Dime Announces New Westchester Branch

Rhea-AI Summary

Dime Community Bancshares (NASDAQ: DCOM) has received regulatory approval to open a new branch in White Plains, Westchester County. This expansion marks an important step in the company's growth strategy, extending its services beyond its traditional Long Island and New York City markets. The new location at 55 Church Street will be led by Michael Maloney, focusing on business customers, and John Murphy, specializing in non-profit organizations. Both executives bring extensive experience in the Westchester market.

CEO Stuart H. Lubow emphasized that this move into Westchester County demonstrates Dime's strength and stability, built over its 160-year history. The expansion is seen as a logical progression in the bank's development, potentially opening up new opportunities for growth and customer acquisition in a affluent suburban market.

Positive

• Received regulatory approval for expansion into Westchester County
• Strategic growth into a new market area
• Experienced local leadership team with market knowledge

Negative

• None.

HAUPPAUGE, N.Y., July 19, 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 received regulatory approval from the New York State Department of Financial Services and the Federal Reserve Bank of New York for its application to open a location in Westchester County, at 55 Church Street in White Plains.

Stuart H. Lubow, President and Chief Executive Officer of Dime said “We are excited to announce the approval of our application for a new branch in White Plains. Our expansion into Westchester County is an important and logical next step in our growth plan. The ability to grow our footprint and serve customers in Westchester County is a tribute to Dime’s strength and stability for over 160 years. Our team in Westchester is led by Michael Maloney, who will focus on business customers and their owners, and John Murphy, who will focus on non-profit organizations. Both bankers have a deep history in the Westchester market and were integral to the growth of their prior institutions, including Hudson Valley Bank.”

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

Where is Dime Community Bancshares (DCOM) opening its new branch?

Dime Community Bancshares (DCOM) is opening a new branch at 55 Church Street in White Plains, Westchester County, New York.

Who will lead Dime's (DCOM) new Westchester branch operations?

Michael Maloney will focus on business customers, while John Murphy will concentrate on non-profit organizations at Dime's (DCOM) new Westchester branch.

What regulatory approvals did Dime (DCOM) receive for its Westchester expansion?

Dime (DCOM) received approvals from the New York State Department of Financial Services and the Federal Reserve Bank of New York for its Westchester branch application.

How does the Westchester expansion fit into Dime's (DCOM) overall strategy?

The Westchester expansion is described as an important and logical next step in Dime's (DCOM) growth plan, extending its footprint beyond its traditional markets.