back Back

Blue Ridge Bankshares merges with FVCBankcorp to create 4th largest Virginia-headquartered community bank

By Pavithra R

July 15, 2021

  • America
  • Blue
Share

Blue Ridge Bankshares merges with FVCBankcorp to create 4th largest Virginia-headquartered community bankBlue Ridge Bankshares, the parent company of Blue Ridge Bank, National Association, and FVCBankcorp, the parent company of FVCbank, jointly announced that they have entered into a definitive agreement pursuant to which the companies will combine in an all-stock merger of equals to create the fourth-largest Virginia-headquartered community bank based on assets.

The partnership expects to create greater scale to drive growth, enhance profitability and improve shareholder value. The transaction leverages complementary market positions and creates a statewide institution with a presence in key Virginia markets.

“This partnership creates a powerful and innovative financial services provider better able to serve its clients and communities of today and tomorrow. The team at FVCB has built and maintains a high-quality banking franchise, and there is no better team with which to unite to capitalize on the opportunities presented by an evolving industry,” said Brian K. Plum, President and Chief Executive Officer of Blue Ridge.

The combination enhances revenue streams with increased sources of fee income and complementary product lines. The opportunities for improved profitability and enhanced revenue streams will create meaningful capital generation to further support technology initiatives and FinTech partnerships.

Under the terms of the agreement, FVCB shareholders will receive 1.1492 shares of Blue Ridge common stock for each share of FVCB common stock they own. FVCB shareholders will own approximately 47.5%, and Blue Ridge shareholders will own approximately 52.5% of the combined company on a fully diluted basis. The combined company will be headquartered in Virginia and will maintain operation centers in other markets.

“We are thrilled to be partnering with Blue Ridge Bankshares in this merger. Over the past couple of years, the growth initiatives and investments Blue Ridge has made has resulted in expanded profitability and a differentiated platform. Our two companies complement each other beautifully, and the combined company will be a formidable competitor across our markets. We believe this merger will enable us to serve our customers with additional products and services, including increased lending capacity and capabilities. As part of a larger and more diverse institution, our employees will have additional opportunities to grow, learn, and develop their careers. Our shareholders should benefit from our increased profitability, liquidity, and increased market capitalization. We look forward to continuing to grow this company across our markets,” said David W. Pijor, Chairman and Chief Executive Officer of FVCB.

Previous Article

July 15, 2021

Apollo and Figure to collaborate on a series of blockchain-enabled initiatives

Read More
Next Article

July 15, 2021

UTU unveils Creditworthiness API to improve accuracy of credit assessments for lenders

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

America

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 13, 2024

Flexys partners with Acquired.com for debt collection

Read More

June 12, 2024

Ozone API & Tuum team to accelerate open banking worldwide

Read More

June 05, 2024

emerchantpay & TrueLayer partner for payments by bank transfer

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023