Bridgehampton National Bank’s parent company, Bridge Bancorp, will acquire Community National Bank under a definitive agreement for an all-stock merger, the companies announced Monday.
Community National Bank currently operates 11 branches in Nassau, Suffolk, Queens and Manhattan counties.
“We are excited to announce the acquisition of Community National Bank which continues our expansion into Nassau County and New York City in a meaningful way,” said Kevin M. O’Connor, the president and CEO of Bridge Bancorp. “Community National Bank’s strong commercial banking expertise and presence in rich lending markets will accelerate our growth and enhance profitability–our combined institutions will be one of the largest community banks operating on Long Island.”
The combined institution will have $3.2 billion in assets, $2.6 billion in deposits and 40 branches serving Long Island and the greater New York metropolitan area.
Stuart H. Lubow, the president and CEO of Community National Bank, commented, “We look forward to combining our business with Bridgehampton National Bank. The merger will allow us to offer broader and enhanced services to our customers. Furthermore, Bridge’s culture and community focus is consistent with our own and we are confident this merger will benefit the customers of both institutions.”