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):
97.39
Status:
Pending
Completion Date:
NA
Announced Deal Value Per Share ($ )
7.23

Consideration Breakout
Common Stock ($M) 97.4

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 80.5 NA
Price / Tangible Book (%) 81.3 NA
Price / Earnings (x) NM NA
Price / Deposits (%) 9.67 NA
Price / Assets (%) 7.87 NA
Tangible Book Premium/ Deposits (%) (2.82) 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) 3,730
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

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