Bridge Bancorp (BDGE) Prices 1.61M Share Stock Offering for Proceeds of ~$50M

November 23, 2016 6:10 AM EST

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Bridge Bancorp, Inc. (Nasdaq: BDGE) announced the pricing of an underwritten public offering of 1,613,000 shares of common stock at a price of $31.00 per share, for gross proceeds of approximately $50.0 million. After deducting the underwriting discount and estimated offering expenses, the Company expects to receive net proceeds of approximately $47.6 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 241,950 shares of common stock at the same price and on the same terms and conditions.

The offering is expected to close on November 28, 2016, subject to customary closing conditions.

Sandler O’Neill + Partners, L.P. and Keefe, Bruyette & Woods, A Stifel Company, served as joint book-running managers for the offering. The shares are being issued pursuant to a prospectus supplement and prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on Form S-3 (File No. 333-210245).

The Company expects to use the net proceeds of this offering to support organic growth, the pursuit of strategic acquisition opportunities and other general corporate purposes, including contributing capital to The Bridgehampton National Bank.

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