MergerOct 20, 2026, 09:06 AM
Dime Community Bancshares to Acquire ES Bancshares for $58M
AI Summary
Dime Community Bancshares, Inc. (DCOM) announced a definitive merger agreement to acquire ES Bancshares, Inc. for approximately $58 million. The transaction, valued at $30 million in cash and 720,000 shares of Dime common stock, is expected to significantly enhance Dime's presence in Staten Island and Brooklyn. ES Bancshares, with approximately $596 million in assets as of September 30, 2026, will add a granular, low-cost deposit base and expand business relationships for Dime. The merger is projected to be EPS accretive and is expected to close in the first quarter of 2027.
Key Highlights
- Dime Community Bancshares to acquire ES Bancshares for approximately $58 million.
- Transaction value includes $30.0 million in cash and 720,000 shares of Dime common stock.
- ES Bancshares had total assets of $596 million, loans of $518 million, and deposits of $491 million as of September 30, 2026.
- The merger is expected to enhance Dime's presence in Staten Island and Brooklyn.
- The transaction is projected to be approximately 3.5% EPS accretive with minimal TBV dilution of 2%.
- The deal is anticipated to close in the first quarter of 2027, subject to regulatory and shareholder approvals.
- Philip Guarnieri, CEO of ES Bancshares, will receive a settlement payment of $1,539,609 upon termination of his employment agreement.
Price Impact
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