Banking Exchange Magazine Logo

NY Community Banks to Merge; First Horizon-IBERIABANK Deal Completes

Bridge Bancorp and Dime Community Bank plan to create an $11 billion banking group through a “merger of equals”

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
NY Community Banks to Merge; First Horizon-IBERIABANK Deal Completes

Two leading community banks in New York are to merge to boost their scalability and resilience in a $489 million deal, it was announced last week.

Bridge Bancorp, parent company of BNB Bank, and Dime Community Bancshares, which owns Dime Community Bank, said in a joint statement that they had agreed a merger deal to combine their “complementary banking platforms” into a “premier community-based business bank”.

The “merger of equals” would result in a bank with more than $11 billion in assets and $8 billion in deposits across 66 branches in New York state.

Kevin O’Connor, president and CEO of Bridge Bancorp, said: “Our enhanced branch footprint and increased capital base will allow us to better serve the needs of our customers.

“In addition, both companies have strong balance sheets and demonstrated histories of low loan losses through prior cycles, which give me confidence that we will be well-positioned to succeed in any environment.”

Dime CO Kenneth Mahon added that the merger was the “next logical step” in his company’s transformation from a monoline lender to a diversified commercial bank.

Dime is to merge into Bridge, with Bridge and BNB Bank as the surviving company. However, the new entity will trade under the Dime Community Bank brand given its “significant branding power”, the companies said.

O’Connor will be CEO and Mahon will be executive chairman of the new company. The deal is expected to complete in the first quarter of next year, subject to regulatory and shareholder approval.

First Horizon-IBERIABANK merger completes

Meanwhile, First Horizon has completed its merger with IBERIABANK, creating an $80 billion banking giant — the 42nd biggest in the US.

Bryan Jordan, president and CEO of First Horizon, said the combined company’s scale, diversification and expertise would “uniquely position us to better serve our clients and communities, accelerate our growth and create long-term shareholder value”.

Several other transactions have completed in the past few days.

Mississippi-based BankFirst Capital Corporation has completed its acquisition of Alabama’s Traders & Farmers Bank, resulting in a $1.8 billion banking group with 32 locations across the two states.

ChoiceOne Financial Services has merged with fellow Michigan-based bank Community Shores Bank Corporation in a deal valued at $20.9 million. The new group has $1.7 billion in total assets.

Nasdaq-listed United Community Banks merged with Three Shores Bancorporation as of July 1. The deal sees Three Shores’ subsidiary Seaside National Bank & Trust merge into United’s subsidiary United Community Bank. The deal grow’s United’s presence in Florida in particular and brings its total assets to almost $15 billion.

Finally, Pennsylvania-based Norwood Financial Corp, parent company for Wayne Bank, issued a statement last week announcing a delay to its planned acquisition of UpState New York Bancorp. The new completion date is July 7, 2020.

back to top


About Us

Connect With Us


Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.


This webinar is brought to you by:
Vouched Logo