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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.
 

A Newsday/Siena College survey looks at the availability of affordable housing on Long Island and the cost of living compared to other places. NewsdayTV's Andrew Ehinger reports. Credit: Newsday/James Carbone; Andrew Ehinger; File Footage; Photo Credit: Anthony Perrone

'Parents' basement is good, but not permanent' A Newsday/Siena College survey looks at the availability of affordable housing on Long Island and the cost of living compared to other places. NewsdayTV's Andrew Ehinger reports.

A Newsday/Siena College survey looks at the availability of affordable housing on Long Island and the cost of living compared to other places. NewsdayTV's Andrew Ehinger reports. Credit: Newsday/James Carbone; Andrew Ehinger; File Footage; Photo Credit: Anthony Perrone

'Parents' basement is good, but not permanent' A Newsday/Siena College survey looks at the availability of affordable housing on Long Island and the cost of living compared to other places. NewsdayTV's Andrew Ehinger reports.

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