BRIDGEHAMPTON, N.Y. and BROOKLYN, N.Y., Dec. 22, 2020 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (Nasdaq: BDGE), the parent company of BNB Bank, and Dime Community Bancshares, Inc. (Nasdaq: DCOM), the parent company of Dime Community Bank, today jointly announced that the parties have received approval from New York State Department of Financial Services to merge Dime Community Bank with and into BNB Bank. The merger is expected to close on February 1, 2021, on which day the combined company will open as the new Dime Community Bank.
This release follows Friday’s announcement of the new Board of Directors.
Kevin O’Connor, BNB Bank’s President and CEO, stated, “We are very excited to begin a new chapter, and look forward to providing superior financial services to communities across Long Island and New York City. The support of our regulatory agencies and shareholders reinforces the value of the expanded services and increased efficiencies the ‘new’ Dime will be delivering.”
“For generations, Dime has been among the biggest lenders by volume on properties serving low- and moderate income persons, due to our specialization in pre-war, rent-regulated multifamily housing,” said Kenneth J. Mahon, Dime’s CEO. “In recent years, we extended our expertise to single family lending, where the combined partnership of BNB and Dime will expect to make a meaningful impact in the availability of credit for affordable housing in our markets.”
About Bridge Bancorp, Inc.
Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, BNB Bank. Established in 1910, BNB, with assets of approximately $6.3 billion, operates 39 branch locations serving Long Island and the greater New York metropolitan area. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB's wholly-owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc., a wholly-owned subsidiary of BNB, offers financial planning and investment consultation. For more information visit www.bnbbank.com.
BNB also has a rich tradition of involvement in the community, supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts.
About Dime Community Bancshares, Inc.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered community commercial bank that was founded in 1864. Dime Community Bank is headquartered in Brooklyn, NY and operates 28 banking offices located throughout Brooklyn, Queens, the Bronx, Nassau and Suffolk Counties, New York. More information on Dime Community Bancshares, Inc. and Dime Community Bank can be found on Dime's website at www.dime.com.
