BLUE RIDGE BANKSHARES: Material Agreement Entered & Terminated

TL;DR

**BRBS just entered and terminated a major agreement, watch for details on what changed!**

AI Summary

BLUE RIDGE BANKSHARES, INC. filed an 8-K on January 25, 2024, reporting an event that occurred on January 24, 2024. The filing indicates both the entry into and termination of a material definitive agreement, suggesting a significant change in a key business contract or relationship. This matters to investors because such agreements can impact the company's financial health, strategic direction, and future profitability, potentially affecting the stock's value.

Why It Matters

This filing signals a significant shift in a core business agreement for BLUE RIDGE BANKSHARES, which could have immediate or long-term financial implications for the company and its shareholders.

Risk Assessment

Risk Level: medium — The simultaneous entry and termination of a material agreement introduces uncertainty regarding the company's strategic direction and financial stability, warranting a medium risk assessment.

Analyst Insight

Investors should seek further clarification from BLUE RIDGE BANKSHARES, INC. regarding the nature and implications of the material definitive agreement that was both entered into and terminated on January 24, 2024, as this could significantly impact future performance.

Key Players & Entities

• BLUE RIDGE BANKSHARES, INC. (company) — the registrant filing the 8-K
• January 24, 2024 (date) — date of the earliest event reported
• January 25, 2024 (date) — date the 8-K was filed
• BRBS (company) — trading symbol for BLUE RIDGE BANKSHARES, INC.
• NYSE American (company) — exchange where BRBS common stock is registered

FAQ

Filing Documents

• d870968d8k.htm (8-K) — 46KB
• d870968dex101.htm (EX-10.1) — 159KB
• 0001193125-24-015560.txt ( ) — 356KB
• brbs-20240124.xsd (EX-101.SCH) — 3KB
• brbs-20240124_lab.xml (EX-101.LAB) — 18KB
• brbs-20240124_pre.xml (EX-101.PRE) — 11KB
• d870968d8k_htm.xml (XML) — 3KB

01

Item 1.01 Entry into a Material Definitive Agreement. On January 24, 2024, Blue Ridge Bank, National Association (the "Bank"), the wholly-owned bank subsidiary of Blue Ridge Bankshares, Inc., consented to the issuance of a consent order (the "Order") by the Office of the Comptroller of the Currency (the "OCC"), the Bank's primary federal banking regulator. The Order replaces the formal written agreement entered into by the Bank with the OCC on August 29, 2022 (the "Written Agreement"). The Order generally incorporates the prior provisions of the Written Agreement, as well as adding new provisions. In connection to the issuance of the Order, the Bank did not admit or deny any of the OCC's findings or charges made by the OCC in the Order. Under the terms of the Order, the Bank and/or the Board of Directors of the Bank (the "Board") is required to take certain actions, including but not limited to, the following: Maintain a compliance committee of the Board to monitor and oversee compliance with the Order and regularly submit progress reports to the Board and the OCC regarding actions taken to comply with the Order. Submit a written plan acceptable to the OCC detailing remedial actions needed to achieve and sustain compliance with the Bank Secrecy Act (the "BSA") and the Order, and to address all Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") deficiencies, violations and corrective actions communicated to the Bank. Adopt, review and monitor the Bank's management in implementing and adhering to, a written program to effectively assess and manage the risks posed by the Bank's third-party relationships. Obtain the OCC's written non-objection prior to onboarding or signing a contract with a new third-party fintech relationship, or offering new products or services or conducting new activities with or through existing third-party fintech relationships. Ensure that onboarding of new end user accounts within existing third-party fintech relationships and su

02

Item 1.02 Termination of a Material Definitive Agreement. The information regarding the Written Agreement contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 1.02.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Consent Order issued by the Office of the Comptroller of the Currency, dated January 24, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements

Forward-Looking Statements: This report 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 the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with 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 the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. 4

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLUE RIDGE BANKSHARES, INC. Dated: January 25, 2024 By: /s/ Judy C. Gavant Judy C. Gavant Executive Vice President and Chief Financial Officer 5

View Full Filing

View this 8-K filing on SEC EDGAR