December 9, 2009 (FinancialWire) — Bridge Bancorp, Inc. (NASDAQ: BDGE), the parent company of The Bridgehampton National Bank, announced the successful completion of a private placement of convertible Trust Preferred Securities by Bridge Statutory Capital Trust II, a wholly owned subsidiary of Bridge Bancorp.

The issuance totaled $16 million, inclusive of the initial $9 million placed in October of this year. The private placement, originally disclosed at $15 million, was increased by $1 million to allow additional investors to participate. Investors participating in this community based placement included existing shareholders, customers and members of the board and management,

“The success of the placement reflects, in many ways, the benefits of the relationship that exists between a true community bank and its various constituents,” commented Kevin M. O’Connor, the president and CEO of Bridge Bancorp, Inc. “The additional capital improves our already strong company, enhancing our ability to make qualified loans to local businesses and continue our branch expansion. We, like many, believe economic recovery occurs through the growth of small and medium size businesses, working in partnership with local community banks. Our historic performance, increased financial strength and true community focus provides great opportunities for Bridgehampton National Bank,” O’Connor concluded.

The convertible Trust Preferred Securities have a par value of $1,000 per share, and are entitled to receive an annual 8.50% distribution, payable quarterly. The trust preferred securities shares are convertible into our common stock, at an effective conversion price of $31 per share. The securities mature in 30 years, but are callable by the company at par, in five years. Consistent with regulatory requirements, the quarterly distribution may be deferred for up to 5 years, and are cumulative.

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