Blue Ridge Bankshares, Inc. Completes Capital Raise
LURAY, Va., Jan. 2, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS) (the "Company"), parent company of Blue Ridge Bank, announced this week the sale of approximately $4.6 million of its common stock in a private placement. Approximately 330,000 shares were sold at a price of $14.00 per share. The Company expects to conduct an additional closing for another $1.8 million in common stock pending regulatory approvals. Once completed, the net proceeds for the Company are expected to be approximately $6.0 million.
The Company intends to use the net proceeds of the offering for general corporate purposes, including organic growth.
Sandler O'Neill + Partners, L.P. served as the sole placement agent for the offering and LeClairRyan, A Professional Corporation served as legal counsel for the Company.
About Blue Ridge Bankshares, Inc.:
Blue Ridge Bankshares, Inc. is single-bank holding company headquartered in Luray, Va. Chartered in 1893, Blue Ridge Bank is a locally owned, independent community bank with five branches in the Shenandoah Valley and Central Virginia, including Charlottesville, Harrisonburg, Luray, McGaheysville and Shenandoah. Visit www.mybrb.com for more information on the Bank's wide range of financial services.
Forward-Looking Statements
This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in interest rates, general economic conditions and legislative and regulatory policies. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this news release.
For more information, contact:
Amanda G. Story | Chief Financial Officer
Email: [email protected]
Phone: 540.743.6521 ext. 208
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SOURCE Blue Ridge Bankshares, Inc.
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