LI bank plans $23M stock issue

Bridge Bancorp Inc., of Bridgehampton, has entered into definitive purchase agreements to sell directly to institutional and other private investors a total of 1.377 million shares of its common stock at $17.50 per share, the company said in a news release.

Bridge Bancorp, the parent company of the 20-branch Bridgehampton National Bank, said it expects to receive net proceeds of about $23 million, after deducting placement agent fees and other offering expenses. It disclosed the deal in a news release late Thursday.

The closing of the offering is expected to take place on or about Dec. 20. The placement agent is Sandler O'Neill + Partners Lp.

The company had said last month it was considering a secondary stock issue of up to $10 million. The one-bank holding company, whose branches are all in Suffolk County, said it intended to use the proceeds from any sales for general corporate purposes, including for contributions to the capital of the bank.

The company’s stock was down 10 cent Friday morning, to $20.19. Its 52-week range is $19.98 to $20.34.