LURAY, Va., Jan. 24, 2014 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today it has been recognized by SNL Financial in a recent report as one of only 20 banks in the country, and only two in Virginia, to increase dividends by at least 2 percent per year and at least a cumulative 30 percent over the past five years.
"We are incredibly proud of the growth in both net income and common stock dividends per share over the past five years," said Blue Ridge Bank President and Chief Executive Officer Monte L. Layman. "There are nearly 7,000 banks in the United States—being recognized for positive news in a group of just 20 banks is heartening and a tribute to the hard work of everyone at the bank, both past and present."
The bank recorded a dividend yield of 3.20 percent with a dividend growth of 13.33 percent in 2013 and a cumulative growth of 41.67 percent from 2008-2013. The only other Virginia bank to join Blue Ridge Bankshares on the list is Chesapeake Financial Shares, Inc., parent company of Chesapeake Bank.
"Our dividend payments are very important to many of our shareholders as both an income stream and a driver of share price, so we will try our best to maintain our positive momentum while creating more economic value for our current and future shareholders," said Layman.
As noted in the SNL Financial article, Blue Ridge Bankshares increased its dividend even as it grew its balance sheet and branch network. The bank continues to look for opportunities for organic growth and strategic partnerships.
Below are the 18 other banks and thrifts across the country that increased common dividends declared by more than 2 percent annually for the past five years and had cumulative dividend growth for the past five years of more than 30 percent:
High Country Bancorp, Inc. (HCBC) – Salida, Colo.
Bank of the Ozarks, Inc. (OZRK) – Little Rock, Ark.
Quaint Oak Bancorp Inc. (QNTO) – Southampton, Pa.
Thomasville Bancshares Inc. (THVB) – Thomasville, Ga.
Cass Information Systems Inc. (CASS) – Saint Louis, Mo.
Northumberland Bancorp (NUBC) – Northumberland, Pa.
Prosperity Bancshares Inc. (PB) – Houston, Texas
Lyons Bancorp Inc. (LYBC) – Lyons, N.Y.
Mauch Chunk Trust Financial Corp. (MCHT) – Jim Thorpe, Pa.
Somerset Trust Holding Co. (SOME) – Somerset, Pa.
United Financial Bancorp Inc. (UBNK) – West Springfield, Mass.
First of Long Island Corp. (FLIC) – Glen Head, N.Y.
CCFNB Bancorp Inc. (CCFN) – Bloomsburg, Pa.
Muncy Bank Financial Inc. (MYBF) – Muncy, Pa.
BancFirst Corp. (BANF) – Oklahoma City, Okla.
Home Loan Financial Corp. (HLFN) – Coshocton, Ohio
First Robinson Financial Corp. (FRFC) – Robinson, Ill.
UMB Financial Corp. (UMBF) – Kansas City, Mo.
To read the full report published Jan. 22, visit Blue Ridge Bank's Corporate Profile and click on the Recent News tab.
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 four branches in the Shenandoah Valley and central Virginia. Visit www.mybrb.com for more information on the bank's wide range of financial services.
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.
Brian K. Plum, Executive Vice President and Chief Financial Officer
Blue Ridge Bank
SOURCE Blue Ridge Bankshares, Inc.