Capstone Bank is being acquired

11/01/2013 5:10 PM

11/01/2013 5:12 PM

Raleigh-based CapStone Bank has agreed to be acquired by the corporate parent of NewBridge Bank.

NewBridge Bancorp, which is based in Greensboro, has agreed to pay stock valued at $63.6 million for CapStone, which has four branches after acquiring Patriot State Bank of Fuquay-Varina in January. Capstone shareholders will end up with a 22 percent ownership stake in NewBridge.

NewBridge has 36 branches, including a downtown Raleigh branch, across the state. The combined bank will have $1.7 billion in outstanding loans and deposits of $1.9 billion.

“Our clients will enjoy a larger footprint spanning from Charlotte to Wilmington, and the communities we serve will benefit from NewBridge’s broader range of products and services,” CapStone CEO Mike Patterson said in a statement.

The deal, which is subject to shareholder and regulatory approval, is expected to be completed in the first quarter of 2014. The Capstone branches are expected to be rebranded as NewBridge branches in the second quarter.

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