NewBridge Bancorp (NBBC) in Greensboro, N.C., has issued nearly $16 million in subordinated debt to redeem all the preferred stock it issued under the Troubled Asset Relief Program.

The $2 billion-asset company said late Friday that it had placed the notes with "certain accredited investors," including directors. The 7.25% notes are due March 14, 2024. "Subordinated debt is a form of low-cost regulatory capital," Presley Ridgill, the company's president and chief executive, said in a press release.

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