Wednesday, May 15, 2013

NewBridge Bank unwinds from federal bailout

Greensboro-based NewBridge Bank said Wednesday it has taken the final step to unwind from the federal financial crisis-era bailout program.

A month ago, the bank's $52 million preferred stock investment from the federal Troubled Asset Relief Program was sold at auction. NewBridge has now spent $7.8 million to repurchase the warrant the U.S. Treasury held to buy common stock in the bank.

North Carolina banks with bailout investments still on their books have been paying them back or seeing them auctioned to private investors at a rapid clip since the Treasury said it wanted to get out of the program last year.


Anonymous said...

they still have to paid a dividend for the preferred shares. They are not out of it yet. That payment will have a big drain on earning. Poor managment.