Blue Ridge Bankshares, Inc. (OTCPK:BRBS) signed a definitive agreement to acquire River Bancorp, Inc. for $12.3 million in cash and stock on March 30, 2016. Under the terms of the transaction, consideration will be paid 70% in stock and 30% in cash. In addition Blue Ridge Bankshares, Inc. (OTCPK:BRBS) will acquire 0.03 million options of River Bancorp, Inc. as part of the consideration. River shareholders will have the election to receive either $16.57 in cash or 0.9821 shares of Blue Ridge common stock for each share of River common stock they hold. Blue Ridge's Board of Directors will appoint three River directors to join the Blue Ridge Board. After the merger, Brian K. Plum will continue to serve as President and Chief Executive Officer of Blue Ridge and Ronald D. Haley will serve as President and Chief Operating Officer of the combined bank and as a Director on the Blue Ridge Board. The transaction, which is subject to customary closing conditions, including regulatory approvals, and approval from the shareholders of Blue Ridge and River. The transaction has been unanimously approved by the Boards of Directors of Blue Ridge Bankshares, Inc. and River Bancorp. The transaction is expected to close in the third quarter of 2016. Blue Ridge expects the transaction to be more than 30% accretive to earnings per share with an estimated earn-back period for book value dilution of less than two years. Scott Clark, Avi Barak and Davis Mangham of Sandler O'Neill + Partners, L.P. acted as financial advisor and Scott Richter and Ben McCall of LeClair Ryan, PC acted as legal advisor to Blue Ridge Bankshares, Inc. Gary McNorrill of Banks Street Partners, LLC acted as financial advisor and Jonathan Hightower of Bryan Cave, LLP and Talfourd Kemper of Woods Rogers PLC acted as legal advisor to River Bancorp, Inc. Blue Ridge Bankshares, Inc. (OTCPK:BRBS) completed the acquisition of River Bancorp, Inc. on October 20, 2016. At the time of completion River shareholders received 0.8143 shares of Blue Ridge common stock for each of the River common stock they hold.