NewBridge Bank is a banking company based in Greensboro,
North Carolina
, with locations in North Carolina
and Virginia
. The
company formed from the merger of
Lexington State Bank and
FNB Southeast in November, 2007. NewBridge
Bank is the banking subsidiary of
NewBridge
Bancorp ( ). NewBridge Bank has 36 full-service banking
offices (down from its height of 42), total assets of about $2
billion and total deposits of about $1.6 billion.
Its branches are
mainly centered around the North Carolina regions of the Piedmont
Triad and the Lower Cape Fear,
along with a branch in the independent city of Harrisonburg,
Virginia
.
History
Lexington State Bank
Lexington
State Bank (commonly known as "LSB") was founded in Lexington, North
Carolina
in 1949 by Dr. J. A.
Smith, a
physician, founder of Lexington
Hospital, Chairman of the Lexington Utilities Commission, and
two-term
North Carolina
Representative.
Shares of the company were sold to citizens
of Davidson County
who were willing to buy them. The first
banking office opened in uptown Lexington's Courthouse Square on
July 5, 1949, one day after
Independence Day. Dr. Smith became the new
bank's
President and
Chairman of the Board.
Assets at the close of business on December 31, 1949,
totaled $1,845,680.82, including
loans and
discounts of $799,626.92.
Liabilities included deposits of $1,602,541.59
and other liabilities of $22,201.84,
capital of $150,000 and
surplus of $70,937.39.
In April
1962, LSB moved its headquarters to an
old
hardware store at the corner of State
Street and West First Street in Lexington. This new "LSB Plaza"
expanded as the company grew. The holding company for LSB was
created in July 1983 and in 1985 LSB opened its first 24-hour
automatic teller machine
(ATM) at Lexington Hospital.
In July
1997, Winston-Salem
-based Old North State Bank and LSB shareholders
agreed to merge into a single company; the LSB name
remained.
LSB's motto was "The Bank" and its slogans were "Beeline Banking",
and "Easy as L-S-B".
At its height, the bank had 29 branches
across the Piedmont Triad region
operating in Davidson
, Stokes
, Forsyth
, Guilford
, and Randolph
counties of North Carolina. LSB Bancshares,
Inc. was the
holding company for
Lexington State Bank.
FNB Southeast
FNB
Southeast, a subsidiary of FNB Financial Services Corporation, was
a bank based in Reidsville
. It was founded in 1910, and throughout its
existence provided community banking services to locations in North
Carolina and Virginia.
[739762]
Merger
On
February 27, 2007 Lexington State Bank announced its intention to
merge with the Greensboro
-based FNB Southeast, a
bank nearly equal in assets. With the merger approved by
stockholders on July 31, 2007, the new bank is the sixth largest in
North Carolina. The post-merger institution, operating under the
name NewBridge Bank, began public operations on November 13,
2007.
[739763]
References and external links
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