Dime Announces Expansion in Williamsburg With Deposit-Focused Group

Rhea-AI Summary

Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced the hiring of a deposit-focused Group to cover the Williamsburg market, led by John McDonough and Emanuel Diconimakis. The move aligns with the company's growth plan and commitment to expand its presence in Brooklyn. Dime's strong history and reputation in the area attracted the new Group, emphasizing the bank's innovative approach and community focus.

Positive

• Expansion into the Williamsburg market signifies Dime's strategic growth plan execution.

• Hiring a talented deposit-focused Group demonstrates Dime's commitment to targeted expansion.

• Dime's brand recognition and reputation in Brooklyn attract experienced professionals to join the bank.

• The addition of John McDonough and Emanuel Diconimakis enhances Dime's presence in Williamsburg.

• Dime's innovative approach, technology, and organizational structure make it an attractive choice for new hires.

Negative

• None.

Dime continues to execute on growth plan

HAUPPAUGE, N.Y., May 06, 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 Williamsburg market. The Group will be led by John McDonough and Emanuel “Manny” Diconimakis. 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 in the strategically important market of Brooklyn. Dime, which was founded in Williamsburg in 1864, has always been a key part of the fabric of this vibrant neighborhood. It gives us great satisfaction to stay true to our roots and expand our presence in Williamsburg through the hiring of John and Manny. We continue to capitalize on the disruption in our marketplace and execute our growth plan in a thoughtful and targeted manner.”

“Dime’s long history and brand name are unmatched in the Brooklyn market. We were attracted to Dime’s single point of contact approach, best-in-class technology and flat organizational structure and are thrilled to join forces with the pre-eminent community commercial bank in New York,” said McDonough and Diconimakis.

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

Who is leading the deposit-focused Group at Dime in the Williamsburg market?

John McDonough and Emanuel Diconimakis are leading the Group.

Which bank did the new Group members previously work for?

They were employed with the former Signature Bank and its successor, Flagstar Bank.

When was Dime founded in Williamsburg?

Dime was founded in Williamsburg in 1864.

What is Dime's stock symbol?

Dime Community Bancshares, Inc. is listed under the stock symbol NASDAQ: DCOM.