Message from Pressley A. Ridgill and Henry J. Edmund
Security Savings Bank, SSB (“SSB”) was merged into NewBridge Bank, Greensboro, N.C. (“NewBridge”) on October 1, 2013. Please be assured that your deposits continue to be insured by the Federal Deposit Insurance Corporation (“FDIC”) to the maximum extent allowed by law. NewBridge has assumed SSB’s obligations to you and will administer your loans and deposit accounts. Also, please be assured that the banking services you receive from SSB will be continued by NewBridge.
The recession and its continuing adverse impact on SSB’s customers and the communities it serves caused SSB to experience severe financial conditions that threatened its stability. Its losses mounted, and its regulatory capital decreased to an unacceptable level. SSB’s Board of Directors carefully and thoroughly considered the options available to SSB. Many different possible courses of action were pursued unsuccessfully. The Board of Directors ultimately concluded that neither a standard conversion to stock ownership nor a merger with another mutual institution was possible. Accordingly, the Board of Directors focused upon finding a partner that would provide adequate capital resources to not only continue to meet the needs of SSB’s customers and the communities it serves, but that would provide additional and enhanced services and products and that would reflect SSB’s long history of commitment to its customers. Simply, the Board of Directors sought a transaction that would be in the best interests of the depositors, the federal deposit insurance fund, and the public.
After extensive discussions, NewBridge expressed its willingness to provide the necessary capital resources. Pursuant to the supervisory directive of the North Carolina Commissioner of Banks, SSB’s Board of Directors voted unanimously to merge with NewBridge. Appropriate regulatory applications were filed with the FDIC for its consideration. After extensive reviews by the FDIC and North Carolina regulators of SSB and NewBridge, all required approvals and orders were issued.
SSB’s employees are now part of the NewBridge team. All of us look forward to serving you and meeting your banking needs in the future.
Pressley A. Ridgill
President & Chief Executive Officer
Henry J. Edmund
Former President & Chief Executive Officer
Security Savings Bank
Executive Vice President