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Tag: Blue Ridge

Blue Ridge Bank names CEO

G. William “Billy” Beale became CEO of Blue Ridge Bank National Association on Sunday, giving the bank a leader separate from that of its parent company, Charlottesville-based Blue Ridge Bankshares Inc.

“I am excited to have the opportunity to join this team at a critical time in the banking industry,” Beale said in a statement. “Blue Ridge Bank has a unique community banking model with strong credit quality, diverse revenue streams, robust local market teams and sophisticated and innovative products.”

Brian K. Plum will remain the holding company’s president and CEO, focusing on broader strategy, technology and business line initiatives.

“Billy joining the team to lead Blue Ridge Bank provides the company with an experienced and successful bank executive who will be additive as we work to create shareholder value,” Plum said in a statement. “I have watched and admired Billy’s success during my career and am incredibly pleased to have him join Blue Ridge as a teammate.”

From November 2018 to July 2020, Beale was president and CEO of Midlothian-based Community Bankers’ Bank and he still serves on that bank’s board. Before that, Beale was CEO of Richmond-based Union Bank & Trust, now known as Atlantic Union Bank. During his tenure, from 1991 to March 2017, the bank’s total assets grew from $180 million to $8.5 billion. Beale joined a forerunner of the bank in 1989. From 1971 to 1989, Beale was an executive and commercial lender for Capital Bank and Security Bank, in Texas.

Beale received his bachelor’s degree in business administration from The Citadel, in South Carolina, in 1971, and he graduated from the Southwestern Graduate School of Banking at Southern Methodist University in 1981.

Chartered in 1893, Blue Ridge Bank has 26 locations in Virginia and one in North Carolina. As of March 31, Blue Ridge Bankshares Inc. had $3.33 billion in assets. At 11:10 a.m. on Monday, the company’s share price was $7.96, up 5.71% from its previous close price.

Blue Ridge Bank, FVCbank merger delayed

The merger of Charlottesville-based Blue Ridge Bankshares Inc., the parent company of Blue Ridge Bank, and Fairfax-based FVC Bankcorp Inc., the parent company of FVCbank, will be delayed, the companies announced this week.

The two regional companies announced the merger, which would create a $5 billion combined company, on July 14. The expected closing at the time was early 2022.

Following the Office of the Comptroller of the Currency’s identification of regulatory concerns, the financial institutions now expect the merger to close in the second or third quarter of 2022, Blue Ridge President and CEO Brian K. Plum said in a statement.

“We strongly believe that this transformational partnership remains strategically and financially attractive,” FVCB Chairman and CEO David W. Pijor said in a statement. “For all of the reasons that we’ve discussed previously, this is a highly compelling transaction for both companies, and we are committed to seeing it through to completion. We also know how committed Blue Ridge Bank’s management team is to resolving any concerns raised by its regulators.”

Blue Ridge has started an initiative to address the OCC’s concerns but did not provide the specific concerns.

“While we have additional work to do, we believe the OCC’s concerns are ones that we can solve in a timely fashion, and do not materially impact the strategic rationale of the Merger,” Plum said in a statement.

In February, Blue Ridge completed its merger with Richmond-based Bay Banks of Virginia Inc., the parent holding company of Virginia Commonwealth Bank, creating a bank with $2.8 billion in assets.

Founded in 1893, Blue Ridge Bank has 26 locations, including one in Greensboro, North Carolina. As of July 30, the bank had $2.76 million in assets.

FVCbank began operating in November 2007. The company has $2 billion in assets and is a Virginia-chartered community bank with 10 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, as well as in Washington, D.C., Baltimore and Rockville, Maryland.

Va. bank is first to allow customers to buy, redeem bitcoin at ATMs

With cryptocurrency use on the rise, customers of Charlottesville-based Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, will now be able to purchase and redeem bitcoin at its ATMs, making them the nation’s first commercial bank to do so, the company announced Wednesday.

Blue Ridge Bank cardholders can purchase and redeem bitcoin at 19 locations across the state, including its branch locations and offsite ATMs. The bank has partnered with Woodstock-based BluePoint ATM Solutions and Boston-based bitcoin ATM software provider LibertyX for the new service. Customers will still have access to traditional ATM services.

Cryptocurrencies such as bitcoin are an alternative to conventional currency, but its value fluctuates. As of Feb. 10, one bitcoin is worth approximately $45,000. At the end of January, one bitcoin was worth about $30,000. Since the pandemic’s effects began being felt in March 2020 (when bitcoin was worth $6,000 apiece), the value of bitcoin has been on a relatively steady incline. Business leaders such as Elon Musk of Tesla and Michael Saylor of Tysons-based MicroStrategy have recently invested billions of dollars in bitcoin. Bitcoin is a “dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” Saylor said in an August 2020 statement.

Bank of New York Mellon Corp., the oldest U.S. bank, also announced Thursday that it soon plans to hold, transfer and issue bitcoin and cryptocurrencies for customers.

Blue Ridge Bankshares also recognizes the new focus on cryptocurrency.

“Blue Ridge Bank is excited to continue its evolution to serve the growing needs of our current and future customers,” Blue Ridge Bankshares Inc. CEO Brian K. Plum said in a statement. 

“We predict that more community banks and credit unions will demand innovative fintech solutions like this at their branches, and we are excited to be a leader in this space,” BluePoint ATM Solutions CEO Wade Zirkle added.

Earlier this month, Blue Ridge Bankshares announced it had completed a merger with Richmond-based Bay Banks of Virginia Inc., the parent holding company of Virginia Commonwealth Bank. The combined bank has approximately $2.8 billion in assets, $2.1 billion in loans and $1.9 billion in deposits, based on Sept. 30, 2020 data. This ranks the bank No. 4 in the state for community bank deposit market share for institutions under $10 billion in assets, according to the bank’s August 2020 announcement.

 

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Visit Virginia’s Blue Ridge names sales, marketing VP

Visit Virginia’s Blue Ridge (Visit VBR) announced Monday it has promoted Debora Wright as vice president of sales and marketing. 

With more than 25 years of experience in destination marketing, Wright will lead external outreach and brand-building for the organization. She has been with the organization since 1993, when it was formerly known as Roanoke Valley CVB. During her time with Visit VBR, she has generated more than $2 million in grant funding.

“As an integral part of the Visit VBR team and longtime leader of marketing and communications, Debora’s combined experience and understanding in the travel and tourism industry makes her a natural fit for adding external sales and sports to this new role,” Visit VBR President Landon Howard said in a statement. “Debora is a respected professional who is dedicated to growing Virginia’s Blue Ridge as a destination as we move beyond 2020.”

The goal of Visit VBR is to grow visitation and generate revenues in Virginia’s Blue Ridge region. Before the pandemic, the organization had generated a record $920 million in direct travel expenditures during 2019, a 3% increase when compared to 2018. 

 

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