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The bank, based in Greensboro, is closing seven branches, including two in Forsyth County, and opening other branches in Forsyth, Greensboro, Lexington and Thomasville.
The bank said that its goal is for the new branches to be more "strategically located in the heart of these markets." It will spend more than a combined $5 million on the new branches.
NewBridge is closing branches at Sherwood Plaza shopping center off Robinhood Road in Winston-Salem and in Rural Hall. There also will be branches closed in Lexington, Rockingham County and Thomasville.
Pressley Ridgill, the president and chief executive of NewBridge, said that the bank will close the seven branches in early 2010. The new branches will open during 2010.
"The plan represents an aggressive push to enhance efficiencies and pave the way for growth in the next decade," Ridgill said.
Jillian Gibson, the marketing director for NewBridge, said that the bank will attempt to place affected employees in other job positions.
"We may add additional tellers in some locations to handle the transaction volume," Gibson said. "We have been holding certain open positions in anticipation of this event."
David Barksdale, the chief banking officer for NewBridge, said that the branch consolidation is part of a strategy change to focus more on small- and midsize business and consumers.
Buddy Howard, an analyst with Equity Research Services in Raleigh, said that the decision could be a solid long-term strategic move.
"Branch locations are very important from a retail standpoint," Howard said. "There may be some sort short-term negative impacts from this, but I would think the net reduction of three branches could increase overall efficiency of the branch network."
Barksdale said that the Sherwood branch was chosen because recent traffic-pattern changes have made it more difficult to enter and exit. He said that the bank is reviewing potential sites for the new Forsyth branch, including around Country Club, Peace Haven and Robinhood roads.
The branch consolidation comes at a time when NewBridge has posted four consecutive quarterly losses, hampered primarily by sharp rises in its loan-loss provision and net charge-offs.
NewBridge's other branch consolidation includes closing its existing South Lexington, Talbert and Westside branches in Lexington in favor of a new branch at the intersection of Cotton Grove Road and Lowes Boulevard.
In Thomasville, the bank is building a branch at Randolph Street. Once the new branch is open, the existing branch's building will be donated to the Thomasville Area Chamber of Commerce.
NewBridge plans to open a downtown Greensboro branch at CenterPointe in December. It also is closing its Penrose branch in Rockingham.
rcraver@wsjournal.com -- 727-7376
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