July 6, 2020
Brooklyn-based Dime Community Bancshares and Bridgehampton, NY-based Bridge Bancorp Inc. have agreed to an all-stock merger valued at $489 million. Operating under the Dime Community Bancshares name, the combined company will have more than $11 billion in assets, $8 billion-plus in total deposits and 66 branches spanning Montauk to Manhattan.
“Prior to the onset of our commercial bank transformation four years ago, Dime was a monoline, multifamily thrift lender,” said Dime CEO Kenneth J. Mahon. “This merger is the next logical step in Dime’s journey and significantly accelerates our business model transformation.”
Bridge CEO Kevin O’Connor will serve as CEO of the combined company, with Mahon as executive chairman. The company will be headquartered in Hauppauge, NY, with a corporate office in New York City.
The combined company will trade under the Dime ticker symbol, DCOM, on the Nasdaq stock market. The merger is expected to close in early 2021.
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