FOR BREAKING NEWS VISIT WWW.QNS.COM FEBRUARY 4, 2021 • THE QUEENS COURIER 11
Dime Community Bank puts bow on merger with BNB Bank
BY TIMOTHY BOLGER
AND ROBERT POZARYCKI
editorial@qns.com
@QNS
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 rebranded as
Dime branches, 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.Headquartered
in Hauppauge, it’s positioned as one of
the largest independent banks in the New
York City region.
Th e 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 Street
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. “Th e 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. Th e company expects to combine
its banking technology platforms by early
in the second quarter of 2021 without any
disruption to customers.
“Th e only thing that was a little bit different
is that at one time we thought we’d
keep the name BNB at some 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.
L. to R.: Stuart Lubow and Kevin O’Connor
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