Dime Community Bank

The Dime Community Bank, originally known as the Dime Savings Bank of Williamsburgh, is a local, FDIC-insured bank originally based in the Williamsburg neighborhood of Brooklyn, New York, operating in the area since 1864. In 2017, Dime moved its headquarters to Brooklyn Heights.[1]

"Dime Savings Bank of Williamsburgh" redirects here. For the similarly named bank also based in Brooklyn, see Dime Savings Bank of New York.

Dime Community Bank
Public
Traded asNASDAQ: DCOM
S&P 600 Component
IndustryBanking
Founded1864
Headquarters
Brooklyn, New York
,
United States
Number of locations
28 branches (2020)
Area served
Bronx, Brooklyn, Manhanttan, Nassau, Queens, and Suffolk.
ServicesFinancial services, real estate loans
US$36,186,000
Total assetsUS$6,354,460,000
Total equityUS$596,758,000
Number of employees
450
ParentDime Community Bancshares, Inc
Websitewww.dime.com

History

Dime Community Bank first opened in Brooklyn on June 1, 1864. Founded by William Grandy, Dime was established as a mutual savings bank serving the growing immigrant and low-income populations in the area. When the Brooklyn Bridge was completed in 1883, 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,[2] 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,[3] making it the first simultaneous IPO/acquisition of its kind in the nation.[4]

In 1999, Dime acquired Financial Bancorp, Inc. (Financial Federal Savings Bank) for $74 million.[5]

Business

Dime Community Bank operates 28 branches[6] throughout the New York metropolitan area in Brooklyn, Queens, the Bronx, and Nassau.[7]

The current President and CEO is Kenneth J. Mahon.[8] Fourteen presidents have led Dime Community Bank, two of them for nearly 30 years each. Dime often promotes from inside the organization.[9]

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 March 1, 2020. [10] 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.[11]

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. The 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.”[12]

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 officially 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. On January 16, 2017, Dime moved to its current headquarters at 300 Cadman Plaza West, Brooklyn, NY.

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.[13]

References
  1. "Dime Community Bank opens new headquarters at One Pierrepont Plaza - The Brooklyn Home Reporter". 9 May 2017. Retrieved 26 October 2018.
  2. Quint, Michael (1990-05-08). "BUSINESS PEOPLE; President Named Chief Of Dime Savings Bank". The New York Times. ISSN 0362-4331. Retrieved 2017-12-25.
  3. "DIME COMMUNITY BANCORP INC (Form: 10-K405, Received: 09/30/1996 00:00:00)". www.nasdaq.com. Retrieved 2017-12-25.
  4. Isidore, Chris (22 June 1998). "BABY DIME'S SHARE PRICE SOARS AS INVESTORS BET ON ACQUISITION: EARNINGS LAG MARKET PERFORMANCE". Crain's. Retrieved 25 December 2017.
  5. "DIME MAKES PURCHASE: EXPANDS IN CITY WITH ACQUISITION OF FINANCIAL BANCORP FOR $74 MILLION". Crain's New York Business. Retrieved 2017-12-25.
  6. "Dime Locations". www.dime.com. Retrieved 26 October 2018.
  7. "Dime | Corporate Profile". investors.dime.com. Retrieved 2017-12-25.
  8. "Dime Community Bank: CEO and Executives - Bloomberg". www.bloomberg.com. Retrieved 2017-12-25.
  9. Dime Community Bank. Dime Community Bank. Missing or empty |title= (help); Missing or empty |url= (help)
  10. Investor, Relations. "Dime Community Bancshares Declares Quarterly Cash Dividend". Dime Community Bank. Dime Community Bank. Retrieved 6 September 2016.
  11. Inc., Dime Community Bancshares. "Dime Community Bancshares Ranked #3 Nationally Among Public Thrifts". GlobeNewswire News Room. Retrieved 2017-12-25.
  12. Inc., Dime Community Bancshares (2017-08-10). "Dime Community Bank Receives SBA Approval". Retrieved 26 October 2018.
  13. Nolan-Wheatley, MaryNell (March 27, 2018) "Dime Savings Bank of Williamsburgh Designation Report" New York City Landmarks Preservation Commission

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