The East End’s homegrown banking institution Bridgehampton National Bank has inked an agreement to acquire the First National Bank of New York, based in Melville.
First National Bank of New York has three branches across Nassau and Suffolk counties. Once combined, the bank will boast 26 branches, $2.0 billion in assets and $1.7 billion in loans.
Kevin O’Connor, president and CEO of BNB’s parent company Bridge Bancorp, said the acquisition helps expand the bank’s footprint in Nassau County. “Our expanded branch network will allow us to serve a greater portion of the Long Island and metropolitan marketplace.”
“We are delighted to join forces with Bridgehampton National Bank,” said John Stewart, the CEO of First National Bank’s parent company, FNBNY Bancorp. “The merger will allow us to expand and enhance services and products for our customers. In addition, the larger branch network will benefit the customers of both institutions.”
The deal is expected to close in the first quarter of 2014. Regulatory approval and the approval of FNBNY Bancorp shareholders will be required.
Bridgehampton National Bank, founded in 1910, is ranked as one of the top 10 community banks in the nation by American Banker.