Benzinga | Jun 14, 2021 08:03AM EDT

Blue Ridge Bankshares, Inc. to Join Russell 2000 Index

Blue Ridge Bankshares, Inc. (NYSE:BRBS) (the "Company"), the holding company of Blue Ridge Bank (the "Bank") and BRB Financial Group, Inc. (previously known as VCB Financial Group, Inc.), today announced it will be joining the Russell 2000(r) Index (INDEXRUSSELL: RUT).

The Russell 2000(r) Index, created by the Frank Russell Company in 1984, is a small-cap stock market index of the smallest 2,000 stocks in the Russell 3000(r) Index, which reflects the movements of nearly 98 percent of all publicly traded U.S. stocks. It is a commonly used benchmark for mutual funds and exchange-traded funds.

"Achieving the Russell 2000 has been a goal for years," said Brian K. Plum, President and Chief Executive Officer of Blue Ridge Bankshares, Inc. "Joining the Russell 2000 means BRBS stock becomes a holding for funds that track the index. It also means that BRBS shares have a more liquid and accessible marketplace as a participant in a major U.S. index. Moments like these don't come along without significant, sustained effort and stress, and they also don't come along every day. It is the direct result of the commitment to our customers and how our team shows up each and every day."

On January 31, 2021, Blue Ridge Bankshares, Inc. completed the merger of Bay Banks of Virginia, Inc. ("Bay Banks"), the former holding company of Virginia Commonwealth Bank, into the Company. Immediately following the completion of the merger, Virginia Commonwealth Bank was merged into the Bank (collectively, the "Bay Banks Merger"), creating the fourth largest community bank in Virginia. The Company reported total assets of $3.17 billion at March 31, 2021, an increase of $1.67 billion from $1.50 billion at December 31, 2020.

In March, the Bank became the first U.S. financial institution to offer Bitcoin purchasing and redemption through its branch ATMs. The Bank has nearly 500 employees and is currently recruiting for multiple positions, all of which can be found here.