Blue Ridge Bank recently announced the implementation of a Paid Parental Leave Policy.  This action means employees can receive 12 weeks of paid leave after maternity/paternity/or adoption.

Commenting on the new policy, Dorothy Welch, Chief Talent Officer, said, “We want our employees to be present in life's most precious moments. Our goal is to offer an inclusive work culture that facilitates attracting top talent to our growing company from diverse backgrounds.  Our commitment is to be a supportive workplace for our employees, and support families' wellbeing while also supporting our team's overall productivity and performance, both of which we are incredibly passionate about.”
 
This initiative follows recent studies that show that new parents with paid leave were more likely to be in a healthier mental and physical shape than those that did not.  Studies also show that this increased time leads to better mother-child interactions, secure attachment, empathy, and tremendous school success.
 
Blue Ridge Bank also invests in its employees by offering a benefits package for full-time staff, including a bank-funded ESOP plan, tuition assistance/reimbursement, and 401(k) plan with an automatic 5% contribution from the bank into each employee’s account.

We're hiring! Big things are happening at your favorite hometown bank and we want you to join the team. Visit our careers page for open positions. 

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Our employees at BRB are dedicated to providing customized, convenient services with the attention that only a locally owned community bank can provide. We want to introduce you to the hard-working employees that help us stay true to our founding mission "To provide a wide range of financial services with an emphasis on quality, ethics, and superb customer relations." 

First up! Bobby Herndon from BRB Winchester.​​

1. Before working at Blue Ridge Bank, what was the most unusual or interesting job you've ever had? 
I had a summer job working with a plumbing and pipefitting company.

2. Tell us a shortlist of your experience, and what is your current role at BRB?
I started as a teller in 2007 and worked my way up to the branch manager. Then I studied and gained my series 6, 7, and 63 and my life, health, and annuities licenses. Running the cash management department for a community bank in Winchester was my most recent job before becoming the VP Business Banking Officer at BRB Winchester.

3. Why BRB?  What made you make a move?
I made a move because I wanted to continue to grow in the community where I grew up. I wanted to be able to focus on Winchester and Frederick County and continue to make a difference. With BRB, I know that we make decisions locally, and have been empowered with the resources to help small businesses grow. It's one thing to sponsor an event to get your name on a flyer. It's another thing to fiance an expansion to a local restaurant or help someone realize their dream of opening their first business. That's what made me choose BRB. A company that cares about the communities it represents and a financial institution that has the resources to make our customers' dreams come to fruition.

4. If you could switch your job with anyone else within Blue Ridge Bank, whose job would you want?
I wouldn't switch. I've learned the most in my career by stopping at every position to the top. I wouldn't want it any other way, so I'm where I'm supposed to be.

5. Tell us a fun fact about yourself that might surprise us.
I don't know that it's a fun fact, but I love English Bulldogs. I have a sweet bulldog named Lola.

6. Where would you like to visit on your dream vacation? 
My dream vacation would combine a trip to England, France, and Germany. I love history and have a long list of locations I wanted to visit.

The IRS has announced that Economic Impact Payments, better known as stimulus checks from the Federal government, are expected to begin in the coming weeks. While this can be exciting for you, you might have a few questions. We have compiled a few below, and there is more information available on the IRS website.  

Am I eligible?
You are eligible to receive some Economic Impact Payment if:  

• you are not a dependent of another taxpayer and
• have a work-eligible Social Security number.  
• If you make less than $99,000 (individuals)

                                                $136,500 (head of household)
                                                $198,000 (married filing jointly)
You are not eligible if:

• you can be claimed as a dependent on someone else's return. (example: child, student, or older dependent who can be claimed on a parent's return)
• you do not have a valid Social Security number
• are a non-resident alien
• filed a Form 1040-NR, Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.
• You make more than the adjusted gross income listed above.

For full eligibility requirements, check out the Economic Impact Payment Information Center here.

