Dime Commercial Bancshares, Inc. Enhances Staten Island Presence and Franchise Value Through Agreement to Acquire ES Bancshares, Inc.
Key Highlights
- ➤Dime (DCOM) to acquire Empire for approximately $58 million, or $8.39 per share
- ➤Transaction consideration includes 720,000 Dime shares and $30.0 million cash
- ➤Deal expected to generate approximately 3.5% EPS accretion and 2% TBV dilution
- ➤Empire brings approximately $596 million assets, $518 million loans, and $491 million deposits
- ➤Transaction expected to close in Q1 2027, pending regulatory and Empire shareholder approval
Expert Statements
Stuart H. Lubow, President and Chief Executive Officer of Dime Commercial Bancshares
“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.”
Phil Guarnieri, Chief Executive Officer of Empire State Bank
“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.”
HAUPPAUGE, N.Y., and STATEN ISLAND, N.Y., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Dime Commercial Bancshares, Inc. (“Dime”) (NYSE: DCOM), and ES Bancshares, Inc. ("Empire") (OTCQX: ESBS), today announced the signing of a definitive merger agreement pursuant to which Dime will acquire Empire. The transaction significantly enhances Dime's presence in Staten Island, and strengthens Dime’s presence in Brooklyn, by adding a granular and low-cost core deposit base, expanding business-focused customer relationships, and increasing market density. Upon closing, Dime will be one of only a few commercial banks with a ground level branch presence across all five boroughs of New York City.
Empire, headquartered in Staten Island, is the parent company of Empire State Bank. As of September 30, 2026, Empire had total assets of approximately $596 million, total loans receivable, net of $518 million, and total deposits of $491 million. Empire focuses on serving businesses and valued customers from three branch locations in Staten Island and two branch locations in Brooklyn.
Get started
Create a free account to read the full story.