Dime Community Bank Announces Five Branch Combinations

Rhea-AI Summary

Dime Community Bank, a subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM), announced the consolidation of five branch locations into existing branches, effective October 2021. The closures include: 149 Kent Avenue with 281 Broadway, 1600 Avenue M with 1902 Kings Highway, 6324 Route 25A with 75 Route 25A, and 150 Hampton Road with 243 Windmill Lane. CEO Kevin O’Connor stated this initiative aims to enhance branch network efficiency while minimizing customer disruption.

Dime Community Bancshares, Inc. holds over $13 billion in assets, leading in deposit market share among community banks on Greater Long Island.

Positive

• Enhanced efficiency of branch network could lead to cost savings.
• Minimized customer disruption during branch consolidations.

Negative

• Consolidation may lead to reduced physical presence in some areas, potentially impacting customer accessibility.

HAUPPAUGE, N.Y., June 29, 2021 (GLOBE NEWSWIRE) -- Dime Community Bank, the wholly owned subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), announced today that it plans to combine five branch locations into other existing branches.

• 149 Kent Avenue, Brooklyn, NY and 214 Bedford Avenue, Brooklyn, NY will be combined into 281 Broadway, Brooklyn, NY.
  
  
• 1600 Avenue M, Brooklyn, NY will be combined into 1902 Kings Highway, Brooklyn, NY.
  
  
• 6324 Route 25A, Wading River, NY will be combined into 75 Route 25A, Rocky Point, NY.
  
  
• 150 Hampton Road, Southampton, NY will be combined into 243 Windmill Lane, Southampton, NY.

Kevin M. O’Connor, Chief Executive Officer of the Company, stated, “We regularly review our distribution channels and these combinations are part of our ongoing efforts to improve the efficiency of our branch network. Each location will be combined into a nearby branch, thereby minimizing customer disruption and allowing us to continue to serve our customers’ needs.”

The combinations are expected to take place in October 2021.

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 billion in assets and number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

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

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

FAQ

What branch locations is Dime Community Bank consolidating?

Dime Community Bank is consolidating five branches into existing locations in Brooklyn and Wading River, NY.

When will the branch consolidations take place?

The branch consolidations are expected to occur in October 2021.

What is the significance of Dime Community Bancshares, Inc.'s market position?

Dime Community Bancshares, Inc. has over $13 billion in assets and holds the number one deposit market share among community banks in Greater Long Island.

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

The CEO of Dime Community Bancshares, Inc. is Kevin M. O’Connor.

How is Dime Community Bank planning to minimize customer disruption during the consolidations?

Dime Community Bank aims to combine each branch with a nearby location, minimizing customer disruption.