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Banking & Finance

Post Merger, Yadkin Bank To Consolidate Two Branches In Wilmington

By Jenny Callison, posted May 24, 2016
Following the merger of NewBridge Bank and Yadkin Bank, which closed March 1, the newly consolidated Yadkin Bank is closing a former NewBridge location in Wilmington.

In a letter to clients dated Friday, Steve Jones, Yadkin’s chief banking officer, announced that the bank would close its location at 1001 Military Cutoff Road, suite 100 as of Sept. 9. The location will be consolidated with a smaller branch location at 1724 Eastwood Road, and all accounts at the Military Cutoff branch will automatically transfer.

There was no word about whether the consolidation would result in staffing changes, and officials did not immediately return requests for comment.

Keith Austin, a broker with Maus, Warwick, Matthews & Co. is the listing agent for the nearly 7,900-square-foot space in the 1001 Military Cutoff office building. He said Tuesday he is looking for a tenant to fill it at a full-service rate of $23.50 per square foot. The space will be available Nov. 1, he said.

"We've targeted regional and local banks in our area and banks moving to our area [as potential tenants] but also are considering retrofitting the space," he said. "The owners are willing to invest in that to create more traditional class-A office space as opposed to a bank-suite."

Prior to the merger, Greensboro-based NewBridge Bank maintained nine branches in Brunswick, New Hanover and Pender counties. Raleigh-based Yadkin Bank operated two branches in the Wilmington area, having sold a third – in Leland – to Select Bank at the end of 2015.

- Reporter Cece Nunn contributed to this story.
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