Bridge Bancorp, the parent company of Bridgehampton National Bank, has signed an agreement to acquire the First National Bank of New York.
The estimated $5.3 million transaction, approved by the boards of each company, is expected to close in the first quarter of 2014, pending customary closing conditions, such as the approval of First National’s shareholders.
Under the agreement, First National shareholders are to receive 244,110 Bridge Bancorp shares in exchange for the issued and outstanding First National stock.
First National has three branches in Suffolk and Nassau counties, with total assets of $276 million. Bridgehampton National Bank has assets of about $1.7 billion and 23 branches. The combined institution will have $2 billion in assets, $1.7 billion in deposits, and 26 branches on Long Island.
“We are excited to announce the acquisition of FNBNY, expanding our geographic footprint into Nassau County,” Kevin O’Connor, the president and CEO of Bridge Bancorp, was quoted as saying in a statement. “Our expanded branch network will allow us to serve a greater portion of the Long Island and metropolitan marketplace.”
John Stewart, the CEO of FNBNY, said his firm was delighted: “The merger will allow us to expand and enhance services and products for our customers … In addition, the larger branch network will benefit the customers of both institutions.”