Skip to main content

NewBridge Bank to acquire Bradford Mortgage Company

Dec 22, 2009

NewBridge Bancorp has announced that its banking subsidiary, NewBridge Bank, has entered into an agreement to acquire the business operations of Bradford Mortgage Company (“Bradford Mortgage”), a subsidiary of ACM Financial Trust Inc. headquartered in Winston-Salem, N.C. The acquisition includes the purchase of select assets including the name “Bradford Mortgage” and is expected to close by Dec. 31, 2009. “Bradford Mortgage has excellent name-brand reputation in the Piedmont Triad region, and we are delighted with the opportunity to align our interests. This acquisition will more than triple the size of NewBridge Bank’s residential mortgage activities, resulting in added efficiency, products and services," said Pressley A. Ridgill, president and chief executive officer of NewBridge. “Bradford Mortgage has excellent name-brand reputation in the Piedmont Triad region, and we are delighted with the opportunity to align our interests. This acquisition will more than triple the size of NewBridge Bank’s residential mortgage activities, resulting in added efficiency, products and services.” 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. Bradford Mortgage operates five offices in North Carolina, including Charlotte, Lake Norman, Raleigh, Wilmington and Winston-Salem and one office in Charleston, S.C. The Bank anticipates all employees of Bradford Mortgage will become employees of the Bank. 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. Management anticipates the acquisition will be accretive to the earnings of NewBridge. For more information, visit www.newbridgebank.com.
About the author
Published
Dec 22, 2009
Broker Action Coalition Unveils Inaugural Board Of Directors

Newly formed nonprofit organization BAC announces industry professionals to guide its mission of legislative change and educational initiatives in the mortgage industry.

Feb 21, 2024
GSEs Report Strong Earnings

Robust performance marks growth for both Fannie Mae and Freddie Mac, despite a dip in home purchases.

Feb 15, 2024
Friendly Competition Joins Forces

The merger aims to enhance local fulfillment and sales support, marking Guild’s sixth acquisition since 2021 and expanding its licensed originators to over 2,100 amidst a challenging market.

Feb 14, 2024
Guild Mortgage Announces Acquisition Of Competitor Academy Mortgage, Bolsters National Presence

The strategic move will see Guild Mortgage enhance its market share and become the 8th largest non-bank retail lender in the U.S., welcoming over 600 loan officers from Academy.

Feb 13, 2024
Proprietary Capital-Led Group Acquires Multichannel Lender AFR

Colorado-based fund manager Proprietary Capital finalizes acquisition of American Financial Resources.

Feb 13, 2024
Are Trigger Leads Harmful? Prove it

Trade associations claim trigger leads are dangerous to consumers.

Feb 08, 2024