Bridge Bancorp, Inc. (Nasdaq: BDGE) (“Bridge”), the parent company
of BNB Bank, and Dime Community Bancshares, Inc. (Nasdaq: DCOM)
(“Dime”), the parent company of Dime Community Bank, today jointly
announced that at separate special meetings held today, each
company’s shareholders approved the proposed merger of equals.
Kevin O’Connor, BNB Bank’s President and CEO, stated, “We are
pleased our shareholders clearly see the value of the proposed
merger with Dime and understand the tremendous opportunities that
will be created when two of New York’s leading community banks
combine.”
“Today’s vote was an important milestone as we work towards a
successful closing of the transaction”, said Kenneth J. Mahon,
Dime’s CEO. “I look forward to collaborating with the merged
Company’s CEO Kevin O’Connor and the Board of Directors to continue
to build a stronger company to serve all of our shareholders and
stakeholders in the New York metropolitan market.”
As previously disclosed, the parties have received the required
regulatory approval from the Board of Governors of the Federal
Reserve System to merge Dime Community Bank with and into BNB
Bank. In addition, the Federal Reserve Bank of New York has
issued its non-objection to waive the requirement of the filing of
a Bank Holding Company Act application in connection with the
merger of Bridge and Dime. The parties have filed an
application with New York State Department of Financial Services to
merge Dime Community Bank with and into BNB Bank, which is
pending.
The merger is expected to close in early first quarter of 2021,
subject to satisfaction of customary closing conditions, including
receipt of all regulatory approvals.
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.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not limited
to, statements about (i) the benefits of a merger (the “Merger”)
between Bridge and Dime, including future financial and operating
results, cost savings, enhancements to revenue and accretion to
reported earnings that may be realized from the Merger; (ii)
Bridge’s and Dime’s plans, objectives, expectations and intentions
and other statements contained in this release that are not
historical facts; and (iii) other statements identified by words
such as “may,” “assumes,” “approximately,” “will,” “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “targets,” “projects,” or words of similar meaning
generally intended to identify forward-looking statements. These
forward-looking statements are based upon the current beliefs and
expectations of the respective management of Bridge and Dime and
are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond the control of Bridge and Dime. In addition, these
forward-looking statements are subject to various risks,
uncertainties and assumptions with respect to future business
strategies and decisions that are subject to change and difficult
to predict with regard to timing, extent, likelihood and degree of
occurrence. As a result, actual results may differ materially from
the anticipated results discussed in these forward-looking
statements because of possible uncertainties.
The following factors, among others, could cause actual results
to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
businesses of Bridge and Dime may not be combined successfully, or
such combination may take longer, be more difficult, time-consuming
or costly to accomplish than expected; (2) the expected growth
opportunities or cost savings from the Merger may not be fully
realized or may take longer to realize than expected; (3) deposit
attrition, operating costs, customer losses and business disruption
following the Merger, including adverse effects on relationships
with employees and customers, may be greater than expected; (4) the
regulatory approvals required for the Merger may not be obtained on
the proposed terms or on the anticipated schedule; (5) economic,
legislative or regulatory changes, including changes in accounting
standards, may adversely affect the businesses in which Bridge and
Dime are engaged; (6) the interest rate environment may further
compress margins and adversely affect net interest income; (7)
results may be adversely affected by continued adverse changes to
credit quality; (8) competition from other financial services
companies in Bridge’s and Dime’s markets could adversely affect
operations; (9) an economic slowdown could adversely affect credit
quality and loan originations; (10) the COVID-19 pandemic is
adversely affecting Dime, Bridge, and their respective customers,
employees and third-party service providers; the adverse impacts of
the pandemic on their respective business, financial position,
operations and prospects have been material, and it is not possible
to accurately predict the extent, severity or duration of the
pandemic or when normal economic and operation conditions will
return; and (11) other factors that may affect future results of
Dime and Bridge including changes in asset quality and credit risk;
the inability to sustain revenue and earnings growth; changes in
interest rates and capital markets; inflation; customer borrowing,
repayment, investment and deposit practices; the impact, extent and
timing of technological changes; capital management activities; and
other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms. Additional factors, that could
cause actual results to differ materially from those expressed in
the forward-looking statements are discussed in Bridge’s and Dime’s
reports (such as Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K) filed with the
Securities and Exchange Commission (the “SEC”) and available on the
SEC’s Internet site (http://www.sec.gov).
Bridge Bancorp, Inc.
Investor Relations Contact:
John M. McCafferyExecutive Vice President – Chief Financial
OfficerPhone: 631-537-1001; Ext. 7290Email:
jmccaffery@bnbbank.com
Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash ReddySenior Executive Vice President – Chief Financial
OfficerPhone: 718-782-6200; Ext. 5909Email: areddy@dime.com
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