Bridge Bancorp., parent of the 23-branch Bridgehampton National Bank, said Monday it would pay $5.3 million to acquire privately-held First National Bank of New York, which has three branches on Long Island and a lending office in Manhattan.
Bridge said the deal is expected to close in the first quarter of next year. Shareholders of FNBNY will receive 244,110 Bridge shares, valued at $5.3 million, but subject to certain adjustments for problem FNBNY loans and some insurance claims.
The acquisition is expected to increase Bridge’s assets from $1.7 billion to $2 billion.
FNBNY is headquartered in Melville and has a branch there and branches in Merrick and Massapequa.