NewBridge to Acquire Bradford Mortgage Company
NewBridge Bank will acquire Bradford Mortgage Company in a deal expected to close Dec. 31, 2009. NewBridge Bank, a community bank based in North Carolina with roughly $2bn in assets, is a subsidiary of NewBridge Bancorp. Bradford Mortgage Company also operates out of the North Carolina as a subsidiary of ACM Financial Trust, a private mortgage real estate investment trust (REIT). The sale follows another REIT’s quest for capital. NorthStar recently sold its holdings in an assisted living portfolio. NewBridge will acquire select assets from the transaction and the brand name “Bradford Mortgage.” After the sale is finalized, Bradford Mortgage’s management team will take leadership positions for the bank’s mortgage division. NewBridge anticipates all employees of Bradford to be offered a transfer to the bank. “This acquisition will more than triple the size of NewBridge Bank’s residential mortgage activities, resulting in added efficiency, products and services,” said Pressley Ridgill, president and CEO of NewBridge. Write to Jon Prior. The author holds no relevant investments.