Greensboro, N.C.-based NewBridge Bancorp has announced that its banking subsidiary, NewBridge Bank, has entered into an agreement to acquire the business operations of Bradford Mortgage Co., a subsidiary of ACM Financial Trust Inc., headquartered in Winston-Salem, N.C.Â
Following the acquisition, the management team of Bradford Mortgage will assume leadership responsibilities for NewBridge Bank's mortgage division and will report to the bank's chief banking officer and executive vice president, David Barksdale. Bradford Mortgage was established in 2001 and employs approximately 30 people in five North Carolina offices.
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‘Bradford Mortgage has excellent name-brand reputation in the Piedmont Triad region, and we are delighted with the opportunity to align our interests,’ says Pressley A. Ridgill, president and CEO of NewBridge. ‘This acquisition will more than triple the size of NewBridge Bank's residential mortgage activities, resulting in added efficiency, products and services.’
SOURCE: NewBridge Corp.