Blue Ridge Bankshares, Inc. increases its dividend by 20%
CHARLOTTESVILLE, Virginia., July 14, 2021 / PRNewswire / – Blue Ridge Bankshares, Inc. (NYSE American: BRBS) (the “Company”), the holding company of Blue Ridge Bank (the “Bank”) and BRB Financial Group, Inc., announced today its board of directors The directors approved and declared a quarterly dividend of $ 0.12 per share, an increase of $ 0.02, or 20% of the most recent quarterly dividend. The cash dividend will be paid to shareholders of record as of July 26, 2021 and payable on July 30, 2021.
“We are pleased to provide shareholders with an increased dividend on their common stock,” said Brian K. Plum, President and Chief Executive Officer of the Company. “The ability to deliver an increased dividend is a direct result of the hard work and commitment of all team members. A significant portion of these dividends flow back to the communities we serve and are reinvested in family budgets, nonprofits and small businesses. ”
This announcement follows CNBCThe best US states for business studycrowning Virginia as the top state for business and North Carolina close a second. The Bank was also recently recognized as a Top Lender 2021 by the Independent Community Bankers of America (ICBA), making it the only bank to rank in the Top 20 for both “Consumer and Mortgage: Over $ 1 billion“and” Commercial: more than $ 1 billion. “
“We are focused on the pursuit of creating shareholder value and are delighted that the states comprising our commercial banks are ranked # 1 and # 2 among the top states for business,” Plum added. “We have a great opportunity to build on our momentum and continue to serve more customers. ”
The Company announced in March 2021 a 3 for 2 stock split, which was effected in the form of a 50 percent stock dividend to shareholders of record at the close of business on April 20, 2021. The additional shares were distributed on April 30, 2021. Following the spin-off, the outstanding shares of the Company increased from approximately 12.4 million to 18.6 million. Also in March 2021, the Company declared a quarterly dividend of $ 0.15 per share (or $ 0.10 per share on a post-split basis), an increase of $ 0.0075, or 5.3% of its previous quarterly dividend.
The company recently announced that it has joined the Russell 2000® Index (INDEXRUSSELL: RUT) for the first time in its history. The Company reported total assets of $ 3.17 billion at March 31, 2021, an augmentation of $ 1.67 billion of $ 1.50 billion at December 31, 2020.
About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is the holding company of Blue Ridge Bank, National Association. 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 mortgages. and government guaranteed loans. The Company also provides investment and wealth management and management services for personal and corporate trusts, including estate planning and administration of trusts. Visit www.mybrb.com for more information.
This Company press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of Company beliefs. regarding future events, business plans, objectives, expected results of operations and the assumptions on which these statements are based. Forward-looking statements include, without limitation, any statement that may predict, predict, indicate or imply future results, performance or achievements, and are generally identified by words such as “may”, “could”, ” should “,” will, “” would “,” believe “,” anticipate “,” estimate “,” expect “,” aim “,” intend “,” plan “, or words or phases of similar meaning.The Company cautions that forward-looking statements are based in large part on its expectations and are subject to a number of known and unknown risks and uncertainties which are subject to change depending on factors which, in many cases, are subject to change. cases, are beyond the control of the Company Actual results, performances or achievements could differ materially from those envisaged, expressed or implied by forward-looking statements.
The following factors, among others, could cause the Company’s financial performance to differ materially from that expressed in these forward-looking statements: (i) the strength of United States the economy in general and the strength of the local economies in which the Company operates; (ii) geopolitical conditions, including acts or threats of terrorism, or actions taken by United States or other governments in response to acts or threats of terrorism and / or military conflict, which could impact trade and economic conditions in United States and abroad; (iii) the effects of the COVID-19 pandemic, including the negative impact on the Company’s activities and operations and on the Company’s customers which may result, among other things, in an increase in defaults, payments defaults, foreclosures and loan losses; (iv) the occurrence of major natural disasters, including extreme weather conditions, floods, health problems and other catastrophic events; (v) the Company’s management of the risks inherent in its portfolio of real estate loans, and the risk of a prolonged slowdown in the real estate market, which could affect the value of the Company’s guarantees and its ability to sell guarantees in the event of a capture ; (vi) changes in consumption and savings habits; (vii) technological and social media changes; (viii) the effects and modifications of commercial, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, fluctuations in the market and monetary; (ix) changes in the conditions, policies or regulatory programs of banks, whether new legislation or regulatory initiatives, which could result in restrictions on the activities of banks in general, or of the Bank in in particular, more restrictive regulatory capital requirements, increased costs, including premium deposit insurance, regulation or prohibition of certain income-generating activities or changes in the secondary market for loans and other products; (x) the impact of changes in financial services policies, laws and regulations, including laws, regulations and policies relating to taxes, banking, securities and insurance, and their enforcement by regulatory agencies. regulation; (xi) the impact of changes in laws, regulations and policies affecting the real estate sector; (xii) the effect of changes in accounting policies and practices, as may be adopted from time to time by banking regulators, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board , the Financial Accounting Standards Board or other accounting standards bodies; (xiii) the timely development of new competitive products and services and the acceptance of these products and services by new and existing customers; (xiv) the willingness of users to substitute the products and services of competitors for the products and services of the Company; (xv) the effects of any acquisitions that the Company may make, including, without limitation, the inability to realize the revenue growth and / or the expense savings expected from such transactions; (xvi) changes in the level of non-performing assets and write-offs of the Company; (xvii) the involvement of the Company, from time to time, in legal proceedings and reviews and corrective actions by regulators; (xviii) potential exposure to fraud, negligence, computer theft and cybercrime; (xix) the ability of the Company to pay dividends; (xx) the involvement of the Company as a lender participating in the PPP as administered by the SBA; and, (xxi) other risks and factors identified in the “Risk Factors” sections and elsewhere in documents that the Company files from time to time with the SEC.
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SOURCE Blue Ridge Bankshares, Inc.