December 22, 2020
SUPERINTENDENT LACEWELL ANNOUNCES DFS APPROVES NEW YORK STATE-CHARTERED BNB BANK’S ACQUISITION OF DIME COMMUNITY BANK
Approval Increases Access to Banking Services Across the State and Builds on DFS' Commitment to Connect New Yorkers with Affordable and Accessible Financial Services
Superintendent of Financial Services Linda A. Lacewell today announced that the Department of Financial Services (DFS) has approved Bridge Bancorp, Inc., and its New York State-chartered bank subsidiary, BNB Bank, to acquire Dime Community Bank.
“Supporting the expansion of New York State-chartered banking institutions to provide access to financial services to all New Yorkers is critical to support New York’s economy, especially during a pandemic,” said Superintendent Lacewell. “This acquisition will benefit existing and new customers as it will offer a broader array of products and services across the many communities served by Dime Community Bank.”
Both BNB Bank and Dime Community Bank are relationship-based, community-oriented financial institutions with similar customer bases. BNB Bank currently operates offices located in Long Island and the greater New York metropolitan area. Dime Community Bank currently operates offices throughout Manhattan, Brooklyn, Queens, the Bronx, and Long Island. The acquisition will combine two complementary banking platforms that will create a community-based bank, allowing it to build on the strengths of both organizations and provide significant value for New York State.
“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,” said Kevin O’Connor, BNB Bank’s President and CEO. “The support of our regulatory agencies and shareholders reinforce the value of the expanded services and increased efficiencies the ‘new’ Dime will be delivering.”
The combined company will have over $12 billion in assets, over $9 billion in total deposits, and 65 banking offices spanning from Montauk to Manhattan, New York.