GREENSBORO, N.C., April 1, 2014 (GLOBE NEWSWIRE) -- NewBridge Bancorp (Nasdaq:NBBC) announced today that NewBridge Bank ("NewBridge") has successfully completed its merger with CapStone Bank ("CapStone") of Raleigh, North Carolina. The merger results in a community bank with total assets of $2.4 billion and a significantly expanded banking presence in four of the top metro markets in North Carolina. NewBridge will continue to operate CapStone's four offices under the CapStone Bank name until a systems conversion later this month.
"We are excited to welcome CapStone Bank's clients, employees and shareholders to NewBridge Bank," said Pressley A. Ridgill, president and chief executive officer of NewBridge Bancorp and NewBridge Bank. "We look forward to building upon their tradition of excellence in the communities they serve while also introducing NewBridge's comprehensive suite of financial solutions supported by our expanding footprint."
Ridgill added, "Following our recent acquisition of Security Savings Bank, the merger with CapStone further distinguishes NewBridge as a preferred merger partner throughout the region. It is a significant step toward pursuing our goal of enhancing the long-term value of our franchise through organic growth and strategic acquisitions. We are grateful to CapStone's shareholders and Board of Directors for their overwhelming approval of this partnership. CapStone's management team and banking professionals also played pivotal roles in successfully completing this transaction. Because of these team efforts, NewBridge is now a competitive force in four of North Carolina's largest markets: Charlotte, Greater Wilmington, the Piedmont Triad and the Triangle. Equally important, clients and communities will continue to experience CapStone's concierge-level of personal service delivered by a local team of experienced banking professionals under the NewBridge brand."Michael S. Patterson, former chairman, president and chief executive officer of CapStone and now a director of NewBridge Bancorp, stated, "We are pleased to join forces with NewBridge and believe our partnership provides tremendous value for our clients, employees and shareholders. Clients will benefit from the traditional retail and commercial banking solutions they've enjoyed plus expanded mortgage banking, private banking and wealth management services. Our employees will remain with a values-based organization that offers greater opportunities for advancement. We also expect our shareholders to benefit from the significant earnings potential of a North Carolina-based community bank with critical mass."