Dime Commercial Bancshares agrees to acquire ES Bancshares for about $58 million
ESBS•Dime Commercial Bancshares will acquire ES Bancshares for approximately $58 million, or $8.39 per common share, using 720,000 shares and $30 million in cash. The deal is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals.
1. Deal terms
Dime Commercial Bancshares will acquire ES Bancshares, parent of Empire State Bank, for approximately $58 million, or $8.39 per common share. Consideration comprises 720,000 common shares and $30 million in cash, with shareholder elections subject to proration.
2. Expected impact
The acquisition adds $491 million in deposits and five branches, expanding Dime Commercial Bancshares’ presence in Staten Island and Brooklyn. The company expects approximately 3.5% EPS accretion, approximately 2% tangible book value dilution and an earn-back period under three years. Closing is expected in the first quarter of 2027, subject to regulatory and Empire shareholder approvals.
