Thrift Merger Market Active in NY

The merger market for thrifts in the New York metro area has been busy over the past weekend.Dime Community Bancshares Inc., the Brooklyn-based parent of Dime Savings Bank of Williamsburgh, has agreed to acquire Financial Bancorp, parent of Financial Federal Savings Bank, based in Long Island City, in a $74 million deal. Dime of Williamsburgh has a one- to four-family residential portfolio of $136 million, or 15% of its total loan portfolio, while Financial has a $141 million portfolio, or 81% of its portfolio. Meanwhile, Staten Island-based Richmond County Financial Corp. entered into two transactions in recent days, both involving New Jersey-based institutions. On July 17, Richmond agreed to buy Ironbound Bankcorp NJ, a Newark-based commercial bank holding company, for $26.5 million. On Monday Richmond agreed to buy Bayonne (N.J.) Bancshares Inc. NJ, the holding company for First Savings Bank of New Jersey SLA, for $173 million.