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.
NewBridge to Acquire Bradford Mortgage Company
Most Popular Articles
Latest Articles
11 real estate events & conferences to help you thrive in 2024
Forge new connections at these in-person events and conferences that can help take your career to the next level.
-
In quest to grow reverse business, US Mortgage Corporation hires Krajewski
-
NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions
-
Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com
-
Reverse-centric Ibis Software appoints Sivori to board of directors
-
Clear Capital extends its partnership with Cherre