CEO of Blue Ridge Bank Holding Company steps down from position.
In a significant move, Brian Plum has resigned as the CEO and president of Blue Ridge Bankshares, effective from July 12, 2022. His departure comes amidst a series of changes within the bank, including the appointment of William Beale as his replacement.
William Beale, previously the CEO of Community Bankers Bank, has been tapped to lead Blue Ridge Bankshares. The bank believes that Beale's extensive experience and expertise will add depth to the firm, particularly in navigating complex regulatory environments.
The news of Plum's resignation follows a period of regulatory scrutiny for Blue Ridge Bankshares. In September 2021, the Office of the Comptroller of the Currency (OCC) singled out the bank for unsafe or unsound practices in anti-money laundering risk management, suspicious activity reporting, and information technology controls.
As a result, the bank was ordered to obtain the OCC's non-objection before entering into any new contracts with fintech partners or adding new products in cooperation with existing partners. This order likely contributed to the delay in a planned merger between Blue Ridge and FVCB, which was dissolved in January 2022.
In an effort to strengthen regulatory compliance, Blue Ridge Bank hired Kirsten Muetzel in January 2022. Muetzel, a former executive at the bank, served as president of Blue Ridge Bank's fintech division. However, she has announced her departure, with her tenure ending in August 2022.
The OCC's concerns with Blue Ridge's regulatory compliance may have played a role in Muetzel's decision to leave. It's worth noting that the bank had previously hired Muetzel to address these very issues.
In a broader strategic shift, Brian Plum moved to the holding company in May 2022, focusing on broader strategy, technology, and business line initiatives. This move may have paved the way for Plum's eventual resignation as CEO of Blue Ridge Bankshares.
Blue Ridge Bankshares is also reported to have purchased licensing rights for commercial, retail, regulations & policy, and fintech services. The details of these acquisitions are yet to be disclosed.
As Blue Ridge Bankshares navigates these changes, the bank is expected to continue its focus on regulatory compliance and strategic growth. The appointment of William Beale as CEO is a clear indication of the bank's commitment to these priorities.
Read also:
- Planned construction of enclosures within Görlitzer Park faces delays
- Foreign financial aid for German citizens residing abroad persists
- Hulk Hogan's successful transformation of his wrestling persona into a lucrative business entity
- United States and Russia prepared to delve deeper into negotiations regarding the Sakhalin 1 oil and gas project
