GREENSBORO, N.C., Sept. 20, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp (Nasdaq:NBBC) announced today that it has received the necessary regulatory approvals to enable NewBridge Bank ("NewBridge") to complete its supervisory acquisition of Security Savings Bank, SSB, ("Security Savings") of Southport, North Carolina, a mutual savings bank with six branches serving Brunswick County in North Carolina. At June 30, 2013, Security Savings had total assets of $220 Million and total deposits of $173 Million. The merger will be effected on October 1, 2013 pursuant to an order of the North Carolina Commissioner of Banks. NewBridge will continue to operate the acquired offices under the Security Savings name until a systems conversion occurs in November.
"We are pleased to welcome Security Savings' clients, banking professionals and communities to NewBridge Bank," said Pressley A. Ridgill, president and chief executive officer of NewBridge Bancorp and NewBridge Bank. "We are looking forward to expanding our presence along North Carolina's southeastern coast and playing a role in the economic recovery of this important region. We appreciate the diligent efforts and overwhelming support of Security Savings' Board of Directors and management. We are also thankful for the action of the North Carolina Commissioner of Banks, and the waivers and approvals of the Federal Deposit Insurance Corporation, that enabled this unique transaction to occur."
Henry Edmund, president and chief executive officer of Security Savings, stated, "Our merger with NewBridge Bank allows us to continue Security Savings' long standing tradition of serving our clients and the Brunswick County community. NewBridge Bank's product depth and financial strength will also provide enhanced services and capabilities to the families and local businesses we've supported for over a century."Upon the closing of the merger, NewBridge Bank will be a $2.0 billion institution with 36 branches and a number of loan production offices throughout North Carolina. Already the largest community bank in the Piedmont Triad Region of North Carolina, following the merger, NewBridge Bank will be one of the largest community banks in the Greater Wilmington coastal market.
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