After passing on the much pricier European American Bank, North Fork Bancorp unveiled a more digestible acquisition Tuesday, one that would bring the Melville, N.Y., banking company 11 coveted branches in Manhattan.
In a deal valued at $175 million, or $32 a share, North Fork said it would acquire Commercial Bank of New York. The purchase would more than double $15 billion-asset North Fork's presence in Manhattan, where it now has seven branches. In addition, North Fork would get three branches in Queens and Nassau counties. The acquisition, expected to close by July, will give North Fork $1 billion of deposits, is low-risk, and will allow the bank to remain well capitalized, said John A. Kanas, North Fork's chairman and chief executive officer, in a speech Tuesday to analysts.