Having already changed charters for a statewide field of membership, the Jackson, Mich.-based institution will now merge with Washtenaw Federal Credit Union.
A deal between Dime Community and Bridge Bancorp was delayed, and nearly derailed, by the coronavirus outbreak. Here’s how the two sides kept it on track.
The company, which expressed concerns about the validity of some of the loans it bought, renegotiated a lower price and protections from the seller involved in the deal.
The San Diego bank first considered finding a buyer two years ago and had offers in early 2019. The price of the deal it finally reached in the throes of the pandemic was much lower than some earlier offers.
