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Dime Community Bancshares, Inc. (NASDAQ: DCOM) is a prominent community bank headquartered in Brooklyn, New York, with a rich history dating back to its charter in 1864. The bank specializes in commercial mortgage finance in the NY metro area, and it serves depositors through 24 full-service branches located in Brooklyn, Queens, Nassau, and the Bronx. Dime Community Bancshares operates as a holding company, accumulating deposits from its local market and via the internet. These deposits are then invested in multifamily residential, commercial real estate, commercial and industrial (C&I) loans, and one-to-four family residential real estate loans. Additionally, the company also invests in mortgage-backed securities, obligations of the U.S. government and government-sponsored enterprises (GSEs), and corporate debt and equity securities.
Recently, Dime Community Bancshares has made significant strides in its digital transformation journey. The launch of ZSuite for Commercial Escrow Management marks a major advancement in their technology stack. This all-digital platform streamlines the commercial escrow and subaccounting processes, providing a seamless experience for property managers, law firms, municipalities, title companies, and other industries reliant on escrow and subaccounts. Michael Fegan, the Chief Technology and Operations Officer at Dime, expressed enthusiasm about this launch, emphasizing its alignment with Dime’s commitment to delivering top-tier digital experiences to its customers.
Dime Community Bancshares is the parent company of Dime Community Bank, which boasts assets exceeding $13.8 billion. It holds the number one deposit market share among community banks in the Greater Long Island area for banks with assets under $20 billion. The company continues to focus on customer service and technological advancements to enhance its offerings. With plans to expand its Commercial Online Banking platform to include international wire transfers and real-time foreign currency rate requests by the end of the second quarter of 2024, Dime remains dedicated to executing its growth strategy and providing its business clients with the necessary tools to succeed.
Dime Community Bancshares (NASDAQ: DCOM) announced that Kroll Bond Rating Agency (KBRA) has affirmed all its ratings, maintaining a 'Stable' outlook. The Bank's senior unsecured debt rating is 'BBB+', and the Company's senior unsecured debt rating is 'BBB'. KBRA supports these ratings due to Dime's consistent credit quality and conservative underwriting. Furthermore, Dime's funding base, driven by a growth in core deposits, is expected to expand, enhancing its funding and liquidity profile. The integration with Bridge Bancorp has reduced operating expenses, positioning Dime for stronger earnings in a normalized interest rate environment. The CET1 ratio has increased by 80 basis points since the end of 2022 and is projected to continue growing. Regulatory capital measures are not significantly impacted by negative AOCI due to a smaller, shorter-duration securities portfolio.
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.
Dime Community Bancshares has appointed Judy Wu as Executive Vice President, General Counsel, and Corporate Secretary. Wu brings extensive experience from her previous roles at Flagstar Bank and Signature Bank, where she specialized in regulatory compliance and privacy. Dime's President and CEO, Stuart H. Lubow, expressed confidence in Wu's ability to contribute to the company's growth strategy. Wu holds a bachelor's degree in finance and accounting from NYU and a law degree from Fordham University School of Law.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) has appointed industry veteran Kenneth Scheriff to its commercial lending group. Scheriff brings extensive experience from State Bank of Long Island and New York Community Bancorp. His decision to join Dime was influenced by the bank's single point of contact model and relationship-based approach, aligning with his values.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced the hiring of a deposit-focused Group to cover the Williamsburg market, led by John McDonough and Emanuel Diconimakis. The move aligns with the company's growth plan and commitment to expand its presence in Brooklyn. Dime's strong history and reputation in the area attracted the new Group, emphasizing the bank's innovative approach and community focus.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced technology upgrades for business customers, including expanding Commercial Online Banking for international wires and real-time foreign currency rates, expected by end of Q2 2024.
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