BY BRONX TIMES
Dime Community Bank
has closed its $489 million
merger with BNB Bank,
boosting the local banking giant
into a force with 65 combined
locations from Montauk
to Manhattan now branded as
Dime locations, the company
announced Monday.
Known as a merger of
equals, or MOE for short, as
the two banks are about the
same size, the newly merged
bank has combined assets
worth $12.5 billion and $9 billion
in total deposits.
The BNB Bank locations in
New York City, now rebranded
as Dime branches, include two
in Queens (35-02 Broadway,
Astoria; and 43-01 Bell Blvd.,
Bayside); and one in Midtown
Manhattan, at 34 East 51st St.
But the newly merged
bank’s leaders maintain that
personal relationships with
customers are central to its
operations.“Our commitment
is really to make this a very
smooth transition for our customers,”
said Stuart Lebow,
president and chief operating
offi cer of Dime.
“The new company just
provides additional capacity
to do so much more business
with our existing customers
and all that are in our marketplace
who have not experienced
what true community
banks are about. Although
we’re doubling our size, we’re
still community bankers and
we’re still dealing with relationships
— we can just do it
even better now.”
Customers will not experience
any immediate changes
to their accounts, loan payment
terms, access to account
information, use of debit
cards, or access to ATMs. The
company expects to combine
its banking technology platforms
by early in the second
quarter of 2021 without any
disruption to customers.
“The only thing that was
a little bit different is that
at one time we thought we’d
keep the name BNB at some
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BRONX TIMES REPORTER, F 14 EBRUARY 5-11, 2021
of the East End branches, and
then we made the decision
that we’re one company, let’s
have one identity,” said Kevin
O’Connor, who was chief executive
offi cer of BNB and is
now CEO of the merged banks.
“It’s really not about the name
on the door, it’s the people inside.”
Both banks have been serving
the community for more
than a century. Dime was
founded 156 years ago, while
BNB was founded in 1910.
Dime Community Bank
puts bow on merger
with BNB Bank
Let’s get down to
your business.
Small businesses are what make
Co-op City a community.
We’re here for you.
Unexpectedly Human
Member FDIC, TD Bank, N.A.
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