Dime Names John Murphy Head of New Not-For-Profit Vertical

Rhea-AI Summary

Dime Community Bancshares (NASDAQ: DCOM) has appointed John Murphy as the Group Head of its newly formed Not-For-Profit vertical. Murphy, who previously held senior roles at Webster Bank and Hudson Valley Bank, brings extensive experience in not-for-profit banking. He will focus on expanding Dime's commercial banking services to not-for-profit organizations from the new office in White Plains, Westchester. CEO Stuart H. Lubow emphasized that this move aligns with Dime's long-term strategy to lead in community commercial banking and highlights the bank's 160-year history of community support and its Outstanding CRA rating.

Positive

• John Murphy's appointment as head of the Not-For-Profit vertical brings over a decade of specialized experience to Dime.
• Murphy's proven track record at Webster Bank and Hudson Valley Bank enhances credibility and expertise in not-for-profit banking.
• Opening a new office in White Plains, Westchester, indicates expansion and growth opportunities for Dime.
• This strategic move supports Dime's goal to become a leading community commercial bank in its market.
• Dime's long-standing commitment to local communities and not-for-profit organizations is reinforced by this initiative.

Negative

• The establishment of a new vertical and office may incur significant initial costs.
• Potential risks include the slow growth rate in the not-for-profit sector, which may affect revenue generation.
• Hiring high-level executives like Murphy often comes with substantial compensation packages, impacting short-term financials.
• Market competition in the not-for-profit banking sector could pose challenges in achieving rapid business growth.

Dime Continues to be the Bank-of-Choice for Talented Bankers

HAUPPAUGE, N.Y., May 28, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced today that John Murphy has joined the Company as Group Head of a newly created Not-For-Profit vertical. In this role, Murphy will be responsible for building out Dime’s Not-For-Profit commercial banking business.

Most recently, Murphy was a Senior Managing Director at Webster Bank and Co-Team Lead for its Not-For-Profit Banking Team. Previously, he spent over a decade with Hudson Valley Bank, and its successor Sterling Bank, where he was responsible for creating one of the leading Not-For-Profit verticals in the Metro New York area.

Murphy will be based in Westchester at Dime’s newly opened office in White Plains.

Stuart H. Lubow, President and Chief Executive Officer of Dime, said, “Adding a Not-For-Profit vertical is consistent with our strategic goal of being the leading community commercial bank in our market. Dime has a 160 year track record of supporting local communities and Not-For-Profit organizations and we are proud of our Outstanding CRA rating. John’s hire will take our efforts in the Not-For-Profit space to the next level.”

“I joined Dime because of our shared commitment towards supporting New York’s local communities and Not-For-Profit organizations. Dime is well known for its flat organizational structure and single point of contact model. I look forward to growing Dime’s Not-For-Profit business and being part of the expansion into Westchester,” said Murphy.

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

What is the new role of John Murphy at Dime Community Bancshares?

John Murphy has been appointed as the Group Head of the newly created Not-For-Profit vertical at Dime Community Bancshares.

When did Dime Community Bancshares announce John Murphy's appointment?

Dime Community Bancshares announced John Murphy's appointment on May 28, 2024.

What experience does John Murphy bring to Dime Community Bancshares?

John Murphy has extensive experience from his previous roles as Senior Managing Director at Webster Bank and over a decade at Hudson Valley Bank.

What is the strategic goal of Dime Community Bancshares with the new Not-For-Profit vertical?

The strategic goal is to become the leading community commercial bank in their market by expanding their not-for-profit banking services.

Where will John Murphy be based in his new role at Dime Community Bancshares?

John Murphy will be based in Westchester at Dime's newly opened office in White Plains.