Blue Ridge Bank Launches 1031 Exchange Service

LURAY, Va., Dec. 12, 2018 /PRNewswire/ -- Blue Ridge Bank announced today its expansion of commercial banking services to include the ability to service IRC Section 1031 deferred exchange transactions as the qualified intermediary.  The service will be offered as Exchangers Ltd.

"We are very excited to continue building out a comprehensive set of financial solutions for our current and prospective clients," said Brian K. Plum, Chief Executive Officer of Blue Ridge Bank.  "Providing 1031 settlement services is a natural extension of offerings for so many of our real estate investors that we deal with regularly, and affords us the opportunity to educate investors about the benefits of a 1031 exchange and also execute the transactions when it is appropriate for the seller of real estate."

Dean M. "Mac" Nichols, Esq. will serve as President of Exchangers Ltd. and is currently a shareholder in the law firm Lenhart Pettit.

Plum noted "Mac is one of the most respected and knowledgeable 1031 experts in the region.  With over three decades of experience working directly with 1031 transactions, Mac provides us a level of expertise that will be invaluable to our clients moving forward.  This is a service we have been interested in providing for a long time, but we had to make sure we have a partner with whom we have absolute trust and total confidence.  Mac is that partner."

Expressing his thoughts on the opportunity, Plum stated "We see a significant generational transfer of assets on the horizon given the nation's demographics.  That transfer should result in more interest in 1031 exchanges as both a tax-deferral strategy and also a potential estate planning tool.  We see a real opportunity to be a great resource.  Strategically, success in this area will also produce meaningful deposit growth as deposits held via Exchangers Ltd. during the exchange period will be held by Blue Ridge Bank."

About Blue Ridge Bank

Blue Ridge Bank, NA is a subsidiary of Blue Ridge Bankshares, Inc. a single-bank holding company headquartered in Luray, VA (OTC Pink: BRBS). Chartered in 1893 as the Page Valley Bank of Virginia, today Blue Ridge Bank has commercial banking and mortgage banking operations in Virginia and North Carolina markets. Celebrating 125 years as a locally owned, independent community bank, Blue Ridge Bank provides a wide range of financial services. Visit www.mybrb.com for more information.

SOURCE Blue Ridge Bank