LSB Bancshares, Inc. and FNB Financial Services Corporation Announce Shareholder Approvals of Merger of Equals
July 26 2007 - 8:22AM
PR Newswire (US)
LEXINGTON and GREENSBORO, N.C., July 26 /PRNewswire-FirstCall/ --
The shareholders of LSB Bancshares, Inc. and FNB Financial Services
Corporation overwhelmingly approved the Agreement and Plan of
Merger of LSB and FNB at their respective shareholder meetings on
July 25, 2007. Under the Agreement, FNB will merge into LSB with
the combined company being named NewBridge Bancorp. The Company
will be headquartered in Greensboro and its outstanding shares will
be traded on the Nasdaq Global Market under the symbol "NBBC". "We
are excited that our shareholders have recognized the significant
advantages that this merger of equals will provide. Our goal is to
respond to this strong support by utilizing these advantages to
develop a high performing bank which generates earnings which will
enhance shareholder value," said Robert F. Lowe, Chairman and Chief
Executive Officer of NewBridge. Pressley A. Ridgill, President of
NewBridge and the President and Chief Executive Officer of
NewBridge Bank upon the merger of NewBridge's banking subsidiaries
said: "We have passed a significant milestone in the combination of
LSB and FNB. We are honored by our shareholders' confidence in the
combined management team. There is, however, much left to do. Our
management team, composed of senior executives from each of LSB and
FNB, is focused upon integrating our organizations, cutting costs
without reducing the quality of our services or our commitments to
our communities, and continuing our joint heritage as a community
bank with the resources to help our customers cross barriers to
their financial security. Our job is to enable our customer to
connect with their goals, to provide them with a bridge to their
future." The merger of LSB and FNB is expected to be effective on
July 31, 2007. The merger of NewBridge's banking subsidiaries,
Lexington State Bank and FNB Southeast, into NewBridge Bank is
anticipated to close in early November of this year. The Bank will
maintain its operations facilities in Lexington and Reidsville,
North Carolina. NewBridge will have 40 banking offices located in
the Piedmont Triad of North Carolina, the Wilmington, North
Carolina area, and the area surrounding Harrisonburg, Virginia. It
will have approximately $2.0 billion in assets and shareholders'
equity in excess of $164 million. Contact: Robert F. Lowe for LSB -
336-248-6500 Pressley A. Ridgill for FNB - 336-369-0900 DATASOURCE:
LSB Bancshares, Inc. CONTACT: Robert F. Lowe for LSB,
+1-336-248-6500, or Pressley A. Ridgill for FNB, +1-336-369-0900
Web site: http://www.lsbnc.com/
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