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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 significant upgrades to its technology platform, including a new escrow management platform and enhanced digital banking capabilities. The rollout is expected to begin in early June. The company has also added several deposit gathering Groups over the past month, capitalizing on recent market disruption.
CEO Kevin O'Connor stated that these upgrades will enhance their ability to attract new commercial customers and drive long-term deposit base growth. The improvements coincide with the buildout of their Private Banking Groups and are expected to accelerate their suite of offerings. Dime reported a low level of non-insured deposits at 28.6% as of April 30th, 2023, and anticipates onboarding more deposit-focused Groups in the coming months.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced the appointment of Ravi Persaud as First Vice President, Associate Group Director. He will lead a team in Astoria, bringing expertise from his previous role at Signature Bank, where he worked since 2011. Dime Community Bancshares holds over $13.1 billion in assets and boasts the largest deposit market share among community banks in Greater Long Island.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) has appointed Naor Boxer as Senior Vice President, Group Director, with his team based in Rockville Centre. Boxer joins from Signature Bank, bringing a strong client-centric approach and local community ties. Stuart H. Lubow, President and COO, emphasized Boxer's proven banking experience as a key asset for Dime's growth strategy, particularly in expanding its business banking offerings across Greater Long Island. Dime Community Bank, the company's subsidiary, holds over $13.1 billion in assets, leading in deposit market share among community banks in the area.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced its upcoming earnings release for the quarter ended March 31, 2023, scheduled for April 28, 2023, before U.S. market open. CEO Kevin O'Connor will discuss the financial performance during a conference call at 8:30 a.m. (ET), which will also feature a Q&A session. The conference call can be accessed via a live webcast and will be archived for one year.
The company holds over $13.1 billion in assets and leads the deposit market share among community banks in Greater Long Island, NY. For further investor inquiries, Avinash Reddy, Chief Financial Officer, is available to provide additional information.
Dime Community Bancshares, Inc. (Nasdaq: DCOM) has announced a 4.2% increase in its quarterly cash dividend, raising it from $0.24 to $0.25 per share. The dividend will be payable on April 24, 2023, to stockholders of record as of April 17, 2023. This increase reflects the company’s strong financial position. Dime Community Bancshares operates Dime Community Bank, which holds over $13.1 billion in assets and leads in deposit market share among community banks on Greater Long Island.
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