RICHMOND, Va.
,

March 19, 2025
/PRNewswire/ — Blue Ridge Bankshares, Inc. (the “Company”)
BRBS, the holding company of Blue Ridge Bank, National Association (“Blue Ridge Bank”) and BRB Financial Group, Inc., has announced that Blue Ridge Bank will sell specific assets of its mortgage division, Monarch Mortgage, to an unrelated third-party mortgage company. Monarch Mortgage primarily provides mortgage banking services such as the origination and processing of residential mortgage loans for secondary market sales. The closing of this transaction is anticipated by the end of the first quarter, pending customary closing conditions.

As outlined in the asset purchase and sale agreement, Blue Ridge Bank – operating as Monarch Mortgage – will continue to service existing loans and assist prospective borrowers in completing those transactions. This management will proceed in the ordinary course of business until closing.

G. William Beale, President and CEO of the Company, remarked, “The decision to exit our mortgage banking division is a step in our strategy to refocus on community banking within our primary geographical markets. Given the current interest rate landscape, this division necessitated further investment to achieve the scale required for meaningful profitability, which is not our near-term focus. I am pleased that the Monarch Mortgage team will have a valuable opportunity with the acquiring company and wish them success during the transition.”

About Blue Ridge Bankshares, Inc.:

Blue Ridge Bankshares, Inc. is the holding company for Blue Ridge Bank and BRB Financial Group, Inc. The Company, through its subsidiaries and affiliates, offers a broad range of financial services, including retail and commercial banking, investment and wealth management services, and management for personal and corporate trusts.

Forward-Looking Statements:

This release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s plans, estimates, and beliefs about future events, as well as business objectives and assumptions. These statements may include predictions about performance and are usually indicated by terms like “may,” “will,” “expect,” or similar expressions. The Company cautions that these forward-looking statements are subject to various risks and uncertainties that may cause actual outcomes to differ significantly from those anticipated. Detailed factors affecting these expectations can be found in the Company’s Annual Report on Form 10-K for the year ending
December 31, 2024, and other reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update these statements, which speak only as of the date of this release.

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SOURCE Blue Ridge Bankshares, Inc.