Blue Ridge Bankshares (BRBS) said late Wednesday it has agreed to sell its Monarch Mortgage business to an unrelated third-party mortgage company.
Financial terms were not disclosed.
Under the terms of the agreement, Blue Ridge Bank, doing business as Monarch Mortgage, will continue to fulfill its obligations to prospective borrowers on loans currently in process, the company said.
The sale is expected to close by the end of Q1, the company said.
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