(Bridgehampton, NY – June 16, 2020) BNB Bank (“BNB”), the subsidiary of Bridge Bancorp, Inc. (the “Company”) (NASDAQ®: BDGE) distributed the first $50,000 in Federal Home Loan Bank of New York (“FHLBNY”) Small Business Recovery Grants to local non-profits.
The recovery program will widely distribute $5 million in grants to provide working capital to affected businesses in New York. Under this program, BNB will make a total of $100,000 in grants to non-profits that were adversely impacted by the novel coronavirus pandemic on Long Island and New York City. BNB will award grants of up to $10,000 to each of the qualifying organizations that have seen significant revenue losses during this time.
“The Covid-19 crisis has hit local businesses hard and we’ve been doing whatever it takes to help see them through. We proudly funded approximately 4,000 SBA Paycheck Protection Loans and are happy to step up with this additional help for non-profits through FHLBNY’s grant program,” stated Kevin O’Connor, President and CEO. “Each of these organizations have experienced at least a 25% drop in revenue and these funds will help them provide vital services to assist in the recovery process,” continued O’Connor.
The Bank is focusing its support on non-profits that are helping small businesses during the pandemic, organizations providing emergency food, health and job services and those groups providing educational services to young people. The Bank will distribute an additional $50,000 over the next two weeks. The first $50,000 was distributed to:
About BNB Bank
BNB Bank established in 1910, has assets of $6.1 billion and operates 39 branch locations serving Long Island and the greater New York metropolitan area. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB’s wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc. offers financial planning and investment consultation. BNB has a rich tradition of involvement in the community, supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts. For more information visit www.bnbbank.com.
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