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FNBNY Bancorp has hired John F. Stewart, a former president of Citibank New York, as CEO of First National Bank of New York. Stella Mendes will be the bank's president.
August 10 -
Community Bank System Inc. of DeWitt, N.Y., which has been quiet in mergers and acquisitions the past few years, has reverted to form with its most expensive deal to date.
October 25 -
A New York investment group that is planning to buy a Long Island community banking company has agreed to pay the seller a $500,000 break-up fee if the oft-delayed deal is not completed by the end of this month.
March 6
Bridge Bancorp (BDGE) in Bridgehampton, N.Y., has agreed to buy FNBNY Bancorp in Merrick, N.Y.
The $1.76 billion-asset Bridge will pay approximately $5.3 million in stock for FNBNY, the companies announced Monday. The price may increase or decrease, depending on the performance of a group of FNBNY's problem loans and on whether it recovers certain insurance claims, the companies said.
Bridge will need $20 million to $25 million more in Tier 1 capital to support the acquisition, it said. It expects to raise the money by issuing new capital or through balance-sheet management, it said.
FNBNY is the parent of the First National Bank of New York, which has $276 million in assets, $100 million in loans and $209 million in deposits. Bridge does not expect to close any of FNBNY's three branches after the deal closes.
"This transaction complements our existing network and enhances our asset generation capabilities," said Kevin O'Connor, chief executive of Bridge Bancorp, in a press release. "Our expanded branch network will allow us to serve a greater portion of the Long Island and metropolitan marketplace."
FNBNY bought Madison National Bancorp in Melville, N.Y., last year, after
Bridge and FNBNY expect their merger to close in the first quarter of 2014, pending regulatory approval. RBC Capital Markets advised Bridge on the agreement and Keefe, Bruyette & Woods advised FNBNY.
