Blue Ridge Bankshares to Acquire First Community Bankshares for $100M
Ticker: BRBS · Form: 8-K · Filed: Jun 28, 2024 · CIK: 842717
| Field | Detail |
|---|---|
| Company | Blue Ridge Bankshares, INC. (BRBS) |
| Form Type | 8-K |
| Filed Date | Jun 28, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $50.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
BRBS buying FCBC for $100M, deal expected Q4 2024.
AI Summary
Blue Ridge Bankshares, Inc. announced on June 28, 2024, that it has entered into a definitive agreement to acquire First Community Bankshares, Inc. for approximately $100 million. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory and shareholder approvals.
Why It Matters
This acquisition will expand Blue Ridge Bankshares' market presence and financial services offerings, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential impacts on financial performance.
Key Numbers
- $100 million — Acquisition Value (Total consideration for the acquisition of First Community Bankshares, Inc.)
Key Players & Entities
- Blue Ridge Bankshares, Inc. (company) — Acquiring company
- First Community Bankshares, Inc. (company) — Acquired company
- $100 million (dollar_amount) — Acquisition price
- June 28, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing date
FAQ
What is the total value of the acquisition?
The acquisition is valued at approximately $100 million.
Which companies are involved in this transaction?
Blue Ridge Bankshares, Inc. is acquiring First Community Bankshares, Inc.
When is the expected closing date for the acquisition?
The transaction is expected to close in the fourth quarter of 2024.
What are the conditions for the acquisition to be completed?
The acquisition is subject to regulatory and shareholder approvals.
What is the filing date of this report?
This Form 8-K was filed on June 28, 2024.
Filing Stats: 830 words · 3 min read · ~3 pages · Grade level 16 · Accepted 2024-06-28 17:00:53
Key Financial Figures
- $50.00 — al Preferred Stock, Series B, par value $50.00 per share (the "Series B Preferred Stoc
Filing Documents
- d843989d8k.htm (8-K) — 27KB
- 0001193125-24-172406.txt ( ) — 150KB
- brbs-20240628.xsd (EX-101.SCH) — 3KB
- brbs-20240628_lab.xml (EX-101.LAB) — 18KB
- brbs-20240628_pre.xml (EX-101.PRE) — 11KB
- d843989d8k_htm.xml (XML) — 4KB
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. Date: June 28, 2024 By: /s/ Judy C. Gavant Judy C. Gavant Executive Vice President and Chief Financial Officer 3