Lexington State Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1949 |
| Founder | Dr. J. A. Smith |
| Defunct | 2007 |
| Fate | Merged with FNB Southeast to form NewBridge Bank |
| Successor | NewBridge Bank |
| Headquarters | Lexington, North Carolina , United States |
Area served | Piedmont Triad area, North Carolina (Davidson, Stokes, Forsyth, Guilford, Randolph counties) |
| Products | Financial services |
| Owner | LSB Bancshares, Inc. |
| Parent | LSB Bancshares, Inc. |
Lexington State Bank (LSB) was a financial institution headquartered in Lexington, North Carolina, operating 29 branches throughout the Piedmont Triad area and serving the counties of Davidson, Stokes, Forsyth, Guilford, and Randolph. The parent company of Lexington State Bank was LSB Bancshares, Inc. (). In 2007, LSB combined with FNB Southeast to establish NewBridge Bank.
History
Dr. J. A. Smith—a physician, founder of Lexington Hospital, and two-term representative in the North Carolina legislature—founded LSB in 1949. The initial stock offering was made available to residents of Davidson County. The bank’s inaugural branch commenced operations on July 5, 1949, located in Courthouse Square in downtown Lexington. By the end of that year, the bank reported assets of $1.85 million, deposits amounting to $1.6 million, and capital totaling $150,000.
In April 1962, LSB moved its main office to a former hardware store situated at the intersection of State Street and West First Street in Lexington, expanding its facilities as the business developed. The formation of the holding company occurred in July 1983. Two years later, in 1985, LSB installed its first ATM capable of 24-hour service at Lexington Hospital.
The merger with Old North State Bank took place in July 1997, with the combined institution retaining the Lexington State Bank name.
Merger with FNB Southeast
Lexington State Bank revealed plans on February 27, 2007, to merge with Greensboro-based FNB Southeast, a bank of comparable size. This merger received shareholder approval on July 31, 2007, resulting in the creation of North Carolina’s sixth-largest banking organization. From November 13, 2007 onward, the merged company operated under the NewBridge Bank brand. The unified entity featured 42 full-service branches and held about $2 billion in assets alongside $1.6 billion in deposits. Additionally, it broadened its market reach to include coastal regions of North Carolina as well as southern Virginia.