Completes Exit from Banking-as-a-Service Depository Operations
Performance reflects sequential improvement in deposit growth, noninterest expense reduction, and nonperforming asset reduction
Regulatory remediation efforts on track
RICHMOND, Va. , Jan. 30, 2025 /PRNewswire/ — Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association (“Blue Ridge Bank” or the “Bank”) and BRB Financial Group, Inc., today announced financial results for the quarter and year ended December 31, 2024.
Blue Ridge Bankshares, Inc. has made significant strides in their financial performance, with improvements in deposit growth, reduction in noninterest expenses, and a decrease in nonperforming assets. The company has successfully completed its exit from Banking-as-a-Service depository operations, paving the way for even more growth and efficiency.
Furthermore, regulatory remediation efforts are on track, showcasing the company’s commitment to compliance and ethical business practices. This move not only benefits the company itself but also its customers and shareholders, who can have increased confidence in the bank’s stability and transparency.
Overall, these financial results demonstrate Blue Ridge Bankshares, Inc.’s commitment to growth, efficiency, and regulatory compliance, setting a strong foundation for future success in the banking industry.
How will this affect me?
As a customer of Blue Ridge Bank or a shareholder of Blue Ridge Bankshares, Inc., you can expect to see benefits from the company’s improved financial performance. With increased deposit growth, the bank may be able to offer more competitive interest rates on savings accounts or provide better loan options to customers. The reduction in noninterest expenses could also lead to cost savings for the bank, which may be passed on to customers in the form of lower fees or improved services.
How will this affect the world?
The successful financial results of Blue Ridge Bankshares, Inc. can have a positive impact on the banking industry as a whole. By demonstrating a commitment to regulatory compliance and ethical business practices, the company sets a standard for other banks to follow. This can lead to increased trust in the banking sector and improved overall stability in the industry. Additionally, the company’s growth and efficiency can contribute to economic growth and development in the communities it serves.
Conclusion
Blue Ridge Bankshares, Inc.’s financial results for the quarter and year ended December 31, 2024, reflect a strong performance and strategic decision-making. By completing their exit from Banking-as-a-Service depository operations and focusing on deposit growth, expense reduction, and regulatory compliance, the company has positioned itself for future success. Customers and shareholders can expect to see benefits from these improvements, while the banking industry and the world at large can benefit from increased trust, stability, and economic growth.
