Blue Ridge Bankshares, Inc. announced that it has received $150 million in funding from Castle Creek Advisors VIII LLC
April 03, 2024
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On April 3, 2024, Blue Ridge Bankshares, Inc closed the transaction. The company issued 3,400,000 shares of Common Stock at a price of $2.50 per share for gross proceeds $8,500,000, 11,418 shares of convertible Series B preferred stock, 2,732 shares of convertible Series C preferred stock and warrants to purchase 5,942 Series B Shares and 1,441 Series C Shares at an exercise price of $10,000.00 per share for aggregate gross proceeds of $150,000,000.. Each share of convertible Series B and Series C preferred stock represents the equivalent of 4,000 shares of Blue Ridge common stock. The transaction included participation from Kenneth R. Lehman for 1,186,157 shares of Common Stock, 4,703 Series B Shares, and Warrants to purchase 2,500 Series B Shares for proceeds of $49,995,393.
The company has raised $150,000,000 from 46 investors pursuant to Regulation D. The company has paid $6,923,679 as finder's fees in the transaction.
Blue Ridge Bankshares, Inc. is the holding company of Blue Ridge Bank, National Association (the Bank) and BRB Financial Group, Inc. (the Financial Group). The Company's segments include commercial banking, mortgage banking and holding company activities. The Bank serves businesses, professionals, consumers, nonprofits, and municipalities with a variety of financial services, including retail and commercial banking, mortgage banking, government guaranteed lending, and employee benefit plan services. Its banking products include checking accounts, savings accounts, commercial and industrial loans, residential mortgages, commercial mortgages, home equity loans, consumer installment loans, credit cards, online banking, telephone banking, and mobile banking. The Company, through the Financial Group, offers management services for personal and corporate trusts, including estate planning, estate settlement and trust administration, insurance products, and investment and wealth management.