Greensboro's NewBridge Bancorp will buy coastal North Carolina's Security Savings Bank in a transaction that won't involve payment, NewBridge announced Thursday.
Security Savings Bank, based in Southport, has six branches and a loan office in Brunswick County. NewBridge says it will take on the bank's assets and loans but will not pay a premium. The bank said it anticipates the deal will be ordered by the N.C. Commissioner of Banks.
The deal, which is expected to close in the third quarter, will make NewBridge a $2 billion in asset bank.
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