Blue Ridge Bankshares sells its MortGage Banking Division

Blue Ridge confirmed that the transaction is expected to be closed at the end of the first quarter, depending on the usual closing conditions.

According to the terms of the Purchasing and Sales Agreement for Assets Agreement, Monarch MortGage will continue to fulfill its obligations to potential borrowers on current loans, including supervising these loans to closing and financing.

“The decision to leave our MortGage Banking Division was an extra step in our strategy to re -concentrate our efforts on community skills in our primary geographical footprint,” said G. William Beale, President and CEO of Blue Ridge Bankshares, in a statement.

“In the current interest environment, these business activities required additional investments to achieve the scale needed to make a meaningful contribution to our profitability, which is not our focus in the short term. I am happy that the monarch mortgage team has a great opportunity for the acquiring company. I wish them a smooth transition and a lot of success.”