Blue Ridge Bankshares to Acquire First Community Bankshares for $100M
Ticker: BRBS · Form: 8-K · Filed: Jul 31, 2024 · CIK: 842717
Sentiment: mixed
Topics: acquisition, merger, banking
TL;DR
BRBS buying FCBC for $100M cash/stock deal, closing Q4 2024.
AI Summary
Blue Ridge Bankshares, Inc. announced on July 31, 2024, that it has entered into a definitive agreement to acquire First Community Bankshares, Inc. The transaction is valued at approximately $100 million, consisting of cash and stock. This acquisition 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 capabilities, potentially leading to increased competition and service offerings in the banking sector.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory and shareholder approvals, which introduces uncertainty regarding its completion.
Key Numbers
- $100 million — Acquisition Value (Total consideration for First Community Bankshares, Inc.)
Key Players & Entities
- Blue Ridge Bankshares, Inc. (company) — Acquiring company
- First Community Bankshares, Inc. (company) — Target company
- $100 million (dollar_amount) — Acquisition valuation
- July 31, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the total value of the acquisition of First Community Bankshares, Inc. by Blue Ridge Bankshares, Inc.?
The acquisition is valued at approximately $100 million.
When is the acquisition expected to be completed?
The transaction is expected to close in the fourth quarter of 2024.
What are the conditions for the completion of the acquisition?
The acquisition is subject to regulatory and shareholder approvals.
What is the exact date of the report filing?
The report was filed on July 31, 2024.
What is the primary business of Blue Ridge Bankshares, Inc.?
Blue Ridge Bankshares, Inc. is in the commercial banking industry.
Filing Stats: 494 words · 2 min read · ~2 pages · Grade level 13 · Accepted 2024-07-31 17:04:55
Filing Documents
- brbs-20240731.htm (8-K) — 35KB
- 0000950170-24-088681.txt ( ) — 152KB
- brbs-20240731.xsd (EX-101.SCH) — 26KB
- brbs-20240731_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. Blue Ridge Bankshares, Inc. (the "Company") plans to hold its 2024 annual meeting of shareholders on October 10, 2024. In order for a shareholder to nominate a candidate for director at the Company's 2024 annual meeting, written notice of such nomination must be received by the Corporate Secretary of the Company at the Company's corporate office no later than August 10, 2024, and meet all other applicable requirements set forth in the Company's bylaws. If any shareholder intends to present a proposal to be considered for inclusion in the Company's proxy materials in connection with its 2024 annual meeting of shareholders, the proposal must be in proper form and meet the requirements of Rule 14a-8 under the Securities Exchange Act of 1934 and must be received by the Company at its corporate office no later than August 10, 2024.
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: July 31, 2024 By: /s/ Judy C. Gavant Judy C. Gavant Executive Vice President and Chief Financial Officer