Dime Commercial Bancshares, Inc. Enhances Staten Island Presence and Franchise Value Through Agreement to Acquire ES Bancshares, Inc.
Dime Commercial Bancshares signed a definitive merger agreement to acquire ES Bancshares, parent of Empire State Bank, in a stock-and-cash deal valued at roughly $58 million. Empire brings about $596 million in assets, $518 million in net loans, and $491 million in deposits across five branches in Staten Island and Brooklyn, giving Dime a low-cost core deposit base and a branch presence across all five NYC boroughs. Dime will issue 720,000 shares plus $30.0 million in cash, or about $8.39 per Empire share (1.09x tangible book), and expects roughly 3.5% EPS accretion with minimal ~2% TBV dilution and an earn-back under three years.
Key figures
- Deal Value Usd
- $58 million
- Tbv dilution
- 2%
- Eps accretion
- 3.5%
- Earnback years
- less than 3 years
- Shares to issue
- 720000
- Target deposits
- $491 million
- Target loans net
- $518 million
- Cash consideration
- $30.0 million
- Target total assets
- $596 million
- Price per target share
- $8.39
- Price to tangible book
- 1.09x
AI analysis
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