Bridge Bancorp increases conversion ratio on 8.5% trust preferreds

By Marisa Wong

Morgantown, W.Va., May 31 – Bridge Bancorp, Inc. gave notice of an increase to the conversion ratio of the 8.5% cumulative convertible trust preferred securities issued Bridge Statutory Capital Trust II, according to an 8-K filing with the Securities and Exchange Commission.

The conversion ratio will be increased to 34.4828 shares of Bridge Bancorp common stock per trust preferred from 32.2581 common shares per preferred, effective June 30.

On Tuesday, the company also notified holders that outstanding trust preferreds will be redeemed in full on July 1.

The redemption price will equal the liquidation amount of $1,000 per preferred, plus accrued but unpaid interest.

There is $16 million liquidation amount of the trust preferreds outstanding.

The bank holding company is based in Bridgehampton, N.Y.

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