Blue Ridge Bankshares Inc (BRBS) has released an update to notify the public and investors about an entry into a material definitive agreement.
Blue Ridge Bank consented to a consent order from the Office of the Comptroller of the Currency (OCC) on January 24, 2024, which replaces a previous formal agreement from August 29, 2022. The Bank neither admitted nor denied the OCC’s findings but is obligated to undertake several actions, including maintaining specific capital ratios, enhancing compliance with the Bank Secrecy Act, managing third-party fintech relationships, and improving its anti-money laundering programs. As a result, the Bank is considered in “troubled condition,” limiting its operational freedoms and requiring OCC approval for certain executive changes and severance payments. This order remains in effect until amended or terminated by the OCC and does not preclude further government action for non-compliance.
For further insights into BRBS stock, check out TipRanks’ Stock Analysis page.
