NewBridge restructuring will eliminate more than 20 jobs
GREENSBORO, N.C. — NewBridge Bancorp is eliminating 5 percent of its workforce, or about 22 jobs, as part of restructuring its branch operations.
The Greensboro bank said Monday the job cuts are part of changes it is making to reach customers who are using increasingly online and mobile banking platforms.
The bank also hired Laura Bailey, a local SunTrust Banks Inc. sales executive, to the new position of retail sales manager.
The restructuring comes about three weeks after NewBridge completed the second of two bank purchases, one based in Raleigh and the other in Southport near Wilmington.
The bank did not say it was closing any branches. NewBridge has 40 branches following the two bank deals.
Pressley Ridgill, NewBridge’s president and chief executive, said in a statement the restructuring represents the bank’s way of wrestling with the issue of where to put resources to best serve customers.
It is a challenge for most national, regional and community banks. Some have responded by shrinking their branch network, while others continue to emphasis the need for branches at the face of their bank.
“We believe modern banking will continue to evolve as a result of the dynamic needs of the consumer,” Ridgill said. “Branch transactions will decline as clients complete their day-to-day banking through digital channels, such as mobile banking and payments.”
In the NewBridge strategy, Ridgill said it is replacing its traditional branch staffing model of one manager surrounded by client service representatives with a structure consisting entirely of client service managers.
“Client service managers will report to local retail banking managers, who oversee several branches within a designated market,” Ridgill said. “Our client service managers will be cross-trained to provide universal service.
“They will be able to perform transactions for clients who prefer branch banking, but they will also be financial experts prepared to engage and educate which will empower clients to choose the financial solutions that best meet their needs.”
Bailey has more than 15 years of sales and service leadership experience. She recently led a SunTrust sales unit consisting of 38 branches and more than 300 employees in the Triad and Triangle.
NewBridge Bancorp completed April 1 its merger with CapStone Bank of Raleigh, bolstering its total assets to $2.4 billion and adding four branches.
On Oct. 1, NewBridge completed its acquisition of Security Savings Bank of Southport and its six branches.
NewBridge joined Capital Bank Financial Corp. and BNC Bancorp in having a significant community banking presence in the state’s three largest metro areas.
As part of the restructuring, Ann Warren and Nicky Casteen have been promoted to retail banking manager to help manage regional operations in North Davidson and Brunswick Counties.