Community banking

Bridge in N.Y. to switch to state charter, close six branches

Published November 16, 2017, 8:44 a.m. EST

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Updated November 16, 2017, 10:19 a.m. EST

1 Min Read

Bridge Bancorp in Bridgehampton, N.Y., has changed its bank’s name ahead of a charter change.

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The $4.3 billion-asset company, which recently received approval to switch to a state charter, plans to rebrand its Bridgehampton National Bank as BNB Bank. The bank has filed an application with the Federal Reserve to stay in the Federal Reserve System; approval is expected by the end of this year.

Bridge also said in a press release Wednesday that it will record a fourth-quarter charge of up to $6.6 million as part of a plan to close six New York branches. The move should increase the company’s 2018 pretax income by at least $3.3 million.

The branches to be closed make up about 14% of the company’s overall branch network.

Founder, Bank Slate

Paul Davis is the founder of Bank Slate, a financial strategy and research firm. He previously led community bank coverage at American Banker.

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