Under the terms of the agreement, which was originally inked in June 2013, NBBC’s banking subsidiary will buy the assets and liabilities of Security Savings Bank.
The North Carolina Commissioner of Banks granted its order for the merger, which will be effective from 1 October 2013.
Post-transaction, the acquirer will have $2bn in assets with 36 branch offices and several loan production centers across North Carolina.Security Savings had total assets of $220m and total deposits of $173m, as at 30 June 2013.
NewBridge Bancorp and NewBridge Bank president and CEO Pressley Ridgill said that the acquisition will enable the bank to boost its presence along North Carolina’s southeastern coast and play a role in the region’s economic recovery.
Its 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, the bank said
FIG Partners, Brooks, Pierce, McLendon, Humphrey & Leonard served as advisers to NBBC, while Security Savings Bank was advised by Raymond James & Associates, Brooks, Pierce, McLendon, Humphrey & Leonard.
