On July 1, 2020, Bridge Bancorp, Inc., Bridgehampton, New York, the holding company for BNB Bank, and Dime Community Bancshares, Inc., Brooklyn, New York, the holding company for Dime Community Bank, entered into a definitive merger agreement, pursuant to which Dime Community Bancshares will merge with and into Bridge Bancorp, with Bridge Bancorp as the resulting company operating under the Dime name, in a merger of equals transaction. Dime Community Bancshares shareholders will receive 0.6480 shares of Bridge Bancorp common stock for each share of Dime Community Bancshares common stock. Each outstanding share of Dime Community Bancshares preferred stock will be converted into the right to receive one share of a newly created series of Bridge Bancorp preferred stock with the same preferences and rights. Upon completion of the transaction, Dime Community Bancshares shareholders will own approximately 52% and Bridge Bancorp shareholders will own approximately 48% of the combined company.
The total merger consideration is valued at approximately $489.0 million. The combined company will have over $11 billion in assets, over $8 billion in total deposits, and 66 branches spanning Montauk to Manhattan. The board of directors and management of the resulting institution will be comprised of an equal number of individuals from each company.
Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.