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GREENSBORO, N.C., June 13, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp (Nasdaq:NBBC), the parent company of NewBridge Bank, announced today 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 chief executive officer. "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 the transaction announced today, 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.
"The merger of Security Savings Bank is an excellent strategic fit for our Company and will provide significant benefits to the clients of both institutions. The economic downturn forced most community banks to be inwardly focused. We are pleased that with the overwhelming success of our 2012 capital raise and asset disposition plan, we are now prepared to focus on fulfilling our original vision—to leverage our existing infrastructure through organic growth and strategic consolidation. The acquisition of Security Savings Bank follows this vision and will provide significant benefits to the constituencies of both institutions. Our clients will have access to an expanded branch network in NewBridge Bank's Coastal region, and Security Savings Bank's employees, clients, and communities will benefit from the stability, strength and operating efficiencies we offer. Equally important, we believe NewBridge Bancorp shareholders will see immediate earnings accretion without dilution to their share value."