Blue Ridge Bankshares, Inc. Amends Employment Agreements for Senior Executives

On January 23, 2025, Blue Ridge Bankshares, Inc. (NASDAQ: BRBS) announced in an 8-K filing that it entered into amended and restated employment agreements with G. William Beale, President and Chief Executive Officer, and Judy C. Gavant, Executive Vice President and Chief Financial Officer. These agreements pertain to both Blue Ridge Bankshares, Inc. and its subsidiary, Blue Ridge Bank, National Association.

The amended and restated employment agreement with G. William Beale, effective January 1, 2025, replaces the previous agreement dated October 24, 2023. The agreement now extends to a two-year term until January 1, 2027, subject to automatic yearly extensions unless notice of nonrenewal is given. It also updates the severance terms and calculations for termination events, aligning them with the current industry practices.

Similarly, the amended and restated employment agreement with Judy C. Gavant, effective January 1, 2025, replaces the previous agreement dated April 20, 2022, with similar terms regarding the extension and termination aspects as outlined in Beale’s agreement.

Notable changes in these agreements include an increase in the non-competition covenant period from three months to 12 months after termination and adjustments in severance calculations in the event of employment termination by the Company without cause or under certain circumstances.

The company emphasized that apart from the modifications highlighted in the Current Report on Form 8-K, no other material changes have been made to the original agreements filed in previous reports.

Further details and copies of the amended agreements have been filed as exhibits within the 8-K filing for public reference.

In other news, Blue Ridge Bankshares, Inc. reported updated financial results. For the quarter ended December 31, 2024, the company recorded a net loss of $162,000, translating to $0.03 per basic and diluted share. This financial update was a part of a separate news release by the company on January 29, 2025.

Investors and stakeholders are urged to review the full 8-K filing for comprehensive insights into these recent developments at Blue Ridge Bankshares, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Blue Ridge Bankshares’s 8K filing here.

About Blue Ridge Bankshares

Blue Ridge Bankshares, Inc operates as a bank holding company for the Blue Ridge Bank, National Association that provides commercial and consumer banking, and financial services. It operates through: Commercial Banking and Mortgage Banking segments. The company accepts checking, savings, money market, cash management, and individual retirement accounts, as well as certificates of deposit.