Mergers & Acquisitions

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Stock Data Mergers & Acquisitions

Mergers & Acquisitions

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Deal Overview

Buyer:

Blue Ridge Bankshares, Inc.

Actual Acquirer:

Blue Ridge Bankshares, Inc.

Target:

Bay Banks of Virginia, Inc.

Deal Type:

Bank & Thrift Company

Agreement Date:

8/12/2020

Announcement Date:

8/13/2020

Announced Deal Value ($ M):

97.27

Status:

Pending

Completion Date:

Announced Deal Value Per Share ($ )

7.23

Consideration Breakout

Common Stock ($M)	97.3
Common Stock Issued	6,664,848

Deal Pricing Ratios

	Announcement	Completion
Price / Book (%)	80.49	NA
Price / Tangible Book (%)	81.32	NA
Price / Earnings (x)	NA	NA
Price / Deposits (%)	9.66	NA
Price / Assets (%)	7.86	NA
Tangible Book Premium/ Deposits (%)	(2.84)	NA

Deal Terms

Description of Consideration

In a merger of equals, Blue Ridge Bankshares Inc. will exchange 0.50 shares of its common stock for each outstanding common stock of Bay Banks of Virginia Inc. Upon completion of the merger, Bay Banks shareholders will own approximately 54% and Blue Ridge shareholders will own approximately 46% of the combined company.

Accounting Method	Acquisition
In-State Transaction?	Yes
Merger of Equals?	Yes
Geographic Expansion?	In Market
Goodwill Generated ($ 000)	NA
Estimated Cost Savings (%)	28.00
Estimated Cost Savings ($ 000)	NA
Est. Restructuring Charges ($ 000)	17,300
Maximum Termination Fee ($ 000)	4,000
Minimum Termination Fee ($ 000)	0
Exchange Ratio (Common For Common)	0.500000
Exchange Ratio (Common For Preferred)	NA
Exchange Ratio (Preferred For Common)	NA
Exchange Ratio (Preferred For Preferred)	NA
Lockup Agreement	No
Strike Price ($ )	NA
% of Shares Outstanding	NA
Shares Under Option	NA
Core Deposit Intangibles ($ 000)	4,050

Deal Advisers

Financial Advisers

Party Advised	Adviser Hired?	Firm Name
Buyer	Yes	Raymond James & Assoc. Inc.
Seller	Yes	Piper Sandler Companies

Legal Counsel

Party Advised	Adviser Hired?	Firm Name
Buyer	Yes	Troutman Pepper Hamilton
Seller	Yes	Williams Mullen