HAUPPAUGE, N.Y., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Bridge Bancorp Inc. (Nasdaq: BDGE)  and Dime Community Bancshares, Inc. (Nasdaq: DCOM) today announced the successful closing of the previously announced merger of equals between the respective companies.

Pursuant to the terms of the agreement dated July 1, 2020, each share of Legacy Dime was converted into 0.648 common shares of Bridge and the combined company was renamed Dime Community Bancshares, Inc. Beginning today, the combined company will trade on The NASDAQ Global Select Market under the ticker “DCOM”.

In addition, each share of Legacy Dime 5.50% Series A Non-Cumulative Perpetual Preferred Stock has converted into one share of Dime 5.50% Series A Non-Cumulative Perpetual Preferred Stock and beginning today will trade on The NASDAQ Global Select Market under the symbols “DCOMP”.

Chief Executive Officer Kevin O’Connor and Executive Chairman Kenneth Mahon issued the following joint statement: “The completion of this transaction unites two iconic New York community banks creating the premier community-based business bank in our region. Our enhanced branch footprint and increased capital base will allow the combined bank to better serve the needs of our customers across the greater New York and Long Island marketplaces. We are very excited to begin this new chapter in our institutions’ histories.”

Piper Sandler Companies acted as financial advisor, and rendered a fairness opinion to the board of directors of Bridge. Luse Gorman, PC served as legal counsel to Bridge. Raymond James acted as financial advisor, and rendered a fairness opinion to the board of directors of Legacy Dime. Holland & Knight LLP served as legal counsel to Legacy Dime.

Customers Will Not Experience Any Immediate Changes to Their Banking Relationship
As a result of the merger, customers will not experience any immediate changes to their accounts, loan payment terms, access to account information through mobile and online banking applications, use of debit cards, or access to ATMs. The company expects to combine its banking technology platforms by early in the second quarter of 2021 without any disruption to customers. Customers can find additional information at Dime.com/merger.

Creating a Premier Community-Based Bank in New York
The merger combines two complementary banking technology platforms to create a premier community-based business bank. The combined company will have over $12 billion in assets, over $9 billion in total deposits, and over 60 branches spanning Manhattan to Montauk.