Bridge Bancorp, the parent company of BNB Bank, is merging with Dime Community Bancshares, the parent company of Dime Community Bank.
The two companies announced today they have entered into a definitive merger agreement in an all-stock deal valued at $489 million.
The combined company will have over $11 billion in assets, over $8 billion in total deposits, and 66 branches spanning Montauk to Manhattan, according to a press release issued tonight by BNB.
“Dime has earned its strong reputation in the greater New York metropolitan market, and I’m thrilled to partner with them,” said BNB president and CEO Kevin O’Connor. “Our enhanced branch footprint and increased capital base will allow us to better serve the needs of our customers.”
The combined bank will operate under the “Dime Community Bank” name, according to the press release. The company will operate unfit the “Dime Community Bancshares, Inc.”
Certain retail locations in eastern Long Island will operate under the BNB Bank name for at least one year, BNB said in the release. It did not specify which retail locations will keep the BNB name for that period of time.
The headquarters of the combined company will be located in Hauppauge, with a corporate office to be located in Manhattan.
“Leveraging Dime’s ubiquitous brand name and having branch network coverage over the entire Long Island market provide the combined entity significant branding power,” BNB said.
The combined company will trade under the Dime ticker symbol “DCOM” on the Nasdaq Stock Market.
Current Dime shareholders will own approximately 52% and Bridge shareholders will own approximately 48% of the combined company, according to the release.
Kevin O’Connor, the current president and chief executive officer of Bridge, will serve as chief executive officer of the combined bank.
Stuart “Stu” H. Lubow, the current president of Dime, will serve as president and chief operating officer of the new entity.
The merger is expected to close in the first quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.
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