GREENSBORO, N.C. -- Two North Carolina banks will unite as one.
Greensboro-based NewBridge Bank announced Friday it will merge with Raleigh-based CapStone Bank. The two banks will operate under the NewBridge Bank name, and will remain headquartered in Greensboro.
A statement from NewBridge Bank says the combined assets between the two banks total $2.5 billion.
The boards of directors from each company unanimously approved the deal. It is expected to close within the first quarter of 2014.
According to a news release, if approved, Capstone's shareholders will acquire 2.25 shares of NewBridge common stock for each share of CapStone common stock.
NewBridge Bank has nearly 30 banks across North Carolina; Capstone has four - three of which are in Wake County.