Community National Bank

Acquisition of Community National Bank (CBNY) by Bridge Bancorp, Inc. (BDGE) May Not Be in Shareholders’ Best Interests

Robbins Arroyo LLP is investigating the proposed acquisition of Community National Bank (OTC: CBNY) by Bridge Bancorp, Inc. (NASDAQ: BDGE). On December 15, 2014, the two companies announced the signing of a definitive merger agreement. Under the terms of the agreement, Community National Bank shareholders will receive $20.03 for each share of Community National Bank common stock.

Is the Proposed Acquisition Best for Community National Bank and Its Shareholders?

Robbins Arroyo LLP’s investigation focuses on whether the board of directors at Community National Bank is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.

As an initial matter, the $20.03 merger consideration represents a premium of only 15.8% based on Community National Bank closing price on December 12, 2014. This premium is significantly below the average one-day premium of 44.8% for comparable transactions within the past year. Further on October 17, 2014, Community National Bank released its earnings results for its third quarter 2014, reporting strong quarterly earnings, including net income of $1.3 million or $0.19 diluted earnings per share for the third quarter of 2014 compared to net income of $0.3 million or $0.04 diluted earnings per share for the same period in 2013. Net income on a linked quarter basis grew 28% compared to the previous quarter. In addition, total assets grew to $945.0 million at September 30, 2014, an increase of $147.7 million, or 19%, compared to total assets of $797.3 million at September 30, 2013.

In light of these facts, Robbins Arroyo LLP is examining Community National Bank’s board of directors’ decision to sell the company now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.

Community National Bank shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information.

Community National Bank shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.

 

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