NewBridge Bancorp Announces Redemption of Series A Preferred Stock
March 31, 2014
Greensboro, N.C. – NewBridge Bancorp (NASDAQ: NBBC), parent of NewBridge Bank, today announced the redemption of all of its remaining outstanding shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). The Series A Preferred Stock was previously issued to the U.S. Treasury in 2008 pursuant to NewBridge’s participation in the Capital Purchase Program. The shares of Series A Preferred Stock were redeemed at the liquidation price of $1,000 per share for a total of $15 million, plus $172,500 of accrued and unpaid dividends.
Disclosures About Forward-Looking Statements
The discussions included in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. For the purposes of these discussions, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Such statements are often characterized by the use of qualifying words such as “expects,” “anticipates,” “believes,” “estimates,” “plans,” “projects,” or other statements concerning opinions or judgments of NewBridge and its management about future events. The accuracy of such forward-looking statements could be affected by factors including, but not limited to, the financial success or changing conditions or strategies of NewBridge’s clients or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel or general economic conditions. Additional factors that could cause actual results to differ materially from those anticipated by forward-looking statements are discussed in NewBridge’s filings with the Securities and Exchange Commission, including without limitation its annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. NewBridge undertakes no obligation to revise or update these statements following the date of this press release.
About NewBridge Bank
NewBridge Bank is a full-service, state-chartered community bank headquartered in Greensboro, North Carolina. As one of the largest community banks in the state, NewBridge Bank serves small to midsize businesses, professionals and consumers with a comprehensive array of financial services, including retail and commercial banking, private banking, wealth management and mortgage banking. NewBridge Bank currently has assets of approximately $2.0 billion with 36 branches and several loan production offices throughout North Carolina. The stock of NewBridge Bancorp, the Bank’s parent company, trades on the NASDAQ Global Select Market under the symbol “NBBC.”