Yadkin Financial Corporation Completes Merger With NewBridge Bancorp
March 09 2016 - 7:46PM
Yadkin Financial Corporation (NYSE:YDKN) (the “Company”)
announced today the completion of its merger with NewBridge
Bancorp (NASDAQ:NBBC) (“NewBridge”).
Under the terms of the merger agreement, NewBridge shareholders
will receive 0.500 shares of the Company’s voting common stock in
exchange for each NewBridge share they owned, or an aggregate of
approximately 19,606,426 shares of the Company’s voting common
stock.
As part of the merger agreement, NewBridge’s bank
subsidiary, NewBridge Bank, has merged with Yadkin Bank,
a North Carolina banking corporation and the wholly-owned
banking subsidiary of the Company.
“We are very pleased to announce the completion of this
transaction, forming the premier community bank in North
Carolina. Our growing franchise is well-positioned to
continue providing convenience for our customers while retaining
local leadership and a community bank philosophy,” said Scott
Custer, Chief Executive Officer and President of the Company.
The combined company will be the fourth largest bank
headquartered in North Carolina and will rank first by
North Carolina deposit market share among community banks.
“This is an exciting time for Yadkin. We have received
very strong shareholder and customer support during this process,”
said Custer. “We are enthusiastic about adding
additional talented team members to Yadkin who will continue to be
focused on the needs of their local communities.”
Upon completion of the merger, the company will operate 110
full-service banking locations in its North Carolina and South
Carolina banking network. The company plans to complete
systems integration in September. Yadkin is one of the top
two community banks in the largest markets in North Carolina,
including Charlotte, the Raleigh-Durham-Chapel Hill Triangle,
the Piedmont Triad, and Wilmington.
The Company’s board of directors is now comprised of fifteen
members, including Adam Abram (Lead Independent Director), Michael
Albert, David Brody, Scott Custer (Chief Executive Officer and
President), Harry Davis, Barry Dodson, Tommy Hall, Thierry
Ho, Steven Lerner, Michael Patterson, Mary Rittling, Harry
Spell, Joe Towell (Chairman), Richard Urquhart III, and Nicolas
Zerbib.
About the Company
Yadkin Financial Corporation is the bank holding company for
Yadkin Bank, a full-service state-chartered community bank
providing services in 110 branches across North Carolina and
upstate South Carolina. Serving over 130,000 customers, the company
has assets of $7.3 billion. The Bank’s primary business is
providing banking, mortgage, investment and insurance services to
consumers and businesses across the Carolinas. The Bank provides
SBA lending services through its Government Guaranteed Lending
division, headquartered in Charlotte, NC, and mortgage lending
services through Yadkin Mortgage, headquartered in Greensboro, NC.
Yadkin Financial Corporation’s website is www.yadkinbank.com. The
common stock is traded on the NYSE under the symbol YDKN.
Cautionary Statement Regarding Forward Looking
Statements
The information presented herein contains forward looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 giving Yadkin Financial Corporation’s and
NewBridge Bancorp’s expectations or predictions of future financial
or business performance or conditions. Forward-looking statements
are typically identified by words such as “believe,” “expect,”
“anticipate,” “intend,” “target,” “estimate,” “continue,”
“positions,” “prospects” or “potential,” by future conditional
verbs such as “will,” “would,” “should,” “could” or “may,” or by
variations of such words or by similar expressions. Such
forward-looking statements are necessarily based upon estimates
that, while considered reasonable by Yadkin Financial Corporation
and our management team, are inherently uncertain. The
forward-looking statements are subject to numerous assumptions,
risks and uncertainties which change over time.
Forward-looking statements speak only as of the date they are made,
and we assume no duty to update forward-looking statements.
Yadkin Financial Corporation
Investor Relations Contact:
Terry S. Earley
Chief Financial Officer
(919) 659-9015
(MM) (NASDAQ:NBBC)
Historical Stock Chart
From Sep 2024 to Oct 2024
(MM) (NASDAQ:NBBC)
Historical Stock Chart
From Oct 2023 to Oct 2024