NewBridge Bancorp, created in July through the merger of two North Carolina banking companies, said Thursday that it had lost $10.6 million in its first full quarter.
The $2 billion-asset company, based in Greensboro, attributed the loss to merger-related expenses as well as to a $14.4 million provision for loan losses in the face of declining asset quality.
Its predecessor, LSB Bancshares Inc. in Lexington had earned $338,000 in the fourth quarter of 2006. Its loss provision in the fourth quarter of 2006 was $2.9 million.
LSB bought FNB Financial Services in Greensboro for $101 million, though the companies billed the deal as a merger of equals.
In a press release, NewBridge Bank president Pressley A. Ridgill said the company shed 94 jobs in the final months of 2007. "With these tough decisions behind us, we are well on our way to achieving our strategic initiatives that will help NewBridge operate more efficiently in 2008 and beyond," he said.
