Bancorp to Acquire FNBNY
Bridge Bancorp, the parent company of Bridgehampton National Bank, will acquire FNBNY Bancorp and its subsidiary, the First National Bank of New York. The transaction is expected to close in the first quarter of 2014, subject to conditions including required regulatory approvals and approval of FNBNY’s shareholders.
Under the agreement, shareholders of FNBNY will receive an aggregate of 244,110 Bridge Bancorp shares in exchange for all the issued and outstanding stock of FNBNY, subject to certain adjustments. The purchase price will increase to the extent principal is recovered on $6.3 million in problem loans through closing and over a two-year period after the acquisition. The purchase price will decrease if recoveries of $400,000 of certain insurance claims are not received by the closing. Excluding these potential adjustments and based on Bridge Bancorp’s average closing stock price of $21.51 for the three days ending Sept. 10, the transaction has an aggregate estimated value of $5.3 million.
The combined institution will have $2 billion in assets, $1.7 billion in deposits, and 26 branches serving Long Island. No branch consolidations are expected.
Employees Takeover Target
Target Research Group, a Nanuet, N.Y., firm offering design, execution, processing, and analytical services for business-to-consumer and business-to-business applications, has been acquired by the company’s employees.
“Our reason for purchasing Target is to have full control over the future development and growth of our company and to allow the employees the opportunity to share directly in our success,” said Greg Spagna of Amagansett, the new chief executive officer. “As an employee-owned company, we will be even more dedicated to providing our clients with the quality and service they have come to expect from Target. Thanks to our valued clients, we feel that we have made a great investment.”
The company, founded in 1986 and acquired by the MVL Group in 1999, provides expertise in concept, product, advertising, and package testing, as well as research for the food, personal care, financial services, and health care industries. Its Legal Research Group provides services in claims substantiation, intellectual-property disputes, and misleading-advertising issues.