WWW.QNS.COM RIDGEWOOD TIMES JULY 9, 2020 11
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.
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 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.”
The merger comes aft er Uniondalebased
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 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 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 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.
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