Bridge Bancorp, which owns BNB Bank—an institution on the East End many still refer to as Bridgehampton National Bank—is merging with Dime Community Bancshares, the parent company of Dime Community Bank.
In an announcement late Wednesday, the deal was valued at approximately $489 million. The merger means the companies will have over $11 billion in assets, plus 66 branches from Montauk to Manhattan with over $8 billion in total deposits.
“This highly compelling combination will allow us to build on our complementary strengths and provide significant value for shareholders,” said Kevin O’Connor, President and Chief Executive Officer of Bridge Bancorp. “Dime has earned its strong reputation in the greater New York metropolitan market, and I’m thrilled to partner with them. Our enhanced branch footprint and increased capital base will allow us to better serve the needs of our customers. In addition, both companies have strong balance sheets and demonstrated histories of low loan losses through prior cycles, which give me confidence that we will be well-positioned to succeed in any environment.”
Dime will merge with and into Bridge Bancorp, with BNB Bank as the surviving institution, according to the press release. The combined company will operate under the “Dime Community Bancshares, Inc.” name and the combined bank will operate under the “Dime Community Bank.”
Certain retail locations on the East End will operate under the BNB Bank name for at least one year, though the announcement did not specify which.
The headquarters will be located in Hauppauge, and a corporate office will be maintained in Manhattan. O’Connor will serve as chief executive officer of the newly combined bank.
The merger will be completed in the first quarter of 2021, subject to regulatory and shareholder-approvals.