---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-088085"
form_type: "8-K"
ticker: "BRBS"
cik: "0000842717"
company_name: "BLUE RIDGE BANKSHARES, INC."
filed_at: "2024-04-05T23:59:59+00:00"
generated_at: "2026-06-04T02:03:03.745753+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Blue Ridge Bankshares raises $150M via common/preferred stock and warrants; appoints three directors

## Summary
- Gross proceeds $150M from 3.4M common shares at $2.50, 14,150 preferred shares at $10,000 each, and warrants.
- Castle Creek and Lehman get board designation rights based on ownership; board to be reduced to 12-14 members.
- Shareholder meeting by June 17, 2024 to approve 150M authorized common shares and issuance for NYSE listing.
- Continues wind-down of fintech BaaS operations, expects substantially complete by end of 2024; NIM compression expected.
- Mandatory conversion of Series B preferred upon approvals; conversion rate decreases 10% every 95 days starting July 8, 2024.

## SEC filing metadata
- accession: 0001193125-24-088085
- form_type: 8-K
- ticker: BRBS
- cik: 0000842717
- company_name: BLUE RIDGE BANKSHARES, INC.
- filed_at: 2024-04-05T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.03, 3.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/0001193125-24-088085-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/d818821d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-088085
- JSON: https://secwatch.observer/filing/0001193125-24-088085.json
- Plain text: https://secwatch.observer/filing/0001193125-24-088085.txt

## Key facts
- Executive change
  Trevor Montano was appointed as Director at BLUE RIDGE BANKSHARES, INC..
  - Action: appointed
  - Role: Director
  source text: On April 1, 2024, the Board of Directors of the Company (the “Board”) appointed Ciaran McMullan, Trevor Montano and Tony Scavuzzo as directors of the Company and the Bank (the “New Directors”), effective as of the closing of the Private Placement but subject to receiving the required approvals by applicable regulatory agencies.
  evidence_url: https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/0001193125-24-088085-index.htm
- Executive change
  Ciaran McMullan was appointed as Director at BLUE RIDGE BANKSHARES, INC..
  - Action: appointed
  - Role: Director
  source text: On April 1, 2024, the Board of Directors of the Company (the “Board”) appointed Ciaran McMullan, Trevor Montano and Tony Scavuzzo as directors of the Company and the Bank (the “New Directors”), effective as of the closing of the Private Placement but subject to receiving the required approvals by applicable regulatory agencies.
  evidence_url: https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/0001193125-24-088085-index.htm
- Executive change
  Tony Scavuzzo was appointed as Director at BLUE RIDGE BANKSHARES, INC..
  - Action: appointed
  - Role: Director
  source text: On April 1, 2024, the Board of Directors of the Company (the “Board”) appointed Ciaran McMullan, Trevor Montano and Tony Scavuzzo as directors of the Company and the Bank (the “New Directors”), effective as of the closing of the Private Placement but subject to receiving the required approvals by applicable regulatory agencies.
  evidence_url: https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/0001193125-24-088085-index.htm
- Governance Changes
  BLUE RIDGE BANKSHARES, INC.: Filed Articles of Amendment to create Series B and Series C Preferred Stock (effective 2024-04-03).
  - Change: charter amendment
  - Effective: 2024-04-03
  source text: On April 3, 2024, the Company filed Articles of Amendment to its Articles of Incorporation with the Virginia State Corporation Commission creating and authorizing 30,000 shares of Series B Preferred Stock and 10,000 shares of Series C Preferred Stock.
  evidence_url: https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/0001193125-24-088085-index.htm
- Material Agreements
  BLUE RIDGE BANKSHARES, INC. amended Amended and Restated Securities Purchase Agreement with Kenneth R. Lehman, Castle Creek Capital Partners VIII, LP, and other investors and certain directors and executive officers of the Company valued at $150,000,000 (effective 2024-04-03).
  - Action: amendment
  - Agreement: equity purchase
  - Counterparty: Kenneth R. Lehman, Castle Creek Capital Partners VIII, LP, and other investors and certain directors and executive officers of the Company
  - Value: $150,000,000
  - Effective: 2024-04-03
  source text: On April 3, 2024, Blue Ridge Bankshares, Inc. (the “Company”), entered into an Amended and Restated Securities Purchase Agreement (the “Securities Purchase Agreement”) with Kenneth R. Lehman, Castle Creek Capital Partners VIII, LP (“Castle Creek”), other investors and certain directors and executive officers of the Company (each, a “Purchaser” and collectively, the “Purchasers”), which amends and restates, in its entirety, the previously disclosed Securities Purchase Agreement entered into by the Company on December 21, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/0001193125-24-088085-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.