Dime Announces Expansion of Private and Commercial Bank With Deposit-Focused Group Hires

Rhea-AI Summary

Dime Community Bancshares, Inc. (NASDAQ: DCOM) continues its growth plan by hiring six deposit-focused Groups from Signature Bank and Flagstar Bank. The Groups managed billions in deposits at their previous institutions. This move aims to deepen Dime's presence in Brooklyn, Nassau county, and enter the Westchester market. Stuart H. Lubow, President and CEO, highlights the company's innovative approach and customer-centric focus.

Dime Continues To Execute On Growth Plan

HAUPPAUGE, N.Y., April 08, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced the hiring of six deposit-focused Groups from the former Signature Bank and its successor, Flagstar Bank. Collectively, the Groups managed several billion in deposits at predecessor institutions.

Commenting on the new Group hires, Stuart H. Lubow, President and Chief Executive Officer of Dime, said, “Building upon the successes we had over the past year, we are excited to announce the addition of several deposit-focused Groups. Including the hires announced today, we have added more than twelve deposit-focused Groups over the past twelve months to capitalize on the disruption in our marketplace. The hires announced today will deepen our presence in Brooklyn and Nassau county, where we are the pre-eminent community commercial bank, and allows us to enter the strategically important market of Westchester. The Groups were attracted to our single-point of contact model, best-in-class treasury management systems, state-of-the-art escrow and sub-accounting systems, commitment to continue to innovate, flat organizational structure, and customer-first mindset.”

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 $13.6 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 ticker symbol for Dime Community Bancshares, Inc.?

The ticker symbol for Dime Community Bancshares, Inc. is DCOM.

How many deposit-focused Groups did Dime Community Bancshares hire from Signature Bank and Flagstar Bank?

Dime Community Bancshares hired six deposit-focused Groups from Signature Bank and Flagstar Bank.

Where will Dime Community Bancshares deepen its presence with the new hires?

Dime Community Bancshares will deepen its presence in Brooklyn, Nassau county, and enter the Westchester market with the new hires.

What factors attracted the Groups from Signature Bank and Flagstar Bank to join Dime Community Bancshares?

The Groups were attracted to Dime Community Bancshares' single-point of contact model, best-in-class treasury management systems, state-of-the-art escrow and sub-accounting systems, commitment to innovation, flat organizational structure, and customer-first mindset.

Who is the President and CEO of Dime Community Bancshares, Inc.?

Stuart H. Lubow is the President and CEO of Dime Community Bancshares, Inc.