NewBridge Bancorp Receives Regulatory Approvals for Acquisition of Security
GREENSBORO, N.C., Sept. 20, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp
(Nasdaq:NBBC) announced today that it has received the necessary regulatory
approvals to enable NewBridge Bank ("NewBridge") to complete its supervisory
acquisition of Security Savings Bank, SSB, ("Security Savings") of Southport,
North Carolina, a mutual savings bank with six branches serving Brunswick
County in North Carolina. At June 30, 2013, Security Savings had total assets
of $220 Million and total deposits of $173 Million. The merger will be
effected on October 1, 2013 pursuant to an order of the North Carolina
Commissioner of Banks. NewBridge will continue to operate the acquired offices
under the Security Savings name until a systems conversion occurs in November.
"We are pleased to welcome Security Savings' clients, banking professionals
and communities to NewBridge Bank," said Pressley A. Ridgill, president and
chief executive officer of NewBridge Bancorp and NewBridge Bank. "We are
looking forward to expanding our presence along North Carolina's southeastern
coast and playing a role in the economic recovery of this important region. We
appreciate the diligent efforts and overwhelming support of Security Savings'
Board of Directors and management. We are also thankful for the action of the
North Carolina Commissioner of Banks, and the waivers and approvals of the
Federal Deposit Insurance Corporation, that enabled this unique transaction to
Henry Edmund, president and chief executive officer of Security Savings,
stated, "Our merger with NewBridge Bank allows us to continue Security
Savings' long standing tradition of serving our clients and the Brunswick
County community. NewBridge Bank's product depth and financial strength will
also provide enhanced services and capabilities to the families and local
businesses we've supported for over a century."
Upon the closing of the merger, NewBridge Bank will be a $2.0 billion
institution with 36 branches and a number of loan production offices
throughout North Carolina.Already the largest community bank in the Piedmont
Triad Region of North Carolina, following the merger, NewBridge Bank will be
one of the largest community banks in the Greater Wilmington coastal market.
NewBridge Bancorp was advised in this transaction by FIG Partners, LLC as
financial advisor and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP as
legal advisor.Security Savings Bank was advised by Raymond James &
Associates, Inc.Brooks, Pierce, McLendon, Humphrey & Leonard, LLP also served
as legal advisor to Security Savings Bank.
Disclosures About Forward-Looking Statements
The discussions included in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995, including Section 21E of the Securities Exchange Act of 1934 and
Section 27A of the Securities Act of 1933.Such statements involve known and
unknown risks, uncertainties and other factors that may cause actual results
to differ materially.For the purposes of these discussions, any statements
that are not statements of historical fact may be deemed to be forward-looking
statements.Such statements are often characterized by the use of qualifying
words such as "expects," "anticipates," "believes," "estimates," "plans,"
"projects," or other statements concerning opinions or judgments of NewBridge
and its management about future events.The accuracy of such forward-looking
statements could be affected by factors including, but not limited to, the
financial success or changing conditions or strategies of NewBridge's clients
or vendors, fluctuations in interest rates, actions of government regulators,
the availability of capital and personnel or general economic
conditions.Additional factors that could cause actual results to differ
materially from those anticipated by forward-looking statements are discussed
in NewBridge's filings with the Securities and Exchange Commission, including
without limitation its annual report on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K.NewBridge undertakes no obligation to
revise or update these statements following the date of this press release.
About NewBridge Bancorp
NewBridge Bancorp is the bank holding company for NewBridge Bank, a full
service, state-chartered community bank headquartered in Greensboro, North
Carolina. The stock of NewBridge Bancorp trades on the NASDAQ Global Select
Market under the symbol "NBBC."
NewBridge Bank is the largest community bank in the Piedmont Triad Region of
North Carolina and one of the largest community banks in the state. NewBridge
Bank serves small to midsize businesses, professionals and consumers with a
comprehensive array of financial services, including retail and commercial
banking, private banking, wealth management and mortgage banking. NewBridge
Bank currently has assets of approximately $1.7 billion with 30 branches and
several loan production offices throughout North Carolina.
CONTACT: Ramsey Hamadi
Senior Executive Vice President, Chief Finance Officer
1st Vice President, Director of Marketing
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