Billy Beal Steps Down as CEO of Blue Ridge Bank
After nearly three years back in action, Billy Beal has decided to leave his position as CEO of Blue Ridge Bank, effective March 6. The bank, based in Henrico County, announced this transition on Thursday.
Harry Golliday, currently serving as the chief credit officer, will take over the role temporarily, which seems a bit sudden given Beal’s significant contributions during his time at the $2.4 billion bank.
Beal was brought on board in 2023 to rectify issues following rapid growth and increased scrutiny after previous leadership struggled with managing the bank’s expansion and risky lending practices.
During his time at Blue Ridge, Beal worked on several initiatives—bringing in a new management team, securing $150 million in fresh capital, reducing costs by managing headcount, and clearing out problematic deposits.
By August of last year, the bank had turned a profit for the first time in two years. Furthermore, in November, it successfully exited a problematic regulatory agreement with the Office of the Comptroller of the Currency.
While Beal previously expressed enthusiasm about the bank’s potential for continued growth, he acknowledged in a press release on Thursday that the moment was right for him to retire again.
“I came here for a specific purpose, and that task is complete. I’m proud of what I’ve achieved, but after turning 76 last December, I feel it’s best to step back into retirement,” his statement read.
In addition to the formal announcement, he shared on LinkedIn that this is his third and final retirement. After retiring from Union Bank in 2016, he briefly returned to assist Community Bankers Bank, which was struggling at the time. Following a successful turnaround, he re-retired in 2020, but then took on the challenge at Blue Ridge in 2023.
Blue Ridge Bank expressed gratitude towards Beal for his leadership during a challenging period. Chairman Vance Spielman noted in a press release, “The board extends its thanks to Mr. Beal for his exceptional contributions to our organization, particularly in steering the bank out of the OCC Consent Order and back to profitability.”
Looking ahead, Golliday, set to join the bank officially in 2024, has past experience with Capital One and SunTrust, beginning his banking career at Wachovia.
Golliday remarked, “Since my arrival at Blue Ridge Bank in 2024, notable changes have greatly improved our financial stability and asset quality. I’m eager to collaborate with our board and management to meet our strategic goals.” However, he did not address any inquiries made by BizSense on Thursday.
As for the search for a permanent successor, the bank has yet to disclose any plans, but they indicated that Golliday will continue to explore growth and strategic opportunities.
In an inspiring farewell to his colleagues, Beal concluded his LinkedIn post with a toast, quoting George Washington: “With love and gratitude, we bid you farewell. I sincerely hope your future days are as bright and honorable as those we’ve enjoyed.”
