A former chief executive and chairman of NewBridge Bancorp (NBBC) in Greensboro, N.C., plans to retire from its board.

Robert Lowe, 69, will step down at NewBridge's annual meeting on May 15, the company said Wednesday. Its mandatory retirement age is 70.

He became CEO of Newbridge in 2007, when it was created from the merger of Lexington State Bank and FNB Financial Services; he stepped down in 2008 and became chairman of the boards of the company and its bank subsidiary. The next year he retired as chairman but remained a director on both boards.

Lowe also had been chairman and CEO of Lexington, and he helped lead the merger that created NewBridge, the news release says.

"I am very appreciative of the opportunity to have been a part of Lexington State Bank and NewBridge Bank and helping to build what I believe is a leading community bank in North Carolina," Lowe said in the news release. "In addition, it has been a privilege to serve our industry through both the North Carolina Bankers Association and the American Bankers Association."

Last week, the $1.7 billion-asset Newbridge announced two executive promotions. In February, it made changes to its stock share classes in connection with a $56 million capital raise.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.