Basswood Capital Management LLC and related entities reduced their stake in Bridgehampton, N.Y.-based bank Bridge Bancorp Inc. to 8.42%, beneficially owning an aggregate of 1,659,492 shares.
The stake is based on the Bridge Bancorp's 19,709,972 outstanding common shares as of Oct. 31, according to an amended Schedule 13D.
In mid-November, the firm reported that it held 1,695,541 shares, or an 8.60% stake, in Bridge Bancorp. In Nov. 29 and Nov. 30, the firm purchased 109,633 Bridge Bancorp shares and sold 145,682 shares.
Bridge Bancorp's board has nominated Matthew Lindenbaum, Basswood Capital's principal, to stand for election as a director at the next annual shareholder meeting in May 2018.