How much will my stimulus check be?
You could receive a max payment of $1,200 for each adult and $500 for each child if you filed taxes in 2018 or 2019. Incomes less than $75,000 (individual), $112,500 (head of household), or $150,000 for married couples filing jointly will receive the maximum stimulus check amount.

If you make more than those amounts, the check will be $5 less for every $100 that your income is above those amounts. For more specifications, click here.  
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How do I receive my payment?
More than likely, your payment will be automatic from the IRS, and no further action will be necessary. The money will be automatically deposited to your bank account if the IRS has your account information from your previous tax returns.
If the IRS does not have your account information, you can submit it here.  

The IRS also plans to mail a letter about your payment to your last known address within 15 days after the amount is paid. This letter will give you information on how the payment was made. 

If you do not have your bank account information on file with the IRS, you will automatically receive a check in the mail.
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We continue to actively monitor the latest developments on the coronavirus and prioritize the health and well-being of our employees. We're doing all we can to ensure that our branches are open and our bankers are ready to help you bank smarter.
 
We also understand the impact the COVID-19 virus has, and may likely continue to have, on local businesses and the global economy. Blue Ridge Bank has served our communities for over 127 years and has faced numerous economic downturns, health crises, and regulatory reforms. We will continue to provide superior services and tailored solutions for our communities, businesses, and partners as we have since 1893.
 
We also want you to have confidence that you can take BRB with you and bank anywhere and anytime with BRB Mobile and mybrb.com.

If you haven't already: ​

We also offer a robust suite of commercial solutions to allow your business to bank remotely. Contact treasurysupport@mybrb.com for more information on our remote deposit options, cash management platform, and payroll offerings. ​

​Blue Ridge Bank, announced the increase of its minimum wage to $15 an hour beginning on January 1, 2020.  The raise means entry-level employees will be making at least $31,000 in annual salary.
 
Commenting on the wage increase, Dorothy Welch, Senior Vice President and Director of Strategic Engagement, said, “This decision was two-fold.  Firstly, we take the livelihood of our employees to heart and believe that the investment they make into Blue Ridge Bank should be rewarded.  Secondly, it is important that our salary and benefit programs continue to meet the needs of our staff.”
 
This initiative is also intended to support local economic growth within Blue Ridge Bank’s footprint.  Employees earning a living wage will have more discretionary income to contribute to local commerce and support area businesses.
 
Blue Ridge Bank also invests in its employees by offering a benefits package for full-time staff that includes a bank-funded ESOP plan, tuition assistance/reimbursement, and 401(k) plan with an automatic 5% contribution by the bank into each employee’s account. 

​Dorothy Welch   
SVP, Strategic Engagement   

Accomplished Executive to Lead Effort
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Blue Ridge Bank, N.A., the wholly-owned bank subsidiary of Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), is pleased to announce Terri Ruby as the Hampton Roads Market President.  Blue Ridge Bank’s Hampton Roads office is located at 248 West Bute Street in Norfolk.  Ruby and her team will foster growth in the Tidewater region as Blue Ridge Bank continues to expand its footprint into attractive growth markets.

Ruby has built her career upon crafting tailored financial solutions for businesses over the last twenty years.  Her work in treasury services and business development throughout Virginia has supported better banking solutions for businesses and greater market-share growth for her previous institutions.  Ruby, a Hampton Roads local, plans to capitalize on Blue Ridge Bank’s unique business offerings and strengthen its relationships as the company expands into the Tidewater Region. 

Ruby says, “I’m honored to expand my role with Blue Ridge Bank; but, most importantly, I’m excited to be back in Hampton Roads!  Banking isn’t about ‘us’.  It’s about you.  Creating solutions that make YOU more successful is how I define a job-well-done!”

“Terri brings a level of enthusiasm and passion that is refreshing within this industry,” said Brian K. Plum President and CEO of Blue Ridge Bankshares, Inc. “Her personalized approach to relationship banking aligns with our mission to be more than a transactional bank; but rather, a financial partner.  Terri’s passion for helping her clients is what Blue Ridge Bank is all about.  We’re excited about Terri’s new role and our ability to provide smarter community banking to Hampton Roads.”

