Suffolk Closeup: N.Y. Bancorp Takeover

The North Fork Bancorporation Inc. announced last week that it would take over the New York Bancorp, the parent of Home Federal Savings Bank, in a stock swap valued at approximately $800 million.

Home Federal, whose chairman is Patrick E. Malloy 3rd of Sag Harbor, operates 30 offices in the boroughs of Queens, Brooklyn, and Staten Island as well as in Westchester, Nassau, and Suffolk Counties.

The savings bank has $3.3 billion in total assets and $1.7 billion in deposits. Following the merger, which is expected to be completed by early next year, North Fork Bank will have total assets of $10 billion and $6.3 billion in deposits.

In a release, the bank stated shareholders could expect to see earnings rise by 15 to 20 cents per share by 1999.

In the takeover, owners of New York Bancorp stock will be able to exchange each share of their stock for 1.19 shares of North Fork stock. North Fork expects to issue an additional 26 million shares of stock to cover the purchase.

Bridge Bancorp Earnings

Bridge Bancorp. Inc., the holding company of the Bridgehampton National Bank, has announced that earnings increased by 11.7 percent, to $1.70 a share, for the first three quarters of the year, up from $1.50 a share for the same period last year. Total earnings for the period, excluding the sale of the bank's former main office on Main Street, were $2,398,000. The sale of the building earned the bank an additional $829,000 after taxes.

Christie's Conference

David Bray and Tim Davis, managing partners of Allan M. Schneider Associates Inc., attended an annual conference sponsored by Christie's Great Estates real estate in San Francisco last week. Allan Schneider Associates, which has offices across the East End, is affiliated with the Chrstie's real estate division, the world's largest international network of real estate brokers who specialize in estate properties.

Besides, the usual sessions on business development, legal issues affecting the business, advertising, and customer service, the conference included a preview of "The World of Resident Sea," a to-be-built luxury ocean liner with 250 private residences, that will sail the world over. Allan Schneider Associates will be among the brokers listing the floating resort.

New Counselor

Maryanne Strong, a certified social worker, ahcoholism and substance abuse counselor, and lifelong East End resident, has opened a new counseling service on Noyac Road in Sag Harbor.

Ms. Strong has worked for a variety of local agencies including Maryhaven Center of Hope, Southampton Hospital, and A Program Planned for Life Enrichment. Among her specialties are family treatment, adult and adolescent services, and alcohol and drug treatment.

About Credit Unions

The Community Bankers Association of New York State is distributing a 10-page booklet, "Credit Unions: Fact or Fiction," to government officials, banking executives, and consumer groups as part of a campaign that, according to a release, aims to "educate and create a balanced understanding of the issues involved in the banking/credit union dispute."

For information about obtaining copies of the booklet, the association can be reached at 200 Park Avenue, New York 10166.