Blue Ridge Bankshares to sell Monarch Mortgage assets to third party, exit mortgage banking

BLUE RIDGE BANKSHARES, INC.

Entered definitive agreement to sell certain assets of Monarch Mortgage to an unrelated third-party mortgage company.
Transaction expected to close by end of Q1 2025, subject to customary closing conditions.
CEO cites refocus on community banking in primary footprint; mortgage line required additional investment.
Monarch Mortgage will continue to fulfill obligations on loans in process until closing and funding.

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