[Bridge Bancorp, Inc. logo omitted]
Contact:
Howard Nolan, Senior Executive Vice President
Chief Operating Officer
(631) 537-1001, ext. 7255
FOR IMMEDIATE RELEASE
BRIDGE BANCORP, INC. AND BRIDGEHAMPTON NATIONAL BANK
ANNOUNCE
THE YEAR END RETIREMENT OF
THOMAS J. TOBIN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
AND
NAMES HIS SUCCESSOR KEVIN M. O'CONNOR
Bridgehampton, New York, October 9, 2007 -Bridge Bancorp, Inc.(the
"Company") (NASDAQ/OTCBB: BDGE) announced today the retirement of its President
and Chief Executive Officer, Thomas J. Tobin, effective December 31, 2007. Mr.
Tobin has served in this position since the Company's inception in 1989 and
President and Chief Executive Officer of Bridgehampton National Bank, the
Company's principal subsidiary (the "Bank") (collectively "Bridge") since 1986.
Simultaneously, as part of its strategic and succession planning process, the
Board of Directors announced that Kevin M. O'Connor has joined the Company. He
has been appointed to the Board of Directors and will serve as Mr. Tobin's
successor in both roles effective January 1, 2008. To insure an effective
transition, Mr. Tobin will continue as President Emeritus and Special Advisor to
the Board of Directors through December 31, 2009. Mr. Tobin will remain on the
Board of Directors of Bridge.
During Mr. Tobin's tenure, the Company achieved a reputation of superiority
on all fronts - wealth creation for the shareholders--service for the
customers--dedication to the communities served. Since 1993, the stock price has
appreciated approximately 1,200 percent and Bridge has achieved Returns on
Average Assets and Average Equity in excess of 1.15 percent and 16 percent,
respectively, consistently higher than industry averages.
Raymond Wesnofske, Chairman of the Board, commented "Under Tom's guidance
we have grown our Company into a market leader. Through his expertise and
guidance, Bridge has delivered exemplary earnings, stock appreciation, dividends
and service, and always with a focus on safety and soundness. With Tom's
leadership, we have come to serve as a model of corporate citizenship through
our work with not for- profits-- particularly the underwriting and sponsorship
of the Executive Management School at Columbia University benefiting 25 east end
non profit organizations. He was also at the forefront of environmental issues
aimed at preserving the quality of life including the legislation establishing
the Community Preservation Fund. We thank Tom for his leadership, dedication and
hard work and look forward to his continuing contributions throughout the
transition period and as President Emeritus and Special Advisor to the Board of
Directors."
"It has been an honor and pleasure serving as President and Chief
Executive Officer of Bridge. Foremost, I want to acknowledge my family for their
love and support, the Board of Directors for the opportunity and the officers
and staff for their dedication and service. I believe that the planned and
disciplined approach taken by myself and the Board in executing our succession
plan has resulted in the right candidate to assume the leadership role here at
Bridge. I look forward to working with Kevin during this transition period"
remarked Mr. Tobin.
Mr. O'Connor stated "I am honored and excited to join the Bridge family.
Tom has assembled a talented management team here at Bridge, and with this solid
foundation in place, we can continue to deliver superior performance. As a
community bank, we will remain dedicated to our customers and the communities
that we serve."
Kevin M. O'Connor is a seasoned executive with over 20 years of experience
in the financial services industry. Since 1992, he has served as Executive Vice
President and Treasurer, at North Fork Bancorporation, Inc. In that role he
actively participated in key decisions regarding the strategic direction of the
bank, including planning, pricing and balance sheet management. He was a key
member of the team helping grow the institution through successful acquisitions
and de novo branching. Prior to 1992, he was Senior Vice President and Chief
Financial Officer at Southold Savings Bank, a wholly owned subsidiary of North
Fork Bancorporation, Inc.
Mr. O'Connor is a graduate of Adelphi University holding a Bachelor of
Arts Degree in Accounting. He is a member of the American Institute of Certified
Public Accountants, the New York State Society of Certified Public Accountants
and past President and board member of Suffolk County Council of the Boy Scouts
of America. Mr. O'Connor resides with his family in Rocky Point.
Founded in 1910, The Bridgehampton National Bank operates retail branches
in Bridgehampton, Cutchogue, East Hampton, Greenport Village, Hampton Bays,
Mattituck, Montauk, Peconic Landing in Greenport, Sag Harbor, Southampton,
Southampton Village, Southold, Wading River and Westhampton Beach.
The Bridgehampton National Bank maintains a policy of community involvement
through programs and initiatives that enhance the environment and quality of
life on eastern Long Island. BNB continues a rich tradition of involvement in
the local community, supporting programs and initiatives that promote local
businesses, the environment, education, healthcare, social services and the
arts.
This report may contain statements relating to the future results of the Company
(including certain projections and business trends) that are considered
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995 (the "PSLRA"). Such forward-looking statements, in addition
to historical information, which involve risk and uncertainties, are based on
the beliefs, assumptions and expectations of management of the Company. Words
such as "expects," "believes," "should," "plans," "anticipates," "will,"
"potential," "could," "intend," "may," "outlook," "predict," "project," "would,"
"estimates," "assumes," "likely," and variations of such similar expressions are
intended to identify such forward-looking statements. Examples of
forward-looking statements include, but are not limited to, possible or assumed
estimates with respect to the financial condition, expected or anticipated
revenue, and results of operations and business of the Company, including
earnings growth; revenue growth in retail banking, lending and other areas;
origination volume in the Company's consumer, commercial and other lending
businesses; current and future capital management programs; non-interest income
levels, including fees from the abstract subsidiary and banking services as well
as product sales; tangible capital generation; market share; expense levels; and
other business operations and strategies. For this presentation, the Company
claims the protection of the safe harbor for forward-looking statements
contained in the PSLRA.
Factors that could cause future results to vary from current management
expectations include, but are not limited to, changing economic conditions;
legislative and regulatory changes; monetary and fiscal policies of the federal
government; changes in tax policies; rates and regulations of federal, state and
local tax authorities; changes in interest rates; deposit flows; the cost of
funds; demand for loan products; demand for financial services; competition;
changes in the quality and composition of the Bank's loan and investment
portfolios; changes in management's business strategies; changes in accounting
principles, policies or guidelines; changes in real estate values and other
factors discussed elsewhere in this report, and in other reports filed by the
Company with the Securities and Exchange Commission. The forward-looking
statements are made as of the date of this report, and the Company assumes no
obligation to update the forward-looking statements or to update the reasons why
actual results could differ from those projected in the forward-looking
statements.