Dime Community Bank merging with BNB Bank
Kevin O’Connor has been CEO of BNB Bank for a decade Photo by Bob Giglione
TIMESLEDGER | QNS.COM | JULY 10-JULY 16, 2020 13
BY TIMOTHY BOLGER
Bridgehampton-headquartered
BNB Bank and
Dime Community Bank,
based in Brooklyn, are merging
in a transaction valued
at $489 million, the companies
announced Wednesday.
The combined bank will
operate under the Dime Community
Bank name with its
new headquarters in Hauppauge.
The combined company
will have more than $11
billion in assets, more than
$8 billion in total deposits,
and 66 branches from Montauk
to Manhattan.
“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 CEO of BNB,
who will be CEO of the
merged banks. “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 merger comes after
Uniondale-based
Flushing Financial Corporation
announced it’s acquiring
Empire Bancorp,
Inc., located in Islandia,
and New Jersey-based Investors
Bancorp acquired Gold
Coast Bank, also headquartered
in Islandia, last year.
“This merger is the next
logical step in Dime’s journey
and significantly accelerates
our business model
transformation,” said Dime
Community Bank CEO Kenneth
J. Mahon, who will
serve as executive chairman
of the combined company.
“We expect our shareholders
to benefit from owning
a stronger, more attractive,
and more formidable competitor
in the New York market.”
The merger was unanimously
approved by the
boards of directors of both
companies. The combined
company’s board of directors
will have 12 directors,
half from BNB and half from
Dime.
Marcia Hefter, the current
chairwoman of BNB’s
board of directors, will serve
as the independent lead
director of the combined
company. Stuart Lubow, the
current president of Dime,
will serve as president and
chief operating officer of the
merged bank.
Certain retail locations
in eastern Long Island will
operate under the BNB Bank
name for at least one year
until the transition is complete.
The merger is expected
to close in the first quarter
of 2021, subject to regulatory
approvals and approval
by the shareholders of each
company.
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