Blue Ridge Bankshares, Inc. (NYSE American: BRBS), the parent holding company of Blue Ridge Bank, National Association, today announced the completion of the merger of Bay Banks of Virginia, Inc. (OTC: BAYK), the parent holding company of Virginia Commonwealth Bank, into Blue Ridge. Following completion of the merger, Virginia Commonwealth Bank was merged into Blue Ridge Bank. The former Virginia Commonwealth Bank branches assumed in the merger will continue to operate under the name Virginia Commonwealth Bank, a division of Blue Ridge Bank, until systems are converted in May 2021.

The merger creates a leading Virginia-based community bank with a pro forma total market capitalization approaching $230 million.

Based on financial information as of September 30, 2020, the combined company has approximately $2.8 billion in assets, $1.9 billion in deposits, and $2.1 billion in loans.

About Blue Ridge

Blue Ridge Bankshares, Inc. operates under the supervision and regulation of the Board of Governors of the Federal Reserve System and the Bureau of Financial Institutions of the Virginia State Corporation Commission, while Blue Ridge Bank, N.A. operates under a national charter subject to the supervision and regulation of the Office of the Comptroller of the Currency. The Company, through its subsidiaries and affiliates, provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending.