Dime Community Bank

Dime Community Bank
Public
Traded as NASDAQ: DCOM
S&P 600 Component
Industry Banking
Founded 1864
Headquarters Brooklyn, New York, United States
Number of locations
 28 branches (2018)
Area served
 Bronx, Brooklyn, Manhanttan, Nassau, Queens, and Suffolk.
Services Financial services, real estate loans
US$51,882,000
Total assets US$6,403,360,000
Total equity US$598,567,000
Number of employees
 401
Parent Dime Community Bancshares, Inc
Website www.dime.com

Dime Community Bank is a local, FDIC-insured bank based in the Brooklyn Heights neighborhood in Brooklyn, New York. Operating in the area since 1864, Dime specializes in serving its local communities with commercial, business and personal banking, as well as residential lending and financial guidance.

Corporate profile

Dime Community Bank operates 29 branches throughout the New York metropolitan area in Brooklyn, Queens, the Bronx, and Nassau.[1]

The bank is a wholly owned subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM), a publicly owned company. Dime Community Bancshares posted $6 billion in consolidated assets as of February 1, 2018.[2]

Dime finished among the top 5 on the S&P Global Market Intelligence thrift ranking ("S&P Global") for 9 consecutive years, from 2009 to 2017.[3]

In 2017, Dime began to shift their focus to commercial and business banking. In August 2017, Dime announced they had been approved as a Small Business Administration (SBA) lender. CEO Kenneth J. Mahon, said, “the launch of our SBA lending program continues the expansion of our Business Banking division...We recognize that small businesses and entrepreneurs are important to the economic vibrancy of the communities we serve.”[4]

History

Dime Community Bank has been located in Brooklyn for more than 150 years, having first opened its doors on June 1, 1864. Founded by civic-minded community leader William Grandy, Dime was established as a mutual savings bank serving the growing immigrant and low-income populations in the area during the mid-1800s.

When the Brooklyn Bridge was completed in 1883, the area grew even more and the bank made a name for itself helping anchor the neighborhood’s housing market with competitive home loans and fair terms.

Dime weathered a series of economic ups and downs as conditions in Williamsburg changed,[5] finally incorporating and becoming a publicly traded company on June 26, 1996. At the same time, Dime acquired Conestoga Bancorp, Inc. and its wholly owned subsidiary, Pioneer Savings Bank,[6] making it the first simultaneous IPO/acquisition of its kind in the nation.[7]

In 1999, Dime acquired Financial Bancorp, Inc. (Financial Federal Savings Bank) for $74 million.[8]

Notable buildings

Dime Community Bank’s first location was in the basement of the First National Bank Building at the base of the Williamsburg Bridge, where it opened on June 1, 1864. Operating from there until 1908, Dime purchased the entire historic building. Having outgrown the First National Bank building, Dime moved its headquarters to a new development in the Williamsburg Bridge Plaza on the corner of Havemeyer and South 5th Street. In April 2017, Dime moved to its current headquarters at One Pierrepont Plaza, Brooklyn, New York.

The Havemeyer Street building at 209 Havemeyer Street, or 257 South 5th Street, was designated a New York City landmark by the New York City Landmarks Preservation Commission on March 27, 2018. The building was constructed in 1906-08 and was designed in the Neoclassical style by the firm of Helmle & Huberty.[9]

References

  1. ↑ http://investors.dime.com/CorporateProfile
  2. ↑ http://investors.dime.com/file/Index?KeyFile=35266060
  3. ↑ https://globenewswire.com/news-release/2017/04/14/960448/0/en/Dime-Community-Bancshares-Ranked-3-Nationally-Among-Public-Thrifts.html
  4. ↑ https://globenewswire.com/news-release/2017/08/10/1083415/0/en/Dime-Community-Bank-Receives-SBA-Approval.html
  5. ↑ https://www.nytimes.com/1990/05/08/business/business-people-president-named-chief-of-dime-savings-bank.html
  6. ↑ http://www.nasdaq.com/markets/ipos/filing.ashx?filingid=459356
  7. ↑ http://www.crainsnewyork.com/article/19980622/SUB/806220720/baby-dimes-share-price-soars-as-investors-bet-on-acquisition-earnings-lag-market-performance
  8. ↑ http://www.crainsnewyork.com/article/19980727/SUB/807270729/dime-makes-purchase-expands-in-city-with-acquisition-of-financial-bancorp-for-74-million
  9. ↑ http://s-media.nyc.gov/agencies/lpc/lp/2598.pdf
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