Dime Commercial Bancshares Agrees to Buy ES Bancshares for About $58 Million

Dime Commercial Bancshares, Inc. has agreed to acquire ES Bancshares, Inc. for about $58 million, a cash-and-stock deal that would expand Dime’s New York City presence through five Empire State Bank branches. ES Bancshares is the parent of Empire State Bank, which operates three branches in Staten Island and two in Brooklyn. As of Sept. 30, Empire had $596 million in assets, $518 million in net loans and $491 million in deposits. Under the agreement, Dime would pay Empire shareholders $30 million in cash and issue 720,000 common shares at closing.

Source: TokenPost