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The North Carolina market is poised for a big round of M&A, and executives at NewBridge Bancorp which has made two acquisitions this year believe they can build the state's first super-community bank.
December 9 -
Yadkin Financial revealed in a regulatory filing that merger talk is running rampant across the state. Yadkin agreed to merge with VantageSouth in January to create North Carolina's biggest community bank.
March 27
NewBridge Bancorp in Greensboro, N.C., has agreed to buy Premier Commercial Bank in Greensboro.
The $2.4 billion-asset NewBridge, an
Premier, a de novo bank founded in 2008, has one branch, a number of mortgage origination offices, $96 million in loans and $133 million in deposits.
"We look forward to welcoming Premier's clients and experienced banking professionals," Pressley Ridgill, NewBridge's president and chief executive, said in a press release Thursday. "Premier's ability to grow, even in the face of an extended economic downturn, and emerge with strong asset quality and a base of loyal clients reflects the value of the bank's team."
NewBridge said it expects to cut 45% of Premier's annual operating expenses, while earning back any dilution to tangible book value within a year. NewBridge also expects to incur about $3 million in merger-related expenses. The deal is expected to close in the first quarter.
NewBridge Bancorp was advised by Sandler O'Neill and Brooks, Pierce, McLendon, Humphrey & Leonard. Premier was advised by Raymond James and Ward & Smith.
