Harry Golliday Appointed Interim CEO of Blue Ridge Bankshares
Following the departure of Billy Beale, Blue Ridge Bankshares in Richmond, Virginia, has announced a new leader. Harry Golliday, the 62-year-old chief credit officer for the bank, has been appointed interim president and CEO of the $2.4 billion-asset holding company, and the interim CEO of its banking arm, Blue Ridge Bank. This decision was confirmed through a notice filed with the U.S. Securities and Exchange Commission.
Golliday’s Appointment and Tenure
According to the filing, Golliday’s current employment agreement, set to expire on May 3, will automatically be extended for another year unless either party provides written notice of nonrenewal at least 90 days before the term ends. No such notice has been filed, indicating that Golliday’s tenure will extend until May 3, 2027. Golliday, who has been the bank’s chief credit officer since 2024, is entitled to a minimum base salary of $325,000, along with eligibility for an annual cash bonus and long-term incentives, each up to 30% of his salary.
In a press release, Golliday expressed his commitment towards the bank’s strategic and financial goals, stating, “Since I joined Blue Ridge Bank … the bank has undergone a significant change that has materially strengthened our financial condition, asset quality and business mix. I look forward to working with the company’s board of directors and executive team to achieve our strategic and financial goals, as the bank of choice in the communities we serve.”
Billy Beale’s Departure
Beale’s exit comes four months after Blue Ridge was released from a 2024 consent order tied to its foray into the banking-as-a-service business. Beale, a veteran community banker who came out of retirement to lead Blue Ridge, redirected the bank’s focus back to traditional community banking, emphasizing more on commercial-and-industrial and commercial real estate loans. Under his leadership, the bank also stopped making loans outside its home state and hired relationship managers who live where they work.
Blue Ridge’s Fintech Ventures and Regulatory Scrutiny
Before Beale’s arrival, Blue Ridge had about 70 fintech partnerships and was facing regulatory scrutiny related to its anti-money-laundering controls. The bank’s proposed acquisition of FVC BankCorp in Fairfax, Virginia, was also called off. Beale quickly started exiting fintech partnerships upon his appointment as president and CEO of the holding company in mid-2023, terminating its final such partnership in December 2024.
Beale’s Retirement and Compensation Details
On March 6, Beale stepped down from the bank, as agreed upon with Blue Ridge’s board of directors. As part of the retirement agreement, Beale will receive his 2025 bonus within the next 30 days, along with a lump-sum payment of $180,478 and 12 monthly cash payments of $84,000, summing up to about $1 million. He will also be vested in over 18,500 shares awarded to him in a restricted stock grant made in 2023. Following his departure, Beale resigned from the boards of directors of the bank and the parent company and agreed not to disparage his former employer, and vice versa.
Blue Ridge’s Future Outlook
Golliday, who joined Blue Ridge in January 2024, previously worked at Capital One Financial for 14 years and SunTrust Banks for 18 years. He stated in an interview that under Beale’s leadership, the management team achieved three critical goals – raising capital, exiting the consent order, and returning the bank to profitability. He added, “Now we’re well-positioned to grow the community bank franchise.”
For 2025, Blue Ridge reported net income of $10.7 million, showing a significant rebound from 2024, when it suffered a loss of $15.4 million. Following the termination of the consent order, the bank experienced a positive impact on its borrowing costs, operating costs, and Federal Deposit Insurance Corp. insurance premiums.
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