Here are 1-3 brief analogies to describe Blue Ridge Bankshares (BRBS):

1. A **community-focused Bank of America**, serving specific towns and regions rather than nationally.

2. A **smaller, more localized version of U.S. Bancorp**, concentrated in specific local communities.

3. The **'Main Street' bank equivalent to an independent grocery store versus a national supermarket chain**, offering full banking services tailored to its communities.

• Deposit Services: Provides a variety of checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Lending Services: Offers a comprehensive range of loans including commercial, real estate (residential and commercial), construction, and consumer loans.
• Digital Banking & Payment Services: Delivers convenient online and mobile banking, bill pay, debit and credit cards, and ATM access.
• Wealth Management & Investment Services: Facilitates access to investment planning, retirement solutions, insurance products, and brokerage services, often through partnerships.

Blue Ridge Bankshares (BRBS), as a bank holding company, primarily sells financial products and services directly to a diverse base of individuals and businesses rather than having a few major customer companies in the traditional sense. Therefore, its customers can be categorized as follows:

• Retail Customers (Individuals and Households): This category includes consumers who utilize a wide range of personal banking services. These services typically encompass checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), mortgages, home equity loans, auto loans, and other personal loans. These customers are individuals and families within the bank's operating regions.

• Commercial Customers (Businesses and Corporations): This segment comprises small to medium-sized businesses, corporations, and non-profit organizations that leverage commercial banking services. These services commonly include business checking and savings accounts, commercial loans (for working capital, equipment financing, and expansion), commercial real estate loans, lines of credit, and treasury management services. These are typically local and regional businesses seeking financial solutions for their operations.

Fiserv (FISV)

G. William ("Billy") Beale, Chief Executive Officer

Mr. Beale was appointed Chief Executive Officer of Blue Ridge Bankshares in July 2023. He previously served as President and Chief Executive Officer of Community Bankers Bank from November 2018 to July 2020. From May 1989 to March 2017, he worked for Union Bank & Trust (now Atlantic Union Bank), serving as CEO from 1991, during which time he grew the bank's total assets from $180 million to $8.5 billion. Earlier in his career, he was an executive and commercial lender for Capital Bank and Security Bank from 1971 to 1989.

Judy C. Gavant, Executive Vice President and Chief Financial Officer

Ms. Gavant has served as Executive Vice President and Chief Financial Officer of Blue Ridge Bankshares since February 2021. She also holds the titles of President and Chief Financial Officer of Blue Ridge Bank and Executive Vice President, Chief Financial Officer, and Treasurer of BRB Financial Group, Inc. With over 40 years of experience in accounting, taxation, finance, and mergers and acquisitions, Ms. Gavant previously served as Executive Vice President and Chief Financial Officer of Bay Banks of Virginia, Inc. and its bank subsidiary, Virginia Commonwealth Bank, from March 2018 until its merger with Blue Ridge Bankshares. Prior to that, she was Senior Vice President, Controller, and Chief Accounting Officer of Xenith Bankshares, Inc. until its acquisition by Atlantic Union Bankshares Corporation in January 2018.

Loreen A. Lagatta, Executive Vice President and Chief Human Resources Officer

Ms. Lagatta serves as the Executive Vice President and Chief Human Resources Officer for both Blue Ridge Bankshares and Blue Ridge Bank.

Grace M. Vallacchi, Executive Vice President and Chief Risk Officer

Ms. Vallacchi is the Executive Vice President and Chief Risk Officer of both Blue Ridge Bankshares and Blue Ridge Bank.

M. Dean Brown, Chief Operations and Technology Officer of the Bank

Mr. Brown holds the position of Chief Operations and Technology Officer for Blue Ridge Bank.

Key Risks to Blue Ridge Bankshares (BRBS)

1. Regulatory Oversight and Compliance Burdens: Blue Ridge Bankshares is operating under a Consent Order from the Office of the Comptroller of the Currency (OCC) issued in early 2024. This order mandates the bank to improve controls for anti-money laundering procedures and manage information technology risks associated with its fintech partnerships. These regulatory constraints have significantly limited the bank's growth prospects and ability to return capital to shareholders, as it currently cannot pay dividends due to these restrictions. The ongoing remediation efforts continue to be a material headwind.
2. Transition and Exit from Fintech Banking-as-a-Service (BaaS) and Non-Core Business Lines: The company is undergoing a strategic shift, exiting its fintech banking-as-a-service (BaaS) and mortgage lending businesses to refocus on traditional community banking. This transition has resulted in a substantial reduction in total deposits, particularly from wholesale and brokered funding, and has created operational complexities and elevated expenses related to the cleanup of these legacy initiatives.
3. Profitability Challenges and Margin Compression: The exit from the fintech business has negatively impacted Blue Ridge Bankshares' deposit balances and overall financial performance, contributing to net losses in recent quarters. The company also faces risks from margin compression and declining fee income. While efforts are underway to achieve sustainable profitability, the bank's earnings capacity has declined post-fintech exit, and its valuation remains discounted compared to peers.

