Dime Announces Expansion in Manhattan With Deposit-Focused Group

Rhea-AI Summary

Dime Community Bancshares, parent of Dime Community Bank, announced the hiring of a deposit-focused group to expand its presence in Manhattan. The group, led by Avi Azuolay, brings experience from Signature Bank and Flagstar Bank. Dime's CEO, Stuart H. Lubow, highlighted the team's success in Manhattan and commitment to growth. Avi Azuolay praised Dime's client-centric approach and technology. The move aligns with Dime's growth strategy, aiming to leverage the new team's track record in increasing deposits.

Positive

• Hiring of an experienced deposit-focused group to expand Manhattan presence.
• Leadership by Avi Azuolay, noted for success in Manhattan markets.
• Commitment to client-centric approach and advanced technology.
• Alignment with Dime's ongoing growth strategy.

Negative

• Potential integration challenges with the new team.
• Dependence on the new group's ability to deliver expected deposit growth.

Dime continues to execute on growth plan

HAUPPAUGE, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”) announced that it has hired a deposit-focused Group that will cover the Manhattan market. The Group will be led by Avi Azuolay. The Group was previously employed with the former Signature Bank and its successor, Flagstar Bank.

Stuart H. Lubow, President and Chief Executive Officer of Dime said, “We are excited to announce the addition of another talented deposit-focused Group. Avi and his team have had tremendous success in Manhattan over the past two decades. His team was instrumental in building out Hudson Valley Bank’s Manhattan presence. Subsequent to Hudson Valley Bank’s sale, he had a successful tenure at Signature Bank. Dime is committed to growing our Manhattan presence over time and we are extremely excited to have Avi on board.”

“We were attracted to Dime’s single point of contact model, client centric approach, and best-in-class technology. Our team has a proven track record of growing deposits in Manhattan and we are excited to be part of Dime’s growth plans,” said Avi.

ABOUT DIME COMMUNITY BANCSHARES, INC.

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.5 billion in assets and the number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: avinash.reddy@dime.com

¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

FAQ

What is the aim of Dime's new deposit-focused group in Manhattan?

The aim is to expand Dime's presence and increase deposits in the Manhattan market.

Who is leading Dime's new deposit-focused group?

Avi Azuolay, who has a successful track record with Signature Bank and Flagstar Bank, is leading the group.

Why did Dime Community Bancshares hire a new group for Manhattan?

Dime hired the new group to leverage their experience and success in Manhattan, aligning with their growth strategy.

What is the significance of Avi Azuolay's team to Dime's growth plans?

Avi Azuolay's team has a proven record of growing deposits in Manhattan, which is integral to Dime's expansion strategy.

What benefits does Dime expect from its new team's expertise?

Dime expects to benefit from increased deposits and enhanced market presence in Manhattan due to the team's expertise.