Bridgehampton National Bank branches throughout the East End were rebranded with the Dime logo on Feb. 1, and will now be Dime Community Bank locations.
Bridgehampton National Bank and Dime Community Bank completed a “merger of equals,” with BNB’s 39 branches and Dime’s 28 branches now operating as Dime Community Bank, in December of 2020.
Bridgehampton National Bank had been based in Bridgehampton and Dime had been based in Brooklyn. The new company will be based in Hauppauge. Dime branches in Melville and Merrick are slated to close, costing just under 100 jobs at the company.
Customers of both banks will be able to use their existing debit cards, though new cards will be mailed out in the upcoming months, and the merged bank is expecting “very few branch closings,” since there is little overlap between current branch locations, with most existing Dime Community Bank locations in western Suffolk, Nassau and the outer boroughs of New York City, according to an FAQ posted this week on Dime’s website.
The company will operate under the corporate holding company name Dime Community Bancshares, Inc., a publicly traded company listed on the NASDAQ stock exchange under the ticker DCOM.
Bridge Bancorp, Inc., the holding company for the Bridgehampton National Bank, was established in Bridgehampton in 1910, while Dime Community Bank was established in 1864.
Both banks were already publicly traded companies on the NASDAQ exchange, and needed approval from their shareholders for the $489 million, all-stock merger, which took place at a joint shareholder meeting in December of 2020.
“We are pleased our shareholders clearly see the value of the proposed merger with Dime and understand the tremendous opportunities that will be created when two of New York’s leading community banks combine,” said BNB President & CEO Kevin O’Connor when the merger was approved. Mr. O’Connor will be the CEO of the merged corporation.
“For generations, Dime has been among the biggest lenders by volume on properties serving low- and moderate income persons, due to our specialization in pre-war, rent-regulated multifamily housing,” said Kenneth J. Mahon, Dime’s CEO, as the merger was approved. “In recent years, we extended our expertise to single family lending, where the combined partnership of BNB and Dime will expect to make a meaningful impact in the availability of credit for affordable housing in our markets.”
Mr. Mahon will serve as the executive chairman of the merged company.