• Competition from digital-first neobanks and specialized fintech platforms, which leverage advanced technology, lower overheads, and superior digital user experiences to offer banking services such as deposits, lending, and payments, thereby actively competing for customer segments traditionally served by community banks.
• Expansion of Big Tech companies (e.g., Apple, Google, Amazon) into financial services, offering products like payment solutions, digital wallets, and lending, which can disintermediate traditional banks by controlling key customer interactions and data.

Blue Ridge Bankshares (BRBS) operates primarily in two main segments: Commercial Banking and Mortgage Banking.

For its Commercial Banking services, which include various loans and deposit products, the addressable market size in the United States is approximately $1.6 trillion in 2025.

For its Mortgage Banking services, Blue Ridge Bankshares operates across the Mid-Atlantic and Southeast regions. The broader U.S. home loan market, which represents the addressable market for mortgage services, stood at approximately $2.29 trillion in 2025 and is projected to reach $3.02 trillion by 2030.

Blue Ridge Bankshares (BRBS) is strategically repositioning itself to drive future revenue growth over the next 2-3 years, primarily by focusing on its core community banking strengths and optimizing its financial operations. The company's future revenue growth is expected to be driven by the following factors:

1. Concentrated Growth in Core Community Banking: Blue Ridge Bankshares is exiting non-core mortgage banking operations and winding down its fintech BaaS indirect deposit business to refocus on traditional, relationship-based community banking in its existing markets of Virginia and north-central North Carolina. This strategic pivot aims to drive sustainable, organic revenue growth through cultivating stronger relationships, increasing in-market deposits, and engaging in selective lending within its core geographical footprint.
2. Net Interest Margin (NIM) Expansion: The company has demonstrated an improved net interest margin, primarily attributable to reduced deposit costs and a more favorable funding mix. Continued optimization of funding costs and strategic management of interest-earning assets are expected to be key contributors to increased net interest income, thereby boosting overall revenue.
3. Enhancement of Noninterest Income from Core Services: Although divesting from volatile non-core revenue streams, Blue Ridge Bankshares maintains diversified income sources from commercial and consumer banking, wealth management, and card services. The strategic realignment includes efforts to align service charges with market levels, suggesting a focus on enhancing noninterest income from these more stable, core banking services to support profitability and growth.
4. Operational Efficiency and Risk Management Improvements: Significant reductions in noninterest expenses, including headcount reductions and other operational efficiencies, are freeing up capital and resources. While primarily impacting profitability directly, these improvements indirectly support revenue growth by allowing for greater investment in core revenue-generating activities and strengthening the company's financial position to pursue organic growth initiatives.

Share Repurchases

• On August 25, 2025, Blue Ridge Bankshares authorized a share repurchase program for up to $15 million of its common stock.
• As of September 30, 2025 (end of Q3 2025), the company had repurchased 659,949 shares for a total of $2.8 million under this program.

Share Issuance

• In April 2024, Blue Ridge Bankshares completed a $150 million private placement of common and preferred stock, which involved the issuance of 60 million new common shares at $2.50 per share.
• The company completed a $161.6 million capital raise to support strategic initiatives and regulatory capital requirements, as noted in its Q2 2024 results.
• In April 2025, performance-based restricted stock awards totaling 3,400,000 shares were granted to certain executive officers.

Inbound Investments

• The $150 million private placement in April 2024 included investments from private investor Kenneth R. Lehman and Castle Creek Capital Partners VIII L.P., as well as other institutional investors.

Outbound Investments

• Blue Ridge Bankshares completed a merger with Bay Banks of Virginia, Inc. on February 1, 2021.
• On January 2, 2020, the company announced the acquisition of Richmond-based LenderSelect Mortgage Group.

Capital Expenditures

• As of June 30, 2025, Blue Ridge Bankshares Inc.'s Capital Expenditures amounted to -$531,000.
• The average annual Capital Expenditures growth rate was 8% over the past three years and 32% over the past five years.