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 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.
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)
economic, legislative or regulatory changes, including changes in
accounting standards, may adversely affect the businesses in which
Bridge and Dime are engaged; (5) the interest rate environment may
further compress margins and adversely affect net interest income;
(6) results may be adversely affected by continued adverse changes
to credit quality; (7) competition from other financial services
companies in Bridge’s and Dime’s markets could adversely affect
operations; (8) an economic slowdown could adversely affect credit
quality and loan originations; (9) 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 (10) 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
Dime Community Bancshares (NASDAQ:DCOM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dime Community Bancshares (NASDAQ:DCOM)
Historical Stock Chart
From Sep 2023 to Sep 2024