Dime Launches Community Chest Philanthropic Outreach

Rhea-AI Summary

Dime Community Bank, a subsidiary of Dime Community Bancshares (NASDAQ: DCOM), has launched a philanthropic community chest initiative to support local businesses and nonprofits in the New York metropolitan area. CEO Kenneth J. Mahon emphasized the need to aid long-standing business owners impacted by the pandemic. The bank has allocated $200,000 in grants, awarding 40 small business grants through a Federal Home Loan Bank partnership. Additional outreach includes food donations and employee volunteerism programs, enhancing community resilience amid economic challenges.

Positive

• Allocated $200,000 in grants to support local businesses.
• Received 291 applications and over 400 nominations for small business grants, indicating strong community engagement.
• Established partnerships with regional food banks to aid in relief efforts.

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• None.

BROOKLYN, N.Y., June 19, 2020 (GLOBE NEWSWIRE) -- Local businesses, nonprofits and communities in the New York metropolitan area are benefitting from a new “community chest” for support. Dime Community Bank (the “Bank” or “Dime”), subsidiary of Dime Community Bancshares, Inc. (the “Company”) (NASDAQ:DCOM), announced today it has made significant efforts to support neighboring communities and businesses by funding a philanthropic community chest initiative.

Mr. Kenneth J. Mahon, Chief Executive Officer of the Company and Bank, stated, “In many of the neighborhoods where our branches are located, our branch managers have seen long-serving and much-loved business owners unable to conduct business. Dime wants to help assure their return to business-as-usual after the quarantine is declared over by supporting owners financially until they can once again become important quality of life cornerstones of their communities.”

Mr. Mahon continued, “To help support our business community and the nonprofit organizations that are providing valuable resources and services to our customers and neighbors, we established this philanthropic outreach program.”

As part of Dime’s community chest, the bank has already provided 40 small business grants totaling $200,000 through a partnership with the Federal Home Loan Bank of New York. “The response has been great,” remarked Kevin Gallagher, Senior Vice President and Group Leader, SBA Lending. “We received 291 applications and over 400 nominations from a diverse mix of businesses and community organizations,” he noted.

In addition to the grant program, Dime has coordinated the following outreach efforts:

• Partnered with PinkTie to provide food donations through the nonprofit’s Doorstep Donation Food Drive, a no-contact food drive program.
• Donated a total of $30,000 to regional food banks City Harvest and Long Island Cares to assist in relief efforts.

Other Dime community chest efforts include employee volunteerism initiatives, through the Bank’s #DimeDay program, and a partnership with Heart 911 to offer volunteer construction support to help businesses repair damaged storefronts or offices.

To help raise awareness about the efforts in support of Dime community chest, the Bank has created a dedicated web page at dime.com/community-chest to feature many of these local business owners and their stories.

ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company had $6.35 billion in consolidated assets as of March 31, 2020. The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has 28 retail branches located throughout Brooklyn, Queens, the Bronx, Nassau and Suffolk Counties, New York. More information on the Company and the Bank can be found on Dime's website at www.dime.com.

Steve Miley
Senior Vice President – Strategic Marketing
718-782-6200 extension 5571

FAQ

What is the Dime Community Bank community chest initiative?

The community chest initiative is a philanthropic program launched by Dime Community Bank to support local businesses and nonprofits in the New York area, particularly during the economic challenges posed by the pandemic.

How much funding has Dime Community Bank provided through the community chest?

Dime Community Bank has allocated $200,000 to fund 40 small business grants as part of its community chest initiative.

What other outreach efforts has Dime Community Bank undertaken?

In addition to grants, Dime has partnered with nonprofits for food donations and engaged in employee volunteerism programs to support local businesses.

How many applications were received for the small business grants?

Dime Community Bank received 291 applications and over 400 nominations for the small business grants offered through the community chest initiative.

When was Dime Community Bank's community chest initiative announced?

The community chest initiative was announced on June 19, 2020.