NewBridge Bancorp Completes Acquisition of Security Savings Bank
GREENSBORO, N.C., Oct. 2, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp
(Nasdaq:NBBC) announced today that NewBridge Bank ("NewBridge") successfully
completed its supervisory acquisition of Security Savings Bank, SSB ("Security
Savings") of Southport, North Carolina, a mutual savings bank with six
branches serving Brunswick County, on October 1, 2013. The merger was effected
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.
"On behalf of the banking professionals at NewBridge Bank, I am excited to
welcome Security Savings' clients, employees and communities to our Bank,"
said Pressley A. Ridgill, president and chief executive officer of NewBridge
Bancorp and NewBridge Bank. "We are looking forward to serving Security
Savings' clients with our comprehensive suite of financial solutions while
expanding our presence in this attractive market."
Ridgill continued, "The acquisition of Security Savings fulfills NewBridge's
original vision – to be a consolidator of choice in our region by leveraging
our existing infrastructure through organic growth and strategic acquisitions.
We are grateful to Security Savings' Board of Directors, management and
banking professionals who have worked diligently and purposefully to complete
this transaction. We also appreciate 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 occur. Because
of these combined efforts, Security Savings' employees, clients and
communities will continue to benefit from having a strong, values-based
financial institution in Brunswick County. Equally important, we believe
NewBridge Bancorp shareholders will see immediate earnings accretion without
dilution to their share value."
Henry Edmund, former president and chief executive officer of Security Savings
and executive vice president of NewBridge Bank, stated, "We are thankful for
Security Savings' loyal clients who have trusted us for over a century, and we
could not have found a better partner to continue this rich tradition.
NewBridge Bank's Guiding Principles, organizational structure and financial
strength will allow us to maintain our community-banking focus while enhancing
new and existing client relationships."
With the closing of the merger, NewBridge is a $2.0 billion institution with
36 branches and a number of loan production offices throughout North
Carolina.Already one of the largest community banks in the Piedmont Triad
Region of North Carolina, NewBridge is now one of the largest community banks
in the greater Wilmington area.
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."
As one of the largest community banks in North Carolina, 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. Upon the closing and merger
of Security Savings Bank, NewBridge Bank has assets of approximately $2
billion and36 branches and several loan production offices throughout North
CONTACT: Ramsey Hamadi
Senior Executive Vice President, Chief Finance Officer
1st Vice President, Director of Marketing
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