CHARLOTTESVILLE, Va. and
RICHMOND, Va., Feb. 1, 2021 /PRNewswire/ -- Blue Ridge
Bankshares, Inc. (NYSE American: BRBS) ("Blue Ridge"), the parent holding company of
Blue Ridge Bank, National Association, today announced the
completion of the merger of Bay Banks of Virginia, Inc. (OTC: BAYK) ("Bay Banks"), the
parent holding company of Virginia Commonwealth Bank, into Blue
Ridge. Following completion of the merger, Virginia
Commonwealth Bank was merged into Blue Ridge Bank. The former
Virginia Commonwealth Bank branches assumed in the merger will
continue to operate under the name Virginia Commonwealth Bank, a
division of Blue Ridge Bank, until systems are converted in
May 2021.
The merger creates a leading Virginia-based community bank with a pro forma
total market capitalization approaching $230
million.
Based on financial information as of September 30, 2020, the combined company has
approximately $2.8 billion in assets,
$1.9 billion in deposits, and
$2.1 billion in loans.
About Blue Ridge
Blue Ridge Bankshares, Inc. operates under the supervision and
regulation of the Board of Governors of the Federal Reserve System
and the Bureau of Financial Institutions of the Virginia State
Corporation Commission, while Blue Ridge Bank, N.A. operates under
a national charter subject to the supervision and regulation of the
Office of the Comptroller of the Currency. The Company, through its
subsidiaries and affiliates, provides a wide range of financial
services including retail and commercial banking, payroll,
insurance, card payments, wholesale and retail mortgage lending,
and government-guaranteed lending.
Caution Regarding Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to,
statements about (i) the benefits of the merger between
Blue Ridge and Bay Banks; (ii)
Blue Ridge's plans, objectives,
expectations and intentions; and (iii) other statements that are
not historical facts which are identified by words such as "may",
"assumes", "approximately", "will", "expects", "anticipates",
"intends", "plans", "believes", "seeks", "estimates", "targets",
"projects", or words of similar meaning generally intended to
identify forward-looking statements. These forward-looking
statements are based upon the current beliefs and expectations of
the respective management of Blue
Ridge and are inherently subject to significant business,
economic and competitive uncertainties and contingencies, many of
which are beyond the control of Blue
Ridge. In addition, these forward- looking statements are
subject to various risks, uncertainties and assumptions with
respect to future business strategies and decisions that are
subject to change and difficult to predict with regard to timing,
extent, likelihood and degree of occurrence. As a result, actual
results may differ materially from the anticipated results
discussed in these forward-looking statements because of possible
uncertainties.
The following factors, among others, could cause actual results
to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
integration of the businesses of Blue
Ridge and Bay Banks may take longer, be more difficult,
time-consuming or costly to accomplish than expected; (2) the
expected growth opportunities or cost savings from the merger may
not be fully realized or may take longer to realize than expected;
(3) deposit attrition, operating costs, customer losses and
business disruption following the merger, including adverse effects
on relationships with employees and customers, may be greater than
expected; (4) economic, legislative or regulatory changes,
including changes in accounting standards, may adversely affect the
businesses in which Blue Ridge is
engaged; (5) the COVID-19 pandemic is adversely affecting
Blue Ridge and its customers,
employees and third-party service providers; the adverse impacts of
the pandemic on its respective business, financial position,
operations and prospects have been material, and it is not possible
to accurately predict the extent, severity or duration of the
pandemic or when normal economic and operation conditions will
return; and (6) other factors that may affect future results of
Blue Ridge.
Forward-looking statements speak only as of the date of this
press release. All of the forward-looking statements made in this
press release are expressly qualified by the cautionary statements
contained herein. Readers are cautioned not to rely on the
forward-looking statements contained in this press release, as no
assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if any of them do occur,
their ultimate impact on the results of operations or financial
condition of Blue Ridge.
Additional information about factors that may impact the
forward-looking statements may be found in reports filed by
Blue Ridge with the Securities and
Exchange Commission.
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SOURCE Blue Ridge Bankshares, Inc.