Bridge Bancorp To Acquire Community National Bank In An All-stock Merger

(RTTNews) - Bridge Bancorp, Inc. (BDGE), the parent company of Bridgehampton National Bank, and Community National Bank (CBNY.OB) jointly announced the signing of a definitive agreement pursuant to which Bridge Bancorp, Inc. will acquire Community National Bank in an all-stock merger.

As per agreement terms, shareholders of Community National Bank will receive 0.79 shares of Bridge Bancorp for each share of Community National Bank. Based on Bridge Bancorp's closing stock price on December 12, 2014 of $25.35, the transaction implies a per share value of $20.03 and an aggregate estimated value of $141 million.

Bridge Bancorp said it expects the transaction to be additional to earnings per share in 2015, excluding estimated merger costs, and approximately 10% accretive to earnings starting in 2016. Bridge Bancorp estimates 6% dilution to tangible book value per share with tangible book value earnback in 3 years. The transaction is expected to close in the second quarter of 2015.

Effective at the closing of the transaction, Bridge Bancorp said it will appoint two directors from Community National Bank to join the Board of Directors of the combined company.