Blue Ridge Bankshares, Inc. (NYSE American:BRBS), a Virginia-based state commercial bank, held its annual shareholder meeting on October 10, 2024, where several key proposals were voted on, including the election of directors and approval of incentive plans, as per the latest SEC filing.
At the meeting, a quorum was present with 58,555,687 shares represented in person or by proxy out of the 73,541,950 shares outstanding as of the record date, August 16, 2024. Shareholders elected seven directors with varying term lengths. Hunter H. Bost, Trevor Montano, Julien G. Patterson, and Randolph N. Reynolds, Jr. were elected for a term expiring in 2027; G. William Beale and Ciaran McMullan for a term expiring in 2025; and Tony Scavuzzo for a term expiring in 2026.
In addition, shareholders approved the Blue Ridge Bankshares, Inc. Amended and Restated 2023 Stock Incentive Plan with 53,221,555 votes for, 974,466 against, and 395,238 abstentions. The plan is designed to provide incentives to eligible employees, officers, and directors.
The appointment of Elliott Davis, PLLC as the company’s independent registered public accounting firm for 2024 was also ratified with a significant majority, receiving 58,354,019 votes for, 154,888 against, and 46,781 abstentions.
In other recent news, Blue Ridge Bankshares, Inc. has reported major changes in its executive team and stock structure. The Virginia-based company announced the departure of C. Douglass Riddle, the Executive Vice President and Commercial Banking Executive, in line with an agreement in his employment contract.
The company also experienced significant stock changes, with the automatic conversion of its Series B Preferred Stock into common stock following shareholder approval to increase the number of authorized shares of common stock to at least 150 million.
Furthermore, all 12,558 outstanding shares of Series B Preferred Stock were automatically converted into 50,232,000 shares of Common Stock. It is anticipated that the outstanding shares of Series C Preferred Stock will be exchanged for shares of Common Stock during the third quarter of 2024.
Additionally, the company has expanded its authorized shares of common stock from 50 million to 150 million, as approved by shareholders. In leadership changes, the company announced the upcoming retirement of five directors, set to coincide with the company’s annual meeting of shareholders.
Lastly, the company confirmed the approval of Proposal 1, allowing for the issuance of shares representing more than 20% of the outstanding common stock upon conversion or exchange of the recently issued Series B and Series C preferred stock and related warrants.
InvestingPro Insights
Recent financial data from InvestingPro sheds additional light on Blue Ridge Bankshares’ current position. The company’s market capitalization stands at $207.02 million, with a price-to-book ratio of 0.64 as of the last twelve months ending Q2 2024. This suggests that the stock may be undervalued relative to its book value, which could be of interest to value investors.
However, the bank’s financial performance has been challenging. Revenue for the last twelve months ending Q2 2024 was $88.12 million, representing a significant decline of 21.69% compared to the previous period. This aligns with an InvestingPro Tip indicating that the company is not profitable over the last twelve months, which is reflected in its negative P/E ratio of -5.95.
Another InvestingPro Tip notes that Blue Ridge Bankshares’ stock price has fallen significantly over the last five years. This long-term decline, coupled with the recent financial performance, may explain why shareholders are particularly interested in the company’s governance and incentive plans, as discussed in the annual meeting.
For investors seeking more comprehensive analysis, InvestingPro offers 5 additional tips for Blue Ridge Bankshares, providing a deeper understanding of the company’s financial health and market position.
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