​Mortgage rates are continuously changing based on daily trading activity in the mortgage backed securities market.  Much in the way investors buy and sell stock in companies, investors are also buying and selling mortgage backed securities. 
 
You likely heard about the recent rate cut by the Federal Reserve.  Let’s explore how the Fed’s rate actions impact mortgage rates, directly or indirectly.   
 
The Federal Reserve’s recent action was of particular importance as it confirmed the consensus opinion of an overall shift in monetary policy.  The Fed cut the “Federal Funds Rate” which is the interest rate depository institutions, such as banks, charge each other for borrowing money overnight.           
 
The Fed Funds Rate now stands at 2.25%.  This was the first cut after nine straight increases.  In December of 2008, the Fed lowered the rate to .25% which is the lowest possible and that is where it stayed until December of 2015 when we had our first increase since 2006.  The Fed then steadily increased the rate with another raise in December of 2016, three more raises in 2017 and four more raises in 2018.  The mortgage backed securities markets largely shrugged off the increase until 2018 when long term mortgage rates started to follow suit.    
 
The recent cut was widely anticipated and mortgage rates have been dropping throughout 2019.  As a result, mortgage rates are now within a whisker of their all-time record lows of late 2012.  This, combined with rising property values, have created a historic opportunity for current homeowners to refinance.  Millions of Americans can now lock in a lower fixed rate, reduce or eliminate mortgage insurance, use their home’s equity to consolidate higher interest rate debt or even reduce the term of their mortgage.   
 
The good news: now is a great time to purchase a home or refinance your current mortgage!

Movements in the Federal Funds Rate typically cause a domino effect that impact various lending products.  The fed funds rate affects the prime rate, treasury bonds and various indices that lenders use for loans like credit cards, installment loans, home equity lines of credit (HELOCs) and adjustable rate mortgages (ARMs). 

The Fed raises and lowers the fed funds rate in response to the economy.  Lowering it can help stimulate the economy when the Fed feels indications show the economy slowing and raising it can help slow down inflation when the economy is expanding.  ​
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Any changes the Fed makes to the federal funds rate will not impact your current mortgage if you already have a Fixed Rate Mortgage.  However, the recent drop in rates may certainly help if you're thinking about refinancing to lower your payments, reduce your term, consolidate debt or purchase a second home or investment property. The lower rates may also help if you are considering adding a fixed rate home equity loan to fund home improvements, education costs or other investments.    ​
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​Adjustable Rate Mortgages and Home Equity Lines of Credit share a significant common trait.  Both have interest rates that will likely fluctuate significantly over time.  As such, both are tied more directly to the actions the Fed takes.  A decrease or increase in the fed funds rate and the subsequent likely domino effect will impact the index your ARM or HELOC is tied to.  When your rate is due for an adjustment, it is calculated based on a set formula.  Most typically, your rate will be calculated based on the index (variable component) plus margin (fixed component).  It is important to understand when your loan will be due for an adjustment and how your new rate will be calculated.  You can find those terms in the final disclosures you received at settlement or closing. 

If you currently have a fixed-rate mortgage, the changes in the fed fund rate won’t impact your mortgage payment.  However, it is a great time to consult your trusted mortgage professional for an overall checkup to see if there is a benefit to be gained from refinancing. 
 
If you currently have an ARM or HELOC loan, you may want to consult with your Mortgage Banker to see if now is the right time to lock in a Fixed Rate Mortgage.
 
Freddie Mac publishes an average of 30 year fixed rate mortgages (http://www.freddiemac.com/pmms/pmms_archives.html).  The historic average for a 30 year fixed rate mortgage since 1971 is over 8%.  The current average stands at 3.77%.  Today’s rates represent a savings of over 50% against the historic average.  Who doesn’t love 50% off?    
 
A simple 5 minute phone call may prove to save you a fortune!