Blue Ridge Bankshares Shareholders Approve Acquisition
Ticker: BRBS · Form: 8-K · Filed: Mar 7, 2024 · CIK: 842717
Sentiment: neutral
Topics: acquisition, shareholder-approval, common-stock
TL;DR
BRBS shareholders approved the acquisition of FCBC, deal expected to close Q2 2024.
AI Summary
On March 6, 2024, Blue Ridge Bankshares, Inc. announced that its shareholders approved the issuance of 1,200,000 shares of common stock in connection with the acquisition of First Community Bankshares, Inc. The transaction is expected to close in the second quarter of 2024.
Why It Matters
This shareholder approval is a key step towards the completion of the acquisition, which will expand Blue Ridge Bankshares' market presence.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions and regulatory approvals, which introduces execution risk.
Key Numbers
- 1,200,000 — Shares of Common Stock (Approved for issuance in connection with the acquisition.)
Key Players & Entities
- Blue Ridge Bankshares, Inc. (company) — Registrant
- First Community Bankshares, Inc. (company) — Acquired company
- 1,200,000 (dollar_amount) — Shares of common stock to be issued
- March 6, 2024 (date) — Date of shareholder meeting and approval
- second quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
What was the primary purpose of the March 6, 2024, shareholder meeting for Blue Ridge Bankshares, Inc.?
The primary purpose was for shareholders to vote on and approve the issuance of 1,200,000 shares of common stock in connection with the acquisition of First Community Bankshares, Inc.
Who is Blue Ridge Bankshares, Inc. acquiring?
Blue Ridge Bankshares, Inc. is acquiring First Community Bankshares, Inc.
How many shares of common stock were approved for issuance?
Shareholders approved the issuance of 1,200,000 shares of common stock.
When is the acquisition of First Community Bankshares, Inc. expected to close?
The acquisition is expected to close in the second quarter of 2024.
What is the filing date of this 8-K report?
The filing date of this 8-K report is March 7, 2024.
Filing Stats: 656 words · 3 min read · ~2 pages · Grade level 13.9 · Accepted 2024-03-07 17:05:03
Filing Documents
- d809842d8k.htm (8-K) — 31KB
- 0001193125-24-062311.txt ( ) — 151KB
- brbs-20240306.xsd (EX-101.SCH) — 3KB
- brbs-20240306_lab.xml (EX-101.LAB) — 18KB
- brbs-20240306_pre.xml (EX-101.PRE) — 11KB
- d809842d8k_htm.xml (XML) — 4KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLUE RIDGE BANKSHARES, INC. (Registrant) Date: March 7, 2024 By: /s/ Judy C. Gavant Judy C. Gavant Executive Vice President and Chief Financial Officer 3