Monitoring the economic pulse of the Triad
NEWBRIDGE BANK ACQUIRES SECURITY SAVINGS BANK
Greensboro-based NewBridge Bank will acquire Security Savings Bank of Southport on Oct. 1. The acquisition comes on the heels of an order by the NC Commissioner of Banks and waivers and approvals from the Federal Deposit Insurance Corp.
Security Savings’ assets were valued at $220 million, including $173 million in deposits, as of June 30. The acquisition brings NewBridge Bank’s total assets to $2 billion, and expands its reach to 36 branches across North Carolina.
“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,” NewBridge Bank President Pressley A. Ridgill said in a prepared statement.