NewBridge Bancorp (NBBC) in Greensboro, N.C., has completed its redemption of preferred stock tied to the Troubled Asset Relief Program.
The $2 billion-asset company said in a press release Monday that it had redeemed $15 million in preferred stock. NewBridge also paid $172,500 in accrued and unpaid dividends.
NewBridge issued nearly $16 million in subordinated notes in March to fund the redemption of the Tarp shares. The company said that it had issued the notes to "certain accredited investors," including directors.
Separately, the company said Tuesday that it had completed its acquisition of CapStone Bank in Raleigh, N.C. NewBridge said it expects to integrate the bank later this month.