Bridge Bancorp (BDGE) in Bridgehampton, N.Y., is planning to raise at least $25 million in a public stock offering to support its purchase of FNBNY Bancorp in Merrick, N.Y.
The $1.8 billion-asset Bridge agreed to pay roughly $5.3 million in stock for FNBNY, according to the companies' joint announcement Monday. Bridge needs an additional $20 million-$25 million in Tier 1 capital to make the acquisition.
Bridge plans to sell shares of common stock, though it did not say how many would be sold. It will also offer underwriters RBC Capital Markets and Sandler O'Neill + Partners a 30-day option to purchase up to an additional 15% of the number of shares sold in the offering; those would be worth $3.75 million, according to a company presentation.