Core Viewpoint - Blue Ridge Bankshares, Inc. has announced the sale of certain assets of its mortgage division, Monarch Mortgage, to an unrelated third-party mortgage company, as part of a strategic refocus on community banking [1][3]. Group 1: Transaction Details - Blue Ridge Bank has entered into a definitive asset purchase and sale agreement to sell assets of Monarch Mortgage, which provides mortgage banking services primarily for the secondary market [1]. - The transaction is expected to close by the end of the first quarter, pending customary closing conditions [1]. - Blue Ridge Bank will continue to manage loans in process and fulfill obligations to prospective borrowers during the transition [2]. Group 2: Strategic Rationale - The decision to exit the mortgage banking division aligns with the company's strategy to concentrate on community banking within its primary geographical footprint [3]. - The current interest rate environment necessitated additional investment in the mortgage banking line, which is not aligned with the company's near-term focus on profitability [3]. Group 3: Company Overview - Blue Ridge Bankshares, Inc. is the holding company for Blue Ridge Bank and BRB Financial Group, Inc., offering a range of financial services including retail and commercial banking, investment and wealth management, and trust administration [4].
Blue Ridge Bankshares, Inc. Announces Plans to Exit its Mortgage Banking Division