Monitoring the economic pulse of the Triad
Newbridge reports sharp earning increase
Greensboro-based Newbridge Bancorp reported on Monday that earnings increased sharply in the first quarter of 2013, compared to the first quarter of 2012. The bank reported that net income available to common shareholders leapt from $781,000 in the first quarter of 2012 to $4 million in the quarter ending on March 31, 2013. President and CEO Pressley A. Ridgill attributed the improved position, in part, to the bank shedding $106 million in what he termed “adversely classified assets” in 2012 and to its investment in new staff with expertise in commercial banking in Charlotte and Raleigh, the two largest markets in the state.
Tanglewood land BMX competition
Tanglewood Park in Clemmons will host the 2013 USA BMX Redline Cup Finals East in October. Visit Winston-Salem, the marketing arm of the Forsyth County Tourism Development Authority, estimates that the event will generate demand for a thousand hotel nights with an economic impact of $750,000. The event is expected to attract more than 700 riders from 20 states and two Canadian provinces. Visit Winston-Salem, BMX Tanglewood and the Forsyth County Parks and Recreation Department collaborated to bring the event to the park.