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NewBridge Bancorp (NBBC) in Greensboro, N.C., has received regulatory approval to buy struggling mutual Security Savings Bank in Southport, N.C.
September 20 -
NewBridge Bancorp (NBBC) in Greensboro, N.C., is acquiring a cash-strapped mutual at the behest of state regulators.
June 13 -
CapStone Bank in Raleigh, N.C., has agreed to buy Patriot State Bank in Fuquay-Varina, N.C., for roughly $10.6 million.
September 21
NewBridge Bancorp (NBBC) in Greensboro, N.C., has agreed to buy CapStone Bank (CPSE) in Raleigh, N.C.
The $1.7 billion-asset NewBridge said Friday that it plans to pay about $63.6 million in stock for the $376 million-asset CapStone. The deal values CapStone at $16.60 a share, or a 35% premium to its Thursday closing price. CapStone shareholders would own roughly 22% of NewBridge following the merger.
NewBridge would have about 40 branches in the state after the merger's expected closing in the first quarter.
"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," Pressley Ridgill, NewBridge's chief executive, said in a press release. "CapStone's exceptional reputation and tremendous success in the Triangle are admired throughout the industry, and we are honored to be partnering with them."
The announcement comes just over a month after NewBridge
FIG Partners advised NewBridge; Raymond James advised CapStone.
