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GREENSBORO, N.C. and RALEIGH, N.C., Nov. 1, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp ("NewBridge") (Nasdaq:NBBC) and CapStone Bank ("CapStone") (OTCQB:CPSE) today announced the signing of a definitive agreement of combination. The combination will result in a community bank with total assets of $2.5 billion and a significant banking presence in the top four metro markets in North Carolina.
Based upon September 30, 2013 financials and NewBridge's recently announced acquisition of Security Savings Bank, the combined bank will have total loans of approximately $1.7 billion, deposits of $1.9 billion and 40 offices across the state. The combined bank will operate as NewBridge Bank with headquarters in Greensboro, N.C.
"This combination will create one of the largest community banks in North Carolina and further establishes NewBridge Bank as a strategically active acquirer in the Carolinas and Virginia," said Pressley A. Ridgill, president and chief executive officer of NewBridge Bancorp and NewBridge Bank. "CapStone's exceptional reputation and tremendous success in the Triangle are admired throughout the industry, and we are honored to be partnering with them. Welcoming their team members and clients to NewBridge will significantly bolster our existing presence in the Triangle while offering clients of both banks expanded office locations throughout North Carolina. Of equal importance, we believe shareholders of both institutions will benefit from the combination of these thriving community banks."
Commenting on the combination, Mike Patterson, chairman, president and chief executive officer of CapStone Bank, stated, "We are very pleased to be joining with NewBridge. Both CapStone and NewBridge are vibrant, values-based financial institutions with similar corporate cultures and clientele. We believe joining forces with NewBridge creates a beneficial situation for all of CapStone's constituencies. Our clients will enjoy a larger footprint spanning from Charlotte to Wilmington, and the communities we serve will benefit from NewBridge's broader range of products and services. Our employees will join a larger company with more opportunities for advancement and we believe our shareholders will benefit from the significant earnings potential of a $2.5 billion bank."