Blue Ridge Bankshares, Inc. (NYSE American:BRBS), a Virginia-based state commercial bank, announced on Monday the departure of one of its top executives. C. Douglass Riddle, who served as the Executive Vice President and Commercial Banking Executive, will separate from the company effective Sunday.
Mr. Riddle's exit follows an agreement stipulated in his employment contract dated October 23, 2023. According to the terms of the contract, he will receive compensation and benefits consistent with Section 4(c) of the agreement. The specifics of the compensation package were detailed in an amendment to the company's annual report for the year ending December 31, 2023.
The company, which operates under the legal name Blue Ridge Bank, National Association, has not provided further details regarding the reason for Mr. Riddle's departure or information about a successor. This executive change comes as a significant move within the organization, which has its principal executive offices in Richmond, Virginia.
Blue Ridge Bankshares, Inc. is recognized under the Standard Industrial Classification as a state commercial bank. The company's securities, including common stock with no par value, are traded on the NYSE American LLC under the ticker symbol BRBS.
In other recent news, Blue Ridge Bankshares, Inc. has undergone significant changes, including the automatic conversion of its Series B Preferred Stock into common stock.
This transition comes after the company's shareholders approved an amendment to increase the number of authorized shares of common stock to at least 150,000,000 shares. Following the approval, all 12,558 outstanding shares of Series B Preferred Stock were automatically converted into 50,232,000 shares of Common Stock.
The company also anticipates that the outstanding shares of Series C Preferred Stock will be exchanged for shares of Common Stock during the third quarter of 2024.
Additionally, Blue Ridge Bankshares has expanded its authorized shares of common stock from 50 million to 150 million, as approved by shareholders. In leadership changes, the company announced the upcoming retirement of five directors, set to coincide with the company’s annual meeting of shareholders.
Lastly, the company confirmed the approval of Proposal 1, allowing for the issuance of shares representing more than 20% of the outstanding common stock upon conversion or exchange of the recently issued Series B and Series C preferred stock and related warrants.
InvestingPro Insights
As Blue Ridge Bankshares, Inc. (NYSE American: BRBS) navigates the departure of Executive Vice President C. Douglass Riddle, investors and analysts are closely examining the company's financial health and market performance. According to InvestingPro data, Blue Ridge Bankshares has a market capitalization of approximately $198.2 million, reflecting the size and value of the company in the financial market. Despite a challenging period, with revenue declining by 21.69% over the last twelve months as of Q2 2024, the company has maintained a consistent commitment to its shareholders by upholding dividend payments for 13 consecutive years.
InvestingPro Tips highlight that while the company has struggled with profitability, as evidenced by a negative P/E ratio of -0.89, it has demonstrated resilience in the face of a significant price decline over the past year. The price of BRBS stock has dropped, currently at 34.81% of its 52-week high, which may present opportunities for investors looking for potential value stocks. However, potential investors should be aware that the company does not pay dividends to shareholders, which could influence investment decisions based on income generation preferences.
For those considering an investment in Blue Ridge Bankshares, additional analysis and InvestingPro Tips can be found at https://www.investing.com/pro/BRBS, offering a comprehensive suite of metrics and insights to guide investment strategies. With a total of six InvestingPro Tips available, investors can gain a deeper understanding of the company's financial position and market dynamics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.