Greensboro, N.C.-based NewBridge Bancorp 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. The acquisition includes the purchase of select assets, including the Bradford Mortgage name, and is expected to close by Dec. 31.
NewBridge President and CEO Pressley A. Ridgill says the acquisition will more than triple the size of NewBridge Bank's residential mortgage activities.
Following the acquisition, the management team of Bradford Mortgage will assume leadership responsibilities for the bank's mortgage division and will report to the bank's chief banking officer and executive vice president, David Barksdale.
Bradford Mortgage's current production manager, Beth Eller, will be named senior vice president and director of mortgage banking. Bradford Mortgage executives Jeff Cook and Connie Piner will also be joining the Bank's mortgage management team in senior leadership positions.
Bradford Mortgage was established in 2001 and employs approximately 30 people. The company operates five offices in North Carolina, including in Charlotte, Lake Norman, Raleigh, Wilmington and Winston-Salem, and one office in Charleston, S.C. NewBridge Bank expects to hire all of Bradford Mortgage's employees.
The terms of the acquisition include a cash purchase of certain agreed-upon assets and is not expected to result in the creation of any goodwill or other intangible assets, the companies say.
SOURCE: NewBridge Bancorp