Based on the agreement, the acquirer’s banking subsidiary will buy the assets and liabilities of Security Savings Bank in a transaction, which is expected to be ordered by the North Carolina Commissioner of Banks.
The acquired enterprise manages six branches and one loan production office in Brunswick County, North Carolina, and it had total assets of $224m, total loans of $157m and total deposits of $176m, as of 31 March 2013.
Post transaction, the acquirer will have $2bn in assets with 36 branch offices and several loan production centers across North Carolina.
The bank said that the clients will have access to an expanded branch network in Coastal region, and its employees, clients, and communities will benefit from the stability, strength and operating efficiencies of the joint company.
Already backed by the board of directors of NewBridge, the transaction is expected to complete in the third quarter of 2013, pending regulatory approvals, while operational integration is likely to start during the fourth quarter of 2013.
FIG Partners, Brooks, Pierce, McLendon, Humphrey & Leonard served as advisers to NewBridge Bancorp, while Security Savings Bank was advised by Raymond James & Associates, Brooks, Pierce, McLendon, Humphrey & Leonard.
