Dime Commercial enters agreement to acquire ES Bancshares
DCOM•Dime Commercial Bancshares agreed to acquire ES Bancshares in a deal valued at $58 million, or $8.39 per Empire common share. The deal includes 720,000 shares and $30 million in cash and is expected to generate 3.5% EPS accretion and 2% tangible book value dilution.
1. Deal terms
Dime Commercial Bancshares agreed to acquire ES Bancshares to enhance its Staten Island presence and franchise value. It will issue 720,000 shares and pay $30 million in cash to Empire shareholders; the deal is valued at $58 million, or $8.39 per Empire common share. The deal is expected to generate 3.5% EPS accretion and 2% tangible book value dilution.
