Another acquisition has succeeded for Bridge Bancorp, the parent company of Bridgehampton National Bank (BNB), as the local banking company has acquired Community National Bank (CNB).
CNB closed in mid-June, then converted all of its core systems to BNB late last month.
“Eleven former CNB branches reopened as fully operational BNB branches ready to deliver local, personal community banking services to business and individual customers,” President and CEO of Bridge Bancorp Kevin M. O’Connor says. ” I am proud of our team’s hard work to make this happen quickly and smoothly.”
Bridge Bancorp issued in the aggregate approximately 5.647 million shares of its common stock to CNB shareholders, with an exchange ratio of .79 shares for each share of CNB.
After the acquisition, Bridge Bancorp has assets that add up to around $3.2 billion. Loans come out to around $2.2 billion and deposits reach $2.7 billion.
“The acquisition of CNB expands the Bridgehampton National Bank footprint across Long Island including Nassau and Queens and into NYC. As one of the largest Long Island based community banks, our mission is to assist local businesses grow and expand, contributing to a vital Long Island economy,” O’Connor says.
This acquisition is not the first for Bridgehampton National Bank. In 2013, BNB added the First National Bank of New York, based in Melville, to their array of banks, including a branch in Shelter Island which opened in 2013.
Once that deal closed back in 2014, Bridgehampton National Bank had 26 branches, adding the three branches First National Bank of New York had within Suffolk and Nassau counties.
Bridgehampton National Bank was established in 1910 and operates 40 retail branch locations serving Long Island and the New York metropolitan area.
For more information on the Bridgehampton National Bank visit bridgenb.com.