CHARLOTTESVILLE, Va .– (BUSINESS WIRE) – Blue Ridge Bank, NA (the “Bank”), the national banking subsidiary of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), has 4,039 Payment Protection Program (“PPP”) loans as of Jan. 11, totaling total of $ 346,745,472 approved in 2021.
The average PPP loan amount per bank customer was $ 85,849, with an estimated 900 total loans to restaurants, hotels and other hospitality companies totaling more than $ 63 million.
“Almost 40,000 people have benefited from the bank’s efforts around the clock.” said Brian K. Plum, President and Chief Executive Officer of Blue Ridge Bank. “The PPP loans are an important lifeline for our customers and communities. The energy and dedication of our team has enabled us to fund loans in just four days at a time when entrepreneurs need us most. ”
More than two-thirds, or 1,473, of the Bank’s First Draw PPP loans were processed for forgiveness by the Small Business Administration (“SBA”) as of March 15, 2021. Another 141 PPP loans have been submitted pending final approval by the SBA.
“Our SBA team has been working diligently since January to secure funding for our customers, working long days and weekends to process applications.” said Michael Knotts, senior vice president of guaranteed lending and business development for Blue Ridge Bank. “We pride ourselves on the fact that the PPP creation process has not slowed our efforts to process grant requests from loans funded in 2020. We also quickly adjusted to changes from the current administration for individuals who use Appendix C of tax returns for calculations to ensure our customers have a seamless experience despite these changes. ”
For more information on applying for a PPP loan with Blue Ridge Bank, please visit: https://www.mybrb.com/sba/.
About Blue Ridge:
Blue Ridge Bankshares, Inc. is the holding company of Blue Ridge Bank, National Association. The company offers a wide range of financial services through its subsidiaries and affiliates, including private and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage loans, and government guaranteed loans. The company also provides investment and asset management services, as well as administration services for personal and corporate trusts, including estate planning and trust management. visit www.mybrb.com for more informations.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, goals, objectives, guidelines, expectations, intentions, projections, and statements of beliefs about future events, business plans, Objectives, expected results of operations and the assumptions on which these statements are based. Forward-looking statements include, without limitation, all statements that may predict, forecast, indicate or imply future results, performance or success and are usually identified with words such as “may”, “could”, “should”, “will”. “Would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that can change due to factors that, in many cases, are beyond the control of the company. Actual results, performance or achievements could differ materially from the results envisaged, expressed or implied in the forward-looking statements.
Factors such as the following could cause the Company’s financial performance to differ materially from those expressed in such forward-looking statements: (i) the strength of the US economy in general and the strength of the local economies in which the Company operates ; (ii) geopolitical conditions, including acts or threats of terrorism or actions of the United States or other governments in response to acts or threats of terrorism and / or military conflict that affect business and economic conditions in the United States and abroad could ;; (iii) the impact of the COVID-19 pandemic, including the adverse effects it has on the business and operations of the Company, as well as on the Company’s customers, which could result in, among other things, increased arrears, defaults, foreclosures and loan losses; (iv) the occurrence of major natural disasters, including severe weather conditions, flooding, health problems and other catastrophic events; (v) the company’s management of the risks associated with its real estate loan portfolio and the risk of a persistent downturn in the real estate market that could affect the value of the company’s collateral and its ability to sell collateral in a foreclosure; (vi) changes in consumer spending and saving habits; (vii) technological and social media changes; (viii) the effects and changes in trade, monetary and fiscal policies and laws, including the rate policy of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and currency fluctuations; (ix) Changes to banks’ regulatory conditions, policies or programs, whether resulting from new laws or regulatory initiatives that may restrict the activities of banks in general or the Company’s subsidiary in particular, more restrictive regulatory capital requirements , increased costs, including deposit insurance premiums, regulation or prohibition of certain income-generating activities, or changes in the secondary market for loans and other products; (x) the effects of changes in financial services policies, laws and regulations, including laws, regulations and policies relating to taxes, banking, securities and insurance, and their application by regulatory agencies; (xi) the impact of changes in laws, regulations and guidelines that affect the real estate industry; (xii) the effect of changes in accounting policies and practices that may be adopted from time to time by banking regulators, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board and the Financial Accounting Standards Board, or others Bodies for setting accounting standards; (xiii) the timely development of competitive new products and services and the acceptance of those products and services by new and existing customers; (xiv) the willingness of users to replace Company products and services with competitor products and services; (xv) the effects of any acquisitions the Company may make, including, without limitation, failure to achieve the anticipated revenue growth and / or cost savings from such acquisitions; (xvi) changes in the company’s distressed assets and depreciation; (xvii) the Company’s involvement from time to time in legal proceedings and in regulatory review and remedial action; (xviii) potential exposure to fraud, negligence, computer theft and cybercrime; (xix) the company’s ability to pay dividends; (xx) The Company’s participation as a participating lender in the PPP, as managed by the SBA; (xxi) The Company’s and Bay Banks of Virginia, Inc. (“Bay Banks”) business after the recent Combination integration may not be successful or such integration may be more difficult, time consuming or costly than expected; (xxii) expected revenue synergies and cost savings from the Bay Banks combination may not be realized in full or within the expected timeframe; (xxiii) Post merger income from Bay Banks may be lower than expected. (xxiv) Customer and employee relationships as well as business processes can be disrupted by the merger of Bay Banks. and (xxv) other risks and factors set out in the “Risk Factors” section and elsewhere in documents the company filings with the SEC from time to time.