Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Diversity Leadership Series
    • Vote Now for Women in Leadership
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Advertisement

Header Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Home News Industries Banking/Finances Blue Ridge and River Community banks plan to merge

Blue Ridge and River Community banks plan to merge

Published March 31, 2016 by Robert Powell, III

Luray-based Blue Ridge Bankshares Inc. and Martinsville-based River Bancorp Inc. plan to merger in a deal valued at $12.4 million.

Blue Ridge, the parent company of Blue Ridge Bank, would acquire River, the parent company of River Community Bank, with an offer that includes stock and cash.

River operates four branches in and around Martinsville. It  will add about $115 million in assets, $100 million in loans, and $98 million in deposits to Blue Ridge.

When the deal is complete, Blue Ridge will have about $384 million in assets, $296 million in loans (plus an additional $21 million in mortgage loans held for sale), and $294 million in deposits, based on financial records reported on Dec. 31.

Under the terms of the merger agreement, River shareholders will have the right 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. Terms could be adjusted depending on the price of Blue Ridge stock near the closing date, which is expected to take place during the third quarter of this year.

The deal has been approved by the boards of directors of both companies. The transaction still is subject to customary closing conditions, including regulatory approvals, and approval from the shareholders of both banking companies.

Three River directors will be appointed to the Blue Ridge Board.  After the merger, Brian K. Plum will continue to serve as  president and CEO of Blue Ridge Bankshares.  Ronald D. Haley, president and CEO of River, will be president and chief operating officer of the combined bank and a director on the Blue Ridge Board.

Related Stories

Virginia Business logo

Strasburg-based First Bank to acquire six Bank of America branches

Virginia Business logo

Citizens Community Bank declares its first dividend

Virginia Business logo

Va. Economic Developers Assoc. announces award recipients

Harrisonburg, Pittsylvania County, Danville and Southern Virginia Regional Alliance recognized

Trending

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Advertisement

Advertisement

Trending

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk