June 14 - NewBridge Bancorp (Nasdaq: NBBC), the parent company of NewBridge Bank, Greensboro, N.C., has announced the signing of a definitive agreement to acquire Security Savings Bank, a state mutual savings bank headquartered in Southport, N.C.
Security Savings Bank operates six branches and one loan production office in Brunswick County, N.C. As of March 31, 2013, Security Savings Bank reported total assets of $224 million, total loans of $157 million and total deposits of $176 million.
NewBridge Bank will acquire the assets and liabilities of Security Savings Bank in a transaction NewBridge anticipates will be ordered by the North Carolina Commissioner of Banks. No shares will be issued or cash exchanged in the transaction, and the merger is not subject to member approval.
"We welcome Security Savings Bank clients to NewBridge Bank," said Pressley A. Ridgill, president and CEO. "Community banks have been through a tumultuous economic cycle, and many have suffered the adverse consequences of circumstances beyond their control. We are honored to partner with Security Savings and continue its 100-year tradition of serving Brunswick County communities."
With this transaction, NewBridge Bank will be a $2 billion asset institution with 36 branches and several loan production offices throughout North Carolina. Already the largest community bank in the Piedmont Triad Region of North Carolina, NewBridge Bank will also be one of the largest community banks in the Greater Wilmington Area.
Henry Edmund, CEO of Security Savings Bank, said, "Our executive management team and board of directors are excited about our future with NewBridge Bank. Security Savings was significantly impacted by the economic downturn, and we were unable to raise the needed additional capital as a mutual savings bank. The merger with NewBridge Bank allows us to maintain our community-banking focus and return our attention to providing comprehensive financial services to our clients and supporting the communities we serve."
The merger has been approved by the board of directors of NewBridge and is expected to close during the third quarter of 2013. The transaction is subject to certain conditions, including regulatory approvals.
Operational integration is anticipated to begin in the fourth quarter of 2013.
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 serves as legal counsel to Security Savings Bank.