By STAFF REPORT
Blue Ridge Bankshares Inc. of Luray announced Tuesday that it has signed an agreement to buy Virginia Community Bank of Louisa for $42.5 million.
The purchase gives Blue Ridge seven more branches in Central Virginia, including banks in Culpeper, Orange and Spotsylvania counties. According to a news release from both banks, it also adds approximately $252 million in assets, $168 million in loans and $223 million in deposits to Blue Ridge, giving it a total of $826 million in assets, $635 million in loans, and $664 million in deposits.
Under the terms of the agreement, Virginia Community shareholders will receive either $58 in cash or 3.05 shares of Blue Ridge common stock for each share of Virginia Community common stock they hold.
The transaction has been unanimously approved by the boards of directors of both banks and final approval by regulators and shareholders is expected by the end of the year, the release said.
Two Virginia Community Bank directors and retired Community Bank President and CEO A. Pierce Stone will join the Blue Ridge board. Current Virginia Community President A. Preston Moore Jr. will become president of Blue Ridge’s Central Virginia region, and Executive Vice President and Chief Financial Officer Thomas M. Crowder will become executive vice president of the card division, the release said.
Blue Ridge President and Chief Executive Officer Brian K. Plum said the merger will allow the bank to “better serve our communities and clients with responsive commercial banking services while also growing our non-interest income lines of business.”
Blue Ridge said it will move its corporate headquarters to Charlottesville as part of the transaction.