NewBridge Bank
Encyclopedia
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 . NewBridge Bank has 36 full-service banking offices (down from its height of 42), total assets of about $2 billion and total deposits of about $1.6 billion. Its branches are mainly centered around the North Carolina
regions of the Piedmont Triad
and the Lower Cape Fear.
in 1949 by Dr. J. A. Smith, a physician
, 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
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, Winston-Salem-based Old North State Bank and LSB shareholders agreed to merge into a single company; the LSB name remained.
LSB's motto was "The Bank" and its slogans were "Beeline Banking", and "Easy as L-S-B". At its height, 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.
. It was founded in 1910, and throughout its existence provided community banking services to locations in North Carolina and Virginia.http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=3152331
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:...
based in Greensboro, North Carolina
Greensboro, North Carolina
Greensboro is a city in the U.S. state of North Carolina. It is the third-largest city by population in North Carolina and the largest city in Guilford County and the surrounding Piedmont Triad metropolitan region. According to the 2010 U.S...
, with locations in 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...
and 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...
. The company formed from the merger of Lexington State Bank
Lexington State Bank
Lexington State Bank was a banking 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...
and FNB Southeast in November, 2007. NewBridge Bank is the banking subsidiary of NewBridge Bancorp . NewBridge Bank has 36 full-service banking offices (down from its height of 42), total assets of about $2 billion and total deposits of about $1.6 billion. Its branches are mainly centered around the 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...
regions of 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...
and the Lower Cape Fear.
Lexington State Bank
Lexington State Bank (commonly known as "LSB") was founded in Lexington, North CarolinaLexington, 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 ...
in 1949 by Dr. J. A. Smith, a physician
Physician
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
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
Economic surplus
In mainstream economics, economic surplus refers to two related quantities. Consumer surplus or consumers' surplus is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay...
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, Winston-Salem-based Old North State Bank and LSB shareholders agreed to merge into a single company; the LSB name remained.
LSB's motto was "The Bank" and its slogans were "Beeline Banking", and "Easy as L-S-B". At its height, 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. 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.
FNB Southeast
FNB Southeast, a subsidiary of FNB Financial Services Corporation, was a bank based in ReidsvilleReidsville, North Carolina
Reidsville is a city located in Rockingham County, North Carolina. As of the 2000 census, the city had a total population of 14,485.Originally established in the early 19th century as an outpost and stop on the stage line that ran between Salisbury, NC and Danville, VA called Wrights Crossroads,...
. It was founded in 1910, and throughout its existence provided community banking services to locations in North Carolina and Virginia.http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=3152331