Lexington State Bank
Encyclopedia
Lexington State Bank was a bank
ing company based in Lexington, North Carolina
. Its motto was "The Bank" and its slogans were "Beeline Banking", and "Easy as L-S-B". The bank had 29 branches across the Piedmont Triad
region operating in Davidson, Stokes, Forsyth, Guilford, and Randolph counties of North Carolina
. LSB Bancshares, Inc. was the holding company
for Lexington State Bank. In 2007, it merged with FNB Southeast to form NewBridge Bank
.
, founder of Lexington Hospital, Chairman of the Lexington Utilities Commission, and two-term North Carolina Representative. Shares of the company were sold to citizens of Davidson County, North Carolina
who were willing to buy them. The first banking office opened in uptown Lexington's Courthouse Square on July 5, 1949, one day after Independence Day
. Dr. Smith became the new bank's President
and Chairman of the Board
. Asset
s at the close of business on December 31, 1949, totaled $1,845,680.82, including loan
s and s of $799,626.92. Liabilities included deposits of $1,602,541.59 and other liabilities of $22,201.84, capital
of $150,000 and surplus of $70,937.39.
In April 1962, LSB moved its headquarters to an old hardware
store at the corner of State Street and West First Street in Lexington. This new "LSB Plaza" expanded as the company grew. The holding company for LSB was created in July 1983 and in 1985 LSB opened its first 24-hour automatic teller machine (ATM) at Lexington Hospital.
In July 1997 Old North State Bank and LSB shareholders agreed to merge into a single company; the LSB name remained.
and southern Virginia
.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing company based in Lexington, North Carolina
Lexington, North Carolina
Lexington is the county seat of Davidson County, North Carolina, United States. As of the 2000 census, the city had a total population of 19,953. It is located in central North Carolina, twenty miles south of Winston-Salem. Major highways include I-85, U.S. Route 29, U.S. Route 70, U.S. Route 52 ...
. Its motto was "The Bank" and its slogans were "Beeline Banking", and "Easy as L-S-B". The bank had 29 branches across the Piedmont Triad
Piedmont Triad
The Piedmont Triad, or Triad, is a north-central region of the U.S. state of North Carolina that consists of the area within and surrounding the three major cities of Greensboro, Winston-Salem, and High Point. This close group or "triad" of cities lies in the Piedmont geographical region of the...
region operating in Davidson, Stokes, Forsyth, Guilford, and Randolph counties of North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
. LSB Bancshares, Inc. was the holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
for Lexington State Bank. In 2007, it merged with FNB Southeast to form NewBridge Bank
NewBridge Bank
NewBridge Bank is a banking company based in Greensboro, North Carolina, with locations in North Carolina and Virginia. The company formed from the merger of Lexington State Bank and FNB Southeast in November, 2007. NewBridge Bank is the banking subsidiary of NewBridge Bancorp...
.
History
LSB was founded in 1949 by Dr. J. A. Smith, a physicianPhysician
A physician is a health care provider who practices the profession of medicine, which is concerned with promoting, maintaining or restoring human health through the study, diagnosis, and treatment of disease, injury and other physical and mental impairments...
, founder of Lexington Hospital, Chairman of the Lexington Utilities Commission, and two-term North Carolina Representative. Shares of the company were sold to citizens of Davidson County, North Carolina
Davidson County, North Carolina
-Demographics:As of the census of 2010, there were 149,331 people, 58,156 households, and 42,512 families residing in the county. The population density was 267 people per square mile . There were 62,432 housing units at an average density of 113 per square mile...
who were willing to buy them. The first banking office opened in uptown Lexington's Courthouse Square on July 5, 1949, one day after Independence Day
Independence Day (United States)
Independence Day, commonly known as the Fourth of July, is a federal holiday in the United States commemorating the adoption of the Declaration of Independence on July 4, 1776, declaring independence from the Kingdom of Great Britain...
. Dr. Smith became the new bank's President
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
and Chairman of the Board
Chair (official)
The chairman is the highest officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office is typically elected or appointed by the members of the group. The chairman presides over meetings of the assembled group and conducts its business in an...
. Asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s at the close of business on December 31, 1949, totaled $1,845,680.82, including loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s and s of $799,626.92. Liabilities included deposits of $1,602,541.59 and other liabilities of $22,201.84, capital
Capital (economics)
In economics, capital, capital goods, or real capital refers to already-produced durable goods used in production of goods or services. The capital goods are not significantly consumed, though they may depreciate in the production process...
of $150,000 and surplus of $70,937.39.
In April 1962, LSB moved its headquarters to an old hardware
Hardware
Hardware is a general term for equipment such as keys, locks, hinges, latches, handles, wire, chains, plumbing supplies, tools, utensils, cutlery and machine parts. Household hardware is typically sold in hardware stores....
store at the corner of State Street and West First Street in Lexington. This new "LSB Plaza" expanded as the company grew. The holding company for LSB was created in July 1983 and in 1985 LSB opened its first 24-hour automatic teller machine (ATM) at Lexington Hospital.
In July 1997 Old North State Bank and LSB shareholders agreed to merge into a single company; the LSB name remained.
Merger with FNB Southeast
On February 27, 2007 Lexington State Bank announced its intention to merge with the Greensboro-based FNB Southeast, a bank nearly equal in assets. With the merger approved by stockholders on July 31, 2007, the new bank is the sixth largest in North Carolina. The post-merger institution, operating under the name NewBridge Bank, began public operations on November 13, 2007.http://www.the-dispatch.com/apps/pbcs.dll/article?AID=/20070405/NEWS/704050349/1006/RSS NewBridge Bank has 42 full-service banking offices, total assets of about $2 billion and total deposits of about $1.6 billion, and an increased geographic size including counties in coastal North CarolinaNorth Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
and southern Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
.