Dime Commercial Bank has agreed to acquire Empire State Bank, according to a LinkedIn post announcing the agreement. The amount was not disclosed in the sources.
The post described the deal as a step in Dime's growth strategy and cited Staten Island as an attractive banking market with untapped potential for Dime. Stuart H. Lubow, President and CEO of Dime Commercial Bank, said Empire is a well-run commercial bank that has developed a strong deposit base. He said Dime is pleased to partner with and welcome Phil and his team to Dime, add a granular and low-cost core deposit base, expand its customer reach and fill out its branch footprint.
The post was headlined as Dime enhancing its Staten Island presence and franchise value through the agreement. No closing date, financing details or financial terms were included in the source.