesale funding by nearly $113 million. To meet these obligations, our team selectively reduced out-of-market loans, sold non-core assets, and grew deposits in the Bank's primary footprint by approximately $172 million."