Bridgehampton National Bank will be adding nearly a dozen more locations from Suffolk County to New York City following a merger with Community National Bank.
Under the merger, which was announced Monday, Bridgehampton National Bank will acquire Community National Bank’s 11 branches in Nassau, Suffolk, Queens and Manhattan. Currently, Bridgehampton National Bank primarily serves Suffolk and southern Nassau, operating 29 retail branches and two loan production offices in Manhattan and Riverhead.
The combined institution will have $3.2 billion in assets, $2.6 billion in deposits and 40 branches serving Long Island and the greater New York metropolitan area, according to a statement released by parent company Bridge Bancorp.
“Community National Bank’s strong commercial banking expertise and presence in rich lending markets will accelerate our growth and enhance profitability,” said Kevin M. O’Connor, president and CEO of Bridge Bancorp, in a statement. “Our combined institutions will be one of the largest community banks operating on Long Island.”
Effective at the closing of the transaction, Bridge Bancorp will appoint two directors from Community National Bank to join the Board of Directors of the combined company.
The transaction has been approved by the current board of directors of each company and is expected to close in the second quarter of 2015.
Under the agreement, shareholders of Community National Bank are entitled 0.79 shares of Bridge Bancorp for each share of Community National Bank. Based on Bridge Bancorp’s closing stock price on Dec. 12 of $25.35, the transaction implies a per share value of $20.03 and an aggregate estimated value of $141 million.
Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Bridge Bancorp and Community National Bank shareholders.