Dime Commercial Bancshares said on 20 October 2026 that it had signed a definitive agreement to acquire ES Bancshares, the parent of Empire State Bank, in a cash-and-stock transaction valued at about US$58m.
Why Dime Commercial Bancshares, Inc. is buying ES Bancshares, Inc. (Empire State Bank)
Dime said the deal significantly enhances its presence on Staten Island and strengthens it in Brooklyn by adding a granular, low-cost core deposit base and business-focused customer relationships. On completion Dime expects to be one of only a few commercial banks with a ground-level branch presence in all five boroughs of New York City.
Deal terms and financing
Dime will issue 720,000 shares and pay US$30.0m in cash, with Empire shareholders able to elect stock or cash subject to proration. Based on Dime's 10-day volume-weighted average price of US$38.55 at 19 October, the deal is worth about US$58m, or US$8.39 per Empire share, about 1.09 times tangible book value. Dime expects about 3.5% EPS accretion, about 2% tangible book value dilution and an earn-back of less than three years.
Regulatory approvals and timing
The merger requires regulatory approval and the approval of Empire's shareholders and is expected to close in the first quarter of 2027. Empire State Bank will merge into Dime Commercial Bank.
Market context
Empire, founded in 2004, had total assets of about US$596m, net loans of US$518m and deposits of US$491m at 30 September 2026. Dime has about US$15bn of assets.
