Dime Commercial Bank is acquiring Empire State Bank to expand Long Island-based Dime’s presence in Staten Island, New York.
Empire State Bank has total assets of approximately $596 million, total loans of $518 million, and total deposits of $491 million. Empire has three branch locations in Staten Island and two branch locations in Brooklyn. The acquisition will give Dime branch presence across all five boroughs of New York City.
“This transaction represents another logical step in Dime’s growth strategy. Staten Island is an attractive banking market that has untapped potential for Dime. Empire is a well-run commercial bank that has developed a strong deposit base. We are extremely pleased to partner with and welcome Phil and his team to Dime, add a granular and low-cost core deposit base, expand our customer reach, and fill out our branch footprint. Together, we will be well-positioned to continue delivering the personalized service our customers value while advancing our goal of becoming The BEST Commercial Bank in Metro NY,” Stuart Lubow, president and CEO of Dime, said.
Under the terms of the agreement, Dime will issue 720,000 shares of common stock and $30 million in cash to Empire shareholders. Shareholders of Empire will be able to elect to receive stock or cash in exchange for their shares.
“When evaluating the future of our franchise, it was important to identify a partner with a relationship-driven approach to banking, best-in-class treasury management capabilities, and a commitment to our local markets. We believe this partnership with Dime will create meaningful opportunities for our customers, employees, and communities while building on the strengths of both organizations,” Phil Guarnieri, CEO of Empire, said.
The transaction is expected to close in the first quarter of 2027, pending customary closing conditions and regulatory and shareholder approvals.
Dime Commercial Bancshares is the holding company for Dime Commercial Bank. The Hauppauge, New York-based bank has approximately $15 billion in assets and the number one deposit market share on Greater Long Island.