NewBridge Bank, the banking subsidiary of NewBridge Bancorp, has entered into an agreement to acquire the business operations of Bradford Mortgage Company, a subsidiary of ACM Financial Trust. The acquisition includes the purchase of select assets including the name Bradford Mortgage and is expected to close by December 31, 2009.
Following the acquisition, the management team of Bradford Mortgage will assume leadership responsibilities for the NewBridge’s mortgage division and will report to David Barksdale, chief banking officer and EVP of NewBridge. Bradford Mortgage’s current Production Manager, Beth Eller, will be named SVP and director of mortgage banking. Bradford Mortgage executives Jeff Cook and Connie Piner will also be joining the NewBridge’s mortgage management team in senior leadership positions.
Pressley Ridgill, president and CEO of NewBridge, said: “Bradford Mortgage has excellent name-brand reputation in the Piedmont Triad region, and we are delighted with the opportunity to align our interests. This acquisition will more than triple the size of NewBridge Bank’s residential mortgage activities, resulting in added efficiency, products and services.”
