FOR BREAKING NEWS VISIT WWW.QNS.COM JULY 9, 2020 • QUEENS BUSINESS • THE QUEENS COURIER 23
queens business
Ridgewood Savings Bank named
second best bank in state: Forbes
Photo courtesy of Ridgewood Savings Bank
Dime Community Bank merging with BNB Bank
BY TIMOTHY BOLGER
editorial@qns.com
@QNS
Bridgehampton-headquartered BNB
Bank and Dime Community Bank, based
in Brooklyn, are merging in a transaction
valued at $489 million, the companies
announced last week
Th e combined bank will operate under
the Dime Community Bank name with
its new headquarters in Hauppauge. Th e
combined company will have more than
$11 billion in assets, more than $8 billion
in total deposits, and 66 branches from
Montauk to Manhattan.
“Th is highly compelling combination
will allow us to build on our complementary
strengths and provide signifi -
cant 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.”
Th e merger comes
aft er Uniondale-based
Flushing Financial
C o r p o r a t i o n
announced it’s
acquiring Empire
Bancorp Inc., located
in Islandia, and
New Jerseybased
Investors
B a n c o r p
acquired Gold Coast Bank, also
headquartered in Islandia, last year.
“Th is merger is the next logical
step in Dime’s journey and signifi
cantly 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 benefi t
from owning
a stronger,
more
at t r a c t ive
and more
formidable
competitor in the New York market.”
Th e merger was unanimously approved
by the boards of directors of both companies.
Th e combined company’s board
of directors will have 12 directors, half
from BNB and half from Dime. Marcia
Heft er, 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 offi cer 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.
Th e merger is expected to close in the
fi rst quarter of 2021, subject to regulatory
approvals and approval by the shareholders
of each company.
Photo by Bob Giglione
BY QNS STAFF
editorial@qns.com
@QNS
Ridgewood Savings Bank has
been named the second best bank
in New York on Forbes’ annual list,
the bank announced this week.
“As a community bank, our
fi rst priority is to provide customers
with the best possible service
and banking experience,” said
Leonard Stekol, the CEO, president
and chairman of Ridgewood
Savings Bank. “We are extremely
pleased that our hard work and
commitment to our customers
have been recognized by Forbes
and Statista.”
Th e Forbes Best-In-State bank
rankings are based on an impartial
national survey conducted by
Statista Inc.
Checking account customers
participating in the survey ranked
banks based on their overall satisfaction
with the bank, how much
they trust the bank’s digital service,
branch services, the bank’s fi nancial
advice and terms and conditions.
Th e bank boasts a mobile app and
a mobile wallet, while also maintaining
personal service by deciding
not to use an automated phone
system for customer service calls.
Ridgewood Savings Bank has 35
branches throughout New York
City, Long Island and Westchester,
including 10 branches in Queens.
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