| Over a week ago | ||||
Bridge Bancorp (BDGE) and… Bridge Bancorp (BDGE) and Dime Community Bancshares (DCOM) jointly announced that the parties have received approval from New York State Department of Financial Services to merge Dime Community Bank with and into BNB Bank. The merger is expected to close on February 1, 2021, on which day the combined company will open as the new Dime Community Bank. | ||||
| Over a month ago | ||||
Boenning &… Boenning & Scattergood analyst Erik Zwick downgraded Bridge Bancorp (BDGE) to Neutral from Outperform and removing his previous $25 price target on the shares. The pro-forma company's balance sheet and business model will "no longer be as unique" as it once was after Bridge completes its pending merger with Dime Community Bank (DCOM) in Q1 of 2021, argues Zwick, who sees the stock trading in line with peers in the near-term. | ||||
Bridge Bancorp, Inc.… Bridge Bancorp, Inc. (BDGE) and Dime Community Bancshares, Inc. (DCOM) jointly announced that at separate special meetings held today, each company's shareholders approved the proposed merger of equals. As previously disclosed, the parties have received the required regulatory approval from the Board of Governors of the Federal Reserve System to merge Dime Community Bank with and into BNB Bank. In addition, the Federal Reserve Bank of New York has issued its non-objection to waive the requirement of the filing of a Bank Holding Company Act application in connection with the merger of Bridge and Dime. The parties have filed an application with New York State Department of Financial Services to merge Dime Community Bank with and into BNB Bank, which is pending. The merger is expected to close in early first quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of all regulatory approvals. | ||||
DA Davidson analyst… DA Davidson analyst Christopher Keith upgraded Bridge Bancorp (BDGE) to Buy from Neutral with a price target of $29.30, up from $19.50. The analyst notes that the bank's merger of equals with Dime Community Bancshares (DCOM) makes for a "strong combined firm" with "increased franchise value", particularly as the interest rate outlook moves to a "more neutral position" and as both companies gain scale and size. | ||||
New York City Virtual… New York City Virtual Bank Field Trip will be held on November 3-4. | ||||
New York City Virtual… New York City Virtual Bank Field Trip will be held on November 3-4. | |
Bridge Bancorp (BDGE) and… Bridge Bancorp (BDGE) and Dime Community Bancshares (DCOM) announced that they have received the required regulatory approval from the Board of Governors of the Federal Reserve System to merge Dime Community Bank with and into BNB Bank. The parties have filed an application with New York State Department of Financial Services to merge Dime Community Bank with and into BNB Bank, and have requested a waiver of a formal application process with the Federal Reserve Board with respect to any holding company application, each of which is pending. In addition to receipt of the required regulatory approvals, completion of the proposed merger remains subject to the satisfaction or waiver of other closing conditions and Dime and Bridge shareholder approval. Bridge and Dime have scheduled their respective virtual meetings of shareholders for December 3 at 10:00 a.m. local time. | |
Reflecting on the third… Reflecting on the third quarter results, Kevin O'Connor, President and CEO said, "Our strong quarterly results reflect the solid foundations of our balance sheet and business model. We continue to navigate this turbulent environment, supporting our employees who, in turn, support our customers. Additionally, we are working with our counterparts at Dime Community Bank to deliver a smooth transition for our customers. I want to thank all of the BNB employees-their ability to service our customers at the highest level while dealing with the pandemic, remote work, child-care issues, and a complicated integration, speaks volumes about their dedication and commitment. I could not be prouder to work with this group of professionals." |
| Over a quarter ago | ||||
Reports Q2 revenue… Reports Q2 revenue $42.68M, consensus $39.86M. Reports Q2 tangible book value per share $19.93. Reports Q2 CET1 capital ratio 10.2%. Reflecting on the second quarter results, Kevin O'Connor, president and CEO said, "The second quarter of 2020 was an unprecedented time for our country, our industry, our customers and our employees. I am proud that our employees rallied to support our customers on several fronts. First, our branches remained open, while adopting measures to protect customers and employees alike. Second, in one capacity or another, the entire bank was involved with processing over 5,000 applications, resulting in almost $1 billion in Paycheck Protection Program loans for our existing customers and the one thousand new customers who came to us because of BNB's reputation for superior customer service. This program also generated approximately $30 million in fees which will flow into income over the life of the loans. Another milestone event that occurred is our planned merger-of-equals with Dime Community. We consider this a unique opportunity to capture incremental share in a market where we have low penetration by doing what BNB does best - acquiring and retaining business banking customers. This merger of complementary business models and geographies allows BNB and Dime Community to optimize best-in-class practices, consolidate vendor relationships to reduce expenses and expand our product offerings." | ||||
Dime Community and Bridge… Dime Community and Bridge Bancorp hold a joint conference call to discuss their definitive merger agreement to combine both companies in an all-stock merger of equal transactions valued at ~$489M on July 2 at 8:30 am. Webcast Link | ||||