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NewBridge Bancorp accelerates problem asset disposition plan

NewBridge Bancorp announced that it has accelerated its previously announced problem asset disposition plan and has entered into securities purchase agreements with select investors and insiders of the Company pursuant to which it expects to raise $56M of convertible preferred equity. The capital raise will be executed through a private placement of two series of mandatorily convertible preferred stock at a price of $4.40 per share. The two series of preferred stock will automatically convert into shares of NBBC voting and nonvoting, respectively, common stock in the first quarter of 2013 after the Company has received shareholder approval at a Special Meeting of Shareholders expected to be held in the first quarter of 2013.