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Virginia based Blue Ridge Bank gets shareholder approval for $150M capital raise

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Posted at 6:22 AM, Mar 11, 2024

RICHMOND, Va. -- As it grapples with regulatory scrutiny and a stock price in the doldrums, Blue Ridge Bank took a step last week toward raising a big batch of capital.

The bank, which is based in Charlottesville but keeps executive offices and a sizable branch presence in the Richmond area, earned shareholder approval during a special vote on March 6 to raise $150 million in capital from a group of investors.

Those investors include most notably Kenneth Lehman, who has a track record of propping up Richmond-area banks in need of capital. Lehman made his entrance into the local market in 2012 when he invested in the former First Capital Bank. He’s also the controlling shareholder of Midlothian-based Village Bank, owning around 51 percent of its shares, according to SEC filings.

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