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Under the preliminary approval, Treasury will purchase around 52,000 shares of NewBridge senior preferred stock with a liquidation preference of $1,000 per share, and will receive warrants to purchase NewBridge common stock having an aggregate market price of around $7.8 million, or 15% of the senior preferred stock investment.
The deal is scheduled to be completed during the fourth quarter of 2008. NewBridge said it met or exceeded the regulatory requirements to be classified as a "well capitalized" institution as of September 30, but said the CPP investment will be used to boost the company's capital ratios.
As of September 30, the company's leverage ratio, tier 1 risk-based capital ratio, and total risk-based capital ratio were 7.78%, 8.91%, and 10.18%, respectively. On a pro forma basis including the CPP funds, those respective ratios would increase to around 10.38%, 11.89%, and 13.16% as of the same date.
Greensboro, North Carolina-based NewBridge Bancorp is the parent company of NewBridge Bank, which is a state-chartered community bank with 37 banking offices in the Piedmont Triad of North Carolina, the Wilmington, North Carolina area and the area surrounding Harrisonburg, Virginia.
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