Shareholders of NewBridge Bancorp (NBBC) have authorized a series of changes to the Greensboro, N.C., company's stock related to a recently completed $56 million capital raise.
The $1.7 billion company said Thursday that shareholders approved measures to create a new class of nonvoting common stock, double the number of voting common stock to 100 million shares and triple its preferred stock to 30 million shares.
Shareholders also authorized NewBridge to issue roughly 9.6 million shares of voting common stock and 3.1 million shares of nonvoting common stock to investors in exchange for preferred stock they purchased as part of a capital raise that closed in November.
"This is another completed step in positioning NewBridge to thrive in the months and years to come," Pressley Ridgill, NewBridge's chief executive, said in a press release.
Ridgill said in a separate release last month that the capital would bolster NewBridge's balance sheet and allow the company to redeem $52 million in preferred shares held by the Treasury Department as part of the Troubled Asset Relief Program.
The company's fourth-quarter earnings rose 242% from a year earlier, to $4.8 million, marking the first quarter since the company liquidated $45 million in bad loans.