Blue Ridge Bankshares, Inc. Increases Dividend 5.3%, Plans Stock Split

CHARLOTTESVILLE, Va., March 17, 2021 /PRNewswire/ — Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS) today announced that its Board of Directors has approved and declared a quarterly dividend of $0.15 per share, an increase of $0.0075, or 5.3% over the most recent quarterly dividend. The cash dividend will be paid to shareholders of record on April 20, 2021 and payable on April 30, 2021. In addition, the Company announced that its Board of Directors has approved and declared a 3-for-2 stock split, which will be paid as a 50% stock dividend to shareholders of record at the close of business on April 20, 2021. The additional shares will be distributed on April 30, 2021. Following the spin-off, the outstanding shares of the Company will change from ‘about 12.4 million to 18.6 million. Cash will be paid in lieu of fractional shares based on the closing price of common shares on the record date. The quarterly cash dividend will be paid on the pre-split shares.

“Our team’s incredible energy and commitment to our customers and communities has created strong financial results despite great uncertainty over the past 12 months,” said Brian K. Plum, President and Chief Executive Officer. “The results allow us to offer shareholders a significant increase in the cash dividend and an increase in the number of shares via the stock split as we focus on continuing to improve shareholder value and the liquidity.”

Forward-looking statements

This Blue Ridge Bankshares, Inc. 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 declarations. the Company’s opinions regarding future events, business plans, objectives, expected results of operations and the assumptions on which such statements are based. Forward-looking statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are generally identified by words such as “may”, “could”, “should”. ”, “should”, “would”, “believes”, “anticipates”, “estimates”, “expects”, “aims”, “intends”, “plans” 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 that are subject to change based on factors that are, in many cases, independent of the will of the Company. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.

The following factors, among others, could cause the financial performance of the Company to differ materially from that expressed in such forward-looking statements: (i) the strength of the U.S. economy generally and the strength of the local economies in which the Company conducts business operations; (ii) geopolitical conditions, including acts or threats of terrorism, or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflict, which could impact business and economic conditions in the United States and abroad; (iii) the effects of the COVID-19 pandemic, including the adverse impact on the Company’s business and operations and on the Company’s customers which may result in, among other things, increased chargebacks, payment, 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 downturn in the real estate market, which could adversely affect the value of the Company’s collateral and its ability to sell the collateral in case of seizure; (vi) changes in consumer spending and saving habits; (vii) changes in technology and social media; (viii) the effects of and changes in trade, monetary and fiscal policies and laws, including the Federal Reserve Board of Governors’ interest rate policies, inflation, interest rates, market fluctuations and monetary; (ix) changes in bank regulatory conditions, policies or programs, whether new legislation or regulatory initiatives, which may result in restrictions on the business of banks generally, or the subsidiary of the Company in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income-generating activities or changes in the secondary market loans and other products; (x) the impact of changes in financial services policies, laws and regulations, including tax, banking, securities and insurance laws, regulations and policies, and their enforcement by regulators ; (xi) the impact of changes in laws, regulations and policies affecting the real estate industry; (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 such products and services by new and existing customers; (xiv) the desire of users to substitute the products and services of competitors for the products and services of the Company; (xv) the effect of acquisitions the Company may make, including, without limitation, the failure to realize the revenue growth and/or expense savings expected from such acquisitions; (xvi) changes in the level of the Company’s non-performing assets and charges; (xvii) the Company’s involvement, from time to time, in legal proceedings and reviews and corrective actions by regulatory authorities; (xviii) potential exposure to fraud, negligence, computer theft and cybercrime; (xix) the ability of the Company to pay dividends; (xx) the Company’s involvement as a participating lender in the PPP as administered through the SBA, (xxi) the business of the Company and Bay Banks of Virginia, Inc. (“Bay Banks”) after the recently completed merger may not be successfully integrated or such integration may be more difficult, time consuming or costly than expected; (xxii) revenue synergies and cost savings expected from the Bay Banks merger may not be fully realized or realized within the timeframe anticipated; (xxiii) revenues following the Bay Banks merger may be lower than expected; (xxiv) customer and employee relationships and business operations could be disrupted by the Bay Banks merger; and (xxv) other risks and factors identified in the “Risk Factors” sections and elsewhere in the Company’s filings with the SEC from time to time.

Quote Show original content to download multimedia:

SOURCEBlue Ridge Bankshares, Inc.

About Nicole Harmon

Check Also

RFL chief defends new £12m rugby league loan

RFL chief executive Ralph Rimmer. Photo by Bruce Rollinson. The sport secured a £12million cash …