Dime Community Bank Earns “Outstanding” Rating on Community Reinvestment Act Exam

Rhea-AI Summary

Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced that Dime Community Bank has received an overall “Outstanding” rating from the Federal Reserve Bank of New York under the Community Reinvestment Act (CRA) for its January 2022 evaluation. The CRA evaluates banks on their efforts to meet credit needs in Low-to-Moderate Income neighborhoods. The FRBNY highlighted Dime's significant achievements in community development loans and innovative lending practices, especially during the COVID-19 pandemic, including the origin of Paycheck Protection Program loans to support affected small businesses.

Positive

• Achieved an 'Outstanding' CRA rating from the Federal Reserve Bank of New York.
• Recognized for leadership in community development loans and innovative lending practices.
• Highlighted for significant contributions during the COVID-19 pandemic, including Paycheck Protection Program loans.

Negative

• None.

HAUPPAUGE, N.Y., July 05, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM), (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced today the Bank has received an overall “Outstanding” Community Reinvestment Act of 1977 (“CRA”) rating from the Federal Reserve Bank of New York (“FRBNY”) for the exam in January 2022.

The CRA requires banks to help meet the credit needs of the communities in which they operate, including Low-to-Moderate Income (“LMI”) neighborhoods. The FRBNY referenced multiple achievements in its CRA evaluation of the Bank, emphasizing Outstanding lending and service performance. Select highlights included:

• The Bank was a leader in making community development loans and made use of innovative and flexible lending practices to meet credit needs;
• FRBNY gave additional weight to the Bank’s CRA loans during the COVID-19 pandemic due to the acute credit needs of businesses;
• The Bank originated Paycheck Protection Program loans designed to provide a direct incentive to small businesses adversely affected by the COVID-19 pandemic to keep their workers on the payroll; and
• The Bank was also acknowledged as a leader in providing community development services and for significant use of innovative and/or complex investments to support community development.

“We are very proud to achieve an Outstanding rating for our CRA performance,” said Kevin O’Connor, the Bank’s Chief Executive Officer. “As a community bank we take pride in the hard work of our employees and the efforts of the Bank to lend, invest and serve our communities - especially given the myriad of pressing needs during the pandemic.”

The CRA exam measures the availability of bank branches and services in LMI neighborhoods, as well as the bank's commitment to offering community development services. The depth of a bank's community development lending and distribution of small business and home mortgage loans in communities they serve is also assessed. The CRA rating reflects the company’s CRA performance, not its financial condition.

About the Company

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $12.0 billion in assets and the 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 less than $20 billion in assets.

Dime Community Bancshares, Inc.
Daniel Delehanty
Director of CRA and Fair Lending
Phone: 631 537 1000, Ext.7540
Email: Daniel.Delehanty@dime.com

FAQ

What is Dime Community Bancshares' CRA rating?

Dime Community Bancshares received an 'Outstanding' CRA rating from the Federal Reserve Bank of New York.

What does the CRA rating signify for Dime Community Bank?

The CRA rating reflects the bank's performance in meeting the credit needs of Low-to-Moderate Income communities.

When was the CRA evaluation conducted for Dime Community Bank?

The CRA evaluation for Dime Community Bank was conducted in January 2022.

How did Dime Community Bank support small businesses during the pandemic?

Dime Community Bank originated Paycheck Protection Program loans to help small businesses maintain their workforce during the COVID-19 pandemic.

What were the key highlights from Dime Bank's CRA evaluation?

Key highlights include outstanding lending and service performance, leadership in community development loans, and effective response to credit needs during the pandemic.