BRBS - Blue Ridge Bankshares Inc. Closes on Common Stock Offering
LURAY, Va., Feb. 28, 2019 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS) (the "Company"), parent company of Blue Ridge Bank, N.A., announced today the sale of 1,304,848 shares of common stock for an aggregate price of approximately $19.9 million in a private placement to accredited investors. The Company expects to sell up to an additional 232,000 shares of common stock pursuant to a previously existing non-dilution right. Once completed, the total net proceeds for the Company are expected to be approximately $22.3 million.
The Company intends to use the net proceeds of the offering for general corporate purposes, including organic growth.
"We are very excited to announce the execution of this common stock offering," said Brian K. Plum, President and Chief Executive Officer. "We believe the capital will support growing the Company in a prudent and meaningful way for the benefit of our existing and new shareholders. We are especially pleased with the broad support we received from key Piedmont Triad investors. Additionally, the participation of members of our board and management reinforces the vested interest Company leadership has in our success."
Raymond James & Associates, Inc. served as the sole placement agent for the offering and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP served as legal counsel for the Company.
About Blue Ridge Bankshares, Inc.:
Blue Ridge Bankshares, Inc. is a single-bank holding company headquartered in Luray, VA. Chartered in 1893 as the Page Valley Bank of Virginia, today Blue Ridge Bank, N.A. has additional branches in Charlottesville, Drakes Branch, Harrisonburg, Martinsville, McGaheysville, Shenandoah, Stuart, and also does business as Carolina State Bank in Greensboro, N.C. The Bank's service platform includes purchase cards, payroll services, and a sophisticated suite of full-service treasury solutions. The Bank has mortgage operations in Virginia, Maryland, North Carolina, and Florida. Celebrating 126 years as a locally owned, independent community bank, Blue Ridge Bank, N.A. provides a wide range of financial services. Visit www.mybrb.com for more information.
Forward-Looking Statements
This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements include risks, uncertainties, estimates and assumptions made by management, and actual results and financial conditions could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations, balance sheet, and future prospects include, but are not limited to, changes in interest rates, general economic conditions and legislative and regulatory policies. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this news release.
SOURCE Blue Ridge Bankshares, Inc.