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GREENSBORO, N.C., Oct. 2, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp (Nasdaq:NBBC) announced today that NewBridge Bank ("NewBridge") successfully completed its supervisory acquisition of Security Savings Bank, SSB ("Security Savings") of Southport, North Carolina, a mutual savings bank with six branches serving Brunswick County, on October 1, 2013. The merger was effected 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.
"On behalf of the banking professionals at NewBridge Bank, I am excited to welcome Security Savings' clients, employees and communities to our Bank," said Pressley A. Ridgill, president and chief executive officer of NewBridge Bancorp and NewBridge Bank. "We are looking forward to serving Security Savings' clients with our comprehensive suite of financial solutions while expanding our presence in this attractive market."
Ridgill continued, "The acquisition of Security Savings fulfills NewBridge's original vision – to be a consolidator of choice in our region by leveraging our existing infrastructure through organic growth and strategic acquisitions. We are grateful to Security Savings' Board of Directors, management and banking professionals who have worked diligently and purposefully to complete this transaction. We also appreciate 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. Because of these combined efforts, Security Savings' employees, clients and communities will continue to benefit from having a strong, values-based financial institution in Brunswick County. Equally important, we believe NewBridge Bancorp shareholders will see immediate earnings accretion without dilution to their share value."
Henry Edmund, former president and chief executive officer of Security Savings and executive vice president of NewBridge Bank, stated, "We are thankful for Security Savings' loyal clients who have trusted us for over a century, and we could not have found a better partner to continue this rich tradition. NewBridge Bank's Guiding Principles, organizational structure and financial strength will allow us to maintain our community-banking focus while enhancing new and existing client relationships."