BNB Bank will soon have a new name.
The parent companies for BNB Bank and Dime Community Bank announced a merger agreement last week, a transaction valued at approximately $489 million.
The combined bank will operate under the name Dime Community Bank, with branch coverage throughout Long Island. Certain retail locations on the East End will operate under the BNB Bank name for at least one year, according to a press release. It did not specify which locations.
BNB Bank has branches across the North Fork.
“This highly compelling combination will allow us to build on our complementary strengths and provide significant value for shareholders,” said Kevin O’Connor, president and chief executive officer of Bridge Bancorp, in a press release. Mr. O’Connor will serve as CEO under the merger.
The combined company will have its headquarters in Hauppauge and 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 first quarter of 2021.
BNB banks have been around for over a century and were the Long Island-headquartered bank left on the East End. It opened a new Riverhead branch in 2018.
Dime Community Bank is headquartered in Brooklyn and operates 28 banking offices throughout Brooklyn, Queens, the Bronx, Nassau and Suffolk counties.
“Dime has earned its strong reputation in the greater New York metropolitan market, and I’m thrilled to partner with them. Our enhanced branch footprint and increased capital base will allow us to better serve the needs of our customers.
The combined company will have over $11 billion in assets, over $8 billion in total deposits and 66 branches spanning Montauk to Manhattan, the companies said.
Bridge Bancorp, Inc. is the parent company of BNB Bank and Dime Community Bancshares is the parent company of Dime Community Bank.
BNB Bank had originally been known as Bridgehampton National Bank until 2017 when it converted from a national bank to a New York chartered commercial bank.
At the time of that announcement, Mr. O’Connor said Bridgehampton National Bank had been known as BNB since early in its history.
“Continuing as BNB Bank is both a nod to our strong roots on the East End of Long Island, and a look to our future growth,” he said in 2017.