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DCOM - Why Shares of Bridge Bancorp Fell 20.8% in July
Dime Community Bancshares Inc.
Shares of Long Island-based Bridge Bancorp (NASDAQ: BDGE) tumbled 20.8% in July, according to data provided by S&P Global Market Intelligence. That was much worse than the performance of most similarly sized community bank stocks.
In this case, the economy had relatively little to do with the drop. Instead, shares fell sharply following the announcement that Bridge was proposing to join forces with New York City-based Dime Community Bancshares (NASDAQ: DCOM) in a merger of